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

This bill amends the New York State Retirement and Social Security Law to allow certain members of the New York State and Local Employees' Retirement System to retire without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service. This change applies to members who first become members of the system on or after April 1, 2012. The bill also modifies the early retirement benefit schedule for certain members, reducing the penalty for early retirement.

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

This bill amends the New York State Retirement and Social Security Law to allow certain members of the New York State and Local Employees' Retirement System to retire without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service. This change applies to members who first become members of the system on or after April 1, 2012. The bill also modifies the early retirement benefit schedule for certain members, reducing the penalty for early retirement.