New York A08801 amends retirement eligibility for unified court system members, reducing the retirement age from 63 to 62 and restoring the 55/30.

New York A08801 amends the retirement and social security law to change eligibility requirements for ordinary retirement for members of the unified court system. It restores the 55/30 rule, allowing members to retire at age 55 with 30 years of creditable service without an early age reduction. The bill also reduces the normal retirement age from 63 to 62 for all members. If enacted, it is expected to increase annual contributions by approximately $2.8 million for the fiscal year ending March 31, 2026, with an additional one-time payment of $26.4 million for past service costs.

New York A08801 amends retirement eligibility for unified court system members, reducing the retirement age from 63 to 62 and restoring the 55/30.

New York A08801 amends the retirement and social security law to change eligibility requirements for ordinary retirement for members of the unified court system. It restores the 55/30 rule, allowing members to retire at age 55 with 30 years of creditable service without an early age reduction. The bill also reduces the normal retirement age from 63 to 62 for all members. If enacted, it is expected to increase annual contributions by approximately $2.8 million for the fiscal year ending March 31, 2026, with an additional one-time payment of $26.4 million for past service costs.