New York State Police Retention act; provides a deferred retirement option plan for state police members and officers.

The New York State Police Retention act establishes a deferred retirement option plan (DROP) for members and officers of the division of state police. Members can defer their retirement benefits while continuing employment, with benefits accruing interest at 1.5%. If a member dies or becomes disabled during the DROP period, they are treated as if they never elected DROP. Upon completing DROP, members receive their deferred benefits and continue to receive their retirement pensions. The act also outlines rules for payment methods, including lump sum, direct rollover, and partial lump sum.

New York State Police Retention act; provides a deferred retirement option plan for state police members and officers.

The New York State Police Retention act establishes a deferred retirement option plan (DROP) for members and officers of the division of state police. Members can defer their retirement benefits while continuing employment, with benefits accruing interest at 1.5%. If a member dies or becomes disabled during the DROP period, they are treated as if they never elected DROP. Upon completing DROP, members receive their deferred benefits and continue to receive their retirement pensions. The act also outlines rules for payment methods, including lump sum, direct rollover, and partial lump sum.