New York S04436 provides equal retirement benefits for correction lieutenants, captains, deputy assistant superintendents, and superintendents in the.

New York S04436 amends the retirement and social security law to provide equal retirement benefits for correction lieutenants, correction captains, deputy assistant superintendents, and superintendents in the Department of Corrections and Community Supervision. This bill allows these individuals to switch from a service-based 25-year retirement plan to an age-based retirement plan requiring 55 years of age. The election must be made in writing, executed, and filed with the comptroller. The change will be effective immediately, with a one-time payment cost of $40.4 million.

New York S04436 provides equal retirement benefits for correction lieutenants, captains, deputy assistant superintendents, and superintendents in the.

New York S04436 amends the retirement and social security law to provide equal retirement benefits for correction lieutenants, correction captains, deputy assistant superintendents, and superintendents in the Department of Corrections and Community Supervision. This bill allows these individuals to switch from a service-based 25-year retirement plan to an age-based retirement plan requiring 55 years of age. The election must be made in writing, executed, and filed with the comptroller. The change will be effective immediately, with a one-time payment cost of $40.4 million.