Allows retirement without benefit reduction for certain members at age 55 with 30 years of service.

This bill amends the Retirement and Social Security Law to permit Tier 5 and Tier 6 members of the New York State Teachers' Retirement System (NYSTRS) to retire with an unreduced benefit upon attainment of at least age 55 and 30 years of service credit. Currently, Tier 6 members can retire with an unreduced benefit upon attainment of age 63, regardless of service credit. The fiscal note estimates the annual cost to participating employers at $371.5 million or 1.79% of payroll.

Allows retirement without benefit reduction for certain members at age 55 with 30 years of service.

This bill amends the Retirement and Social Security Law to permit Tier 5 and Tier 6 members of the New York State Teachers' Retirement System (NYSTRS) to retire with an unreduced benefit upon attainment of at least age 55 and 30 years of service credit. Currently, Tier 6 members can retire with an unreduced benefit upon attainment of age 63, regardless of service credit. The fiscal note estimates the annual cost to participating employers at $371.5 million or 1.79% of payroll.