S T A T E   O F   N E W   Y O R K
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                                   7378
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              April 11, 2025
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security law, in  relation  to
   establishing  an optional twenty-five year retirement plan for certain
   employees of the New York Power Authority

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The retirement and social security law is amended by adding
 a new section 89-y to read as follows:
   § 89-Y. RETIREMENT OF CERTAIN EMPLOYEES EMPLOYED BY THE NEW YORK POWER
 AUTHORITY. A. ANY PERSON WHO IS EMPLOYED BY THE NEW YORK POWER AUTHORITY
 AND  IS  A  MEMBER  OF THE LABOR ORGANIZATION CERTIFIED OR RECOGNIZED TO
 REPRESENT THE EMPLOYEES OF SUCH POWER AUTHORITY  SHALL  BE  ELIGIBLE  TO
 RETIRE  PURSUANT  TO  THE  PROVISIONS  OF THIS SECTION. SUCH ELIGIBILITY
 SHALL BE AN ALTERNATIVE TO THE ELIGIBILITY  PROVISIONS  AVAILABLE  UNDER
 ANY OTHER PLAN OF THIS ARTICLE TO WHICH SUCH MEMBER IS SUBJECT.
   B.  SUCH  MEMBER  SHALL  BE  ENTITLED TO RETIRE UPON THE COMPLETION OF
 TWENTY-FIVE YEARS OF TOTAL CREDITABLE SERVICE BY FILING  AN  APPLICATION
 THEREFOR IN THE MANNER PROVIDED FOR IN SECTION SEVENTY OF THIS ARTICLE.
   C.  UPON  COMPLETION  OF  TWENTY-FIVE  YEARS  OF SUCH SERVICE AND UPON
 RETIREMENT, EACH SUCH MEMBER SHALL RECEIVE  A  PENSION  WHICH,  TOGETHER
 WITH AN ANNUITY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF SUCH MEMBER'S
 ACCUMULATED  CONTRIBUTIONS  AT THE TIME OF THEIR RETIREMENT AND AN ADDI-
 TIONAL PENSION WHICH IS THE ACTUARIAL EQUIVALENT OF THE RESERVED-FOR-IN-
 CREASED-TAKE-HOME-PAY TO WHICH SUCH MEMBER MAY THEN BE ENTITLED SHALL BE
 SUFFICIENT TO PROVIDE SUCH MEMBER WITH A RETIREMENT ALLOWANCE  EQUAL  TO
 FIFTY PERCENT OF SUCH MEMBER'S FINAL AVERAGE SALARY.
   D.  NOTWITHSTANDING SECTION FORTY-ONE OF THIS ARTICLE, AS USED IN THIS
 SECTION  "CREDITABLE  SERVICE"  SHALL  INCLUDE  ANY  AND  ALL   SERVICES
 PERFORMED AS AN EMPLOYEE OF THE NEW YORK POWER AUTHORITY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00633-05-5
 S. 7378                             2
              

 
   E.  A MEMBER, CONTRIBUTING ON THE BASIS OF THIS SECTION AT THE TIME OF
 RETIREMENT, SHALL RETIRE AFTER THE COMPLETION OF  TWENTY-FIVE  YEARS  OF
 TOTAL  CREDITABLE SERVICE. APPLICATION THEREFOR MAY BE FILED IN A MANNER
 SIMILAR TO THAT PROVIDED  IN  SECTION  SEVENTY  OF  THIS  ARTICLE.  UPON
 COMPLETION  OF  TWENTY-FIVE  YEARS  OF SUCH SERVICE AND UPON RETIREMENT,
 EACH SUCH MEMBER SHALL RECEIVE A PENSION WHICH, TOGETHER WITH AN ANNUITY
 WHICH SHALL BE THE ACTUARIAL EQUIVALENT  OF  SUCH  MEMBER'S  ACCUMULATED
 CONTRIBUTIONS  AT THE TIME OF THEIR RETIREMENT AND AN ADDITIONAL PENSION
 WHICH IS THE ACTUARIAL  EQUIVALENT  OF  THE  RESERVE-FOR-INCREASED-TAKE-
 HOME-PAY  TO  WHICH SUCH MEMBER MAY THEN BE ENTITLED SHALL BE SUFFICIENT
 TO PROVIDE SUCH MEMBER  WITH  A  RETIREMENT  ALLOWANCE  EQUAL  TO  FIFTY
 PERCENT OF SUCH MEMBER'S FINAL AVERAGE SALARY.
   F.  IN  COMPUTING  THE  TWENTY-FIVE YEARS OF TOTAL SERVICE OF A MEMBER
 PURSUANT TO THIS SECTION FULL CREDIT SHALL BE GIVEN AND  FULL  ALLOWANCE
 SHALL  BE MADE FOR SERVICE OF SUCH MEMBER IN TIME OF WAR AFTER WORLD WAR
 I AS DEFINED IN SECTION TWO OF THIS CHAPTER, PROVIDED SUCH MEMBER AT THE
 TIME OF SUCH MEMBER'S ENTRANCE  INTO  THE  ARMED  FORCES  WAS  IN  STATE
 SERVICE.
   G. NOTHING HEREIN SHALL BE CONSTRUED TO PREVENT A MEMBER, WHO DOES NOT
 RETIRE  PURSUANT  TO  THE  PROVISIONS  OF  THIS  SECTION, FROM UTILIZING
 SERVICE WHICH IS CREDITABLE SERVICE PURSUANT TO THE PROVISIONS  OF  THIS
 SECTION  FOR SERVICE CREDIT PURSUANT TO THE PROVISIONS OF ANY OTHER PLAN
 OF THIS ARTICLE TO WHICH SUCH MEMBER IS SUBJECT.
   H. THE PROVISIONS OF THIS SECTION SHALL BE CONTROLLING NOTWITHSTANDING
 ANY OTHER PROVISION IN THIS ARTICLE TO THE CONTRARY.
   § 2. Subdivision a of section 445 of the retirement and social securi-
 ty law, as amended by chapter 714 of the laws of  2023,  is  amended  to
 read as follows:
   a.  No  member of a retirement system who is subject to the provisions
 of this article shall retire without regard to age, exclusive of retire-
 ment for disability, unless [he or she] SUCH MEMBER is a police officer,
 an investigator member  of  the  New  York  city  employees'  retirement
 system,  firefighter, correction officer, a qualifying member as defined
 in section eighty-nine-t, as added by chapter six hundred fifty-seven of
 the laws of nineteen hundred ninety-eight, of this  chapter,  sanitation
 worker, a special officer (including persons employed by the city of New
 York  in  the  title  urban park ranger or associate urban park ranger),
 school safety agent, campus  peace  officer  or  a  taxi  and  limousine
 commission  inspector  member of the New York city employees' retirement
 system or the New York city board  of  education  retirement  system,  a
 dispatcher  member  of the New York city employees' retirement system, a
 police communications member of the New York city employees'  retirement
 system, an EMT member of the New York city employees' retirement system,
 a  deputy  sheriff  member  of  the  New York city employees' retirement
 system, a  correction  officer  of  the  Westchester  county  correction
 department  as  defined  in  section  eighty-nine-e  of  this chapter or
 employed in Suffolk county as a peace officer,  as  defined  in  section
 eighty-nine-s, as added by chapter five hundred eighty-eight of the laws
 of  nineteen  hundred ninety-seven, of this chapter, employed in Suffolk
 county as a correction officer, as defined in section  eighty-nine-f  of
 this  chapter,  or  employed  in  Nassau county as a correction officer,
 uniformed correction division personnel, sheriff, undersheriff or deputy
 sheriff, as  defined  in  section  eighty-nine-g  of  this  chapter,  or
 employed  in  Nassau county as an ambulance medical technician, an ambu-
 lance medical technician/supervisor or a member who  performs  ambulance
 medical  technician  related  services,  or a police medic, police medic
 S. 7378                             3
 
 supervisor or a member who performs police medic  related  services,  as
 defined  in  section  eighty-nine-s,  as amended by chapter five hundred
 seventy-eight of the laws of  nineteen  hundred  ninety-eight,  of  this
 chapter,  or employed in Nassau county as a peace officer, as defined in
 section eighty-nine-s, as added by chapter five hundred  ninety-five  of
 the  laws of nineteen hundred ninety-seven, of this chapter, or employed
 in Albany county as a sheriff, undersheriff, deputy sheriff,  correction
 officer  or  identification officer, as defined in section eighty-nine-h
 of this chapter or is employed in St.  Lawrence  county  as  a  sheriff,
 undersheriff,  deputy  sheriff  or  correction  officer,  as  defined in
 section eighty-nine-i of this chapter or is employed in  Orleans  county
 as  a  sheriff,  undersheriff,  deputy sheriff or correction officer, as
 defined in section eighty-nine-l of  this  chapter  or  is  employed  in
 Jefferson   county   as  a  sheriff,  undersheriff,  deputy  sheriff  or
 correction officer, as defined in section eighty-nine-j of this  chapter
 or  is  employed  in  Onondaga  county as a deputy sheriff-jail division
 competitively appointed or  as  a  correction  officer,  as  defined  in
 section  eighty-nine-k  of this chapter or is employed in a county which
 makes an election under subdivision j of section eighty-nine-p  of  this
 chapter as a sheriff, undersheriff, deputy sheriff or correction officer
 as defined in such section eighty-nine-p or is employed in Broome County
 as  a  sheriff,  undersheriff,  deputy sheriff or correction officer, as
 defined in section eighty-nine-m of this chapter or is a  Monroe  county
 deputy  sheriff-court  security,  or deputy sheriff-jailor as defined in
 section eighty-nine-n, as added by chapter five hundred ninety-seven  of
 the  laws of nineteen hundred ninety-one, of this chapter or is employed
 in  Greene  county  as  a  sheriff,  undersheriff,  deputy  sheriff   or
 correction  officer, as defined in section eighty-nine-o of this chapter
 or is a traffic officer with the town of Elmira as  defined  in  section
 eighty-nine-q of this chapter or is employed by Suffolk county as a park
 police  officer,  as defined in section eighty-nine-r of this chapter or
 is a peace officer employed by a county probation department as  defined
 in  section  eighty-nine-t, as added by chapter six hundred three of the
 laws of nineteen hundred ninety-eight, of this chapter or is employed in
 Rockland county as a deputy sheriff-civil as defined in section  eighty-
 nine-v of this chapter as added by chapter four hundred forty-one of the
 laws of two thousand one, or is employed in Rockland county as a superi-
 or  correction officer as defined in section eighty-nine-v of this chap-
 ter as added by chapter five hundred fifty-six of the laws of two  thou-
 sand one or is a paramedic employed by the police department in the town
 of  Tonawanda  and retires under the provisions of section eighty-nine-v
 of this chapter, as added by chapter four  hundred  seventy-two  of  the
 laws  of two thousand one, or is a county fire marshal, supervising fire
 marshal, fire marshal, assistant  fire  marshal,  assistant  chief  fire
 marshal,  chief  fire marshal, division supervising fire marshal or fire
 marshal trainee employed by the county of Nassau as defined  in  section
 eighty-nine-w of this chapter or is employed in Monroe county as a depu-
 ty  sheriff-civil  as  defined in section eighty-nine-x of this chapter,
 employed as an emergency medical technician, critical  care  technician,
 advanced  emergency  medical technician, paramedic or supervisor of such
 titles in a participating Suffolk county fire  district  as  defined  in
 section  eighty-nine-ss  of this chapter, OR IS EMPLOYED BY THE NEW YORK
 POWER AUTHORITY AND IS A MEMBER OF THE LABOR ORGANIZATION  CERTIFIED  OR
 RECOGNIZED TO REPRESENT THE EMPLOYEES OF SUCH POWER AUTHORITY AS DEFINED
 IN  SECTION EIGHTY-NINE-Y OF THIS CHAPTER and is in a plan which permits
 immediate retirement upon completion of a specified  period  of  service
 S. 7378                             4
 
 without  regard  to age.  Except as provided in subdivision c of section
 four hundred forty-five-a of this article, subdivision c of section four
 hundred forty-five-b of this article,  subdivision  c  of  section  four
 hundred  forty-five-c  of  this  article,  subdivision c of section four
 hundred forty-five-d of this article,  subdivision  c  of  section  four
 hundred  forty-five-e  of  this  article,  subdivision c of section four
 hundred forty-five-f of this article and subdivision c of  section  four
 hundred  forty-five-h  of this article, a member in such a plan and such
 an occupation, other than a police officer or investigator member of the
 New York city employees' retirement system or a firefighter,  shall  not
 be  permitted  to retire prior to the completion of twenty-five years of
 credited service; provided, however, if such a member in such an occupa-
 tion is in a plan which permits retirement  upon  completion  of  twenty
 years  of  service regardless of age, [he or she] SUCH MEMBER may retire
 upon completion of twenty years of credited service  and  prior  to  the
 completion  of twenty-five years of service, but in such event the bene-
 fit provided from funds other than those based on such  a  member's  own
 contributions  shall  not  exceed two per centum of final average salary
 per each year of credited service.
   § 3. Section 603 of the retirement and social security law is  amended
 by adding a new subdivision w to read as follows:
   W.  THE  SERVICE  RETIREMENT  BENEFIT SPECIFIED IN SECTION SIX HUNDRED
 FOUR OF THIS ARTICLE SHALL BE PAYABLE TO  MEMBERS  WITH  TWENTY-FIVE  OR
 MORE  YEARS  OF  CREDITABLE  SERVICE,  WITHOUT  REGARD  TO  AGE, WHO ARE
 EMPLOYED BY THE NEW YORK POWER AUTHORITY AND ARE A MEMBER OF  THE  LABOR
 ORGANIZATION  CERTIFIED OR RECOGNIZED TO REPRESENT THE EMPLOYEES OF SUCH
 POWER AUTHORITY, AS DEFINED IN SECTION EIGHTY-NINE-Y OF THIS CHAPTER IF:
 (I) SUCH MEMBERS HAVE MET THE MINIMUM SERVICE REQUIREMENTS UPON  RETIRE-
 MENT,  AND  (II)  IN  THE  CASE OF A MEMBER SUBJECT TO THE PROVISIONS OF
 ARTICLE FOURTEEN OF THIS CHAPTER, SUCH MEMBER FILES AN ELECTION THEREFOR
 WHICH PROVIDES THAT SUCH MEMBER WILL BE SUBJECT  TO  THE  PROVISIONS  OF
 THIS  ARTICLE  AND  TO  NONE OF THE PROVISIONS OF SUCH ARTICLE FOURTEEN.
 SUCH ELECTION, WHICH SHALL BE IRREVOCABLE, SHALL  BE  IN  WRITING,  DULY
 EXECUTED  AND SHALL BE FILED WITH THE COMPTROLLER WITHIN ONE YEAR OF THE
 EFFECTIVE DATE OF THIS SUBDIVISION OR WITHIN ONE YEAR OF  ENTERING  INTO
 SERVICE  AS  AN  EMPLOYEE OF THE NEW YORK POWER AUTHORITY AND BECOMING A
 MEMBER OF THE LABOR ORGANIZATION CERTIFIED OR  RECOGNIZED  TO  REPRESENT
 THE  EMPLOYEES  OF  SUCH  POWER AUTHORITY. THE TERM "CREDITABLE SERVICE"
 SHALL HAVE THE MEANING AS SO DEFINED IN SECTION  EIGHTY-NINE-Y  OF  THIS
 CHAPTER AND SUBDIVISION C OF SECTION SIX HUNDRED ONE OF THIS ARTICLE.
   § 4. Subdivision a of section 503 of the retirement and social securi-
 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 as follows:
   a.  The  normal  service  retirement benefit specified in section five
 hundred four of this article shall be payable to general members,  other
 than  elective  members,  who  have met the minimum service requirements
 upon retirement and attainment of age sixty-two,  provided,  however,  a
 general  member  who  is  a  peace officer employed by the unified court
 system or a member of a teachers' retirement system may  retire  without
 reduction  of [his or her] SUCH MEMBER'S retirement benefit upon attain-
 ment of at least fifty-five years of age and  completion  of  thirty  or
 more  years  of  service. For members who become members of the New York
 state and local employees' retirement system on or  after  April  first,
 two thousand twelve, the normal service retirement benefits specified in
 section  five  hundred  four of this article shall be payable to general
 members, other than elective members, who have met the  minimum  service
 S. 7378                             5
 
 requirements upon retirement and attainment of age sixty-three; PROVIDED
 THAT, A MEMBER WHO IS AN EMPLOYEE OF THE NEW YORK POWER AUTHORITY WHO IS
 A  MEMBER OF THE LABOR ORGANIZATION CERTIFIED OR RECOGNIZED TO REPRESENT
 THE  EMPLOYEES  OF  SUCH POWER AUTHORITY MAY RETIRE WITHOUT REDUCTION OF
 SUCH MEMBER'S RETIREMENT BENEFIT UPON ATTAINMENT OF TWENTY-FIVE OR  MORE
 YEARS  OF SERVICE IF THEY HAVE ELECTED THE SPECIAL RETIREMENT PLAN FOUND
 IN SECTION EIGHTY-NINE-Y OF THIS CHAPTER.
   § 5. Section 604 of the retirement and social security law is  amended
 by adding a new subdivision w to read as follows:
   W. THE EARLY SERVICE RETIREMENT FOR A MEMBER WHO IS AN EMPLOYEE OF THE
 NEW  YORK  POWER  AUTHORITY  AND  IS  A MEMBER OF THE LABOR ORGANIZATION
 CERTIFIED OR RECOGNIZED TO REPRESENT THE EMPLOYEES OF SUCH POWER AUTHOR-
 ITY AS DEFINED IN SECTION EIGHTY-NINE-Y OF  THIS  CHAPTER,  SHALL  BE  A
 PENSION  EQUAL  TO  ONE-FIFTIETH  OF FINAL AVERAGE SALARY TIMES YEARS OF
 SERVICE AS AN EMPLOYEE OF THE NEW YORK POWER AUTHORITY WHO IS  A  MEMBER
 OF  THE  LABOR  ORGANIZATION  CERTIFIED  OR  RECOGNIZED TO REPRESENT THE
 EMPLOYEES OF SUCH POWER AUTHORITY, BUT NOT EXCEEDING  ONE-HALF  OF  SUCH
 MEMBER'S FINAL AVERAGE SALARY.
   § 6. Notwithstanding any provision of law to the contrary, none of the
 provisions of this act shall be subject to the appropriation requirement
 of section twenty-five of the retirement and social security law.
   §   7.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the New York Power Authority.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would permit members of the New York State and Local Employ-
 ees' Retirement System employed by the New York power authority who  are
 members  of  the labor organization certified or recognized to represent
 the employees of such power authority to retire upon completion of twen-
 ty-five years of creditable service with a  benefit  of  one-half  final
 average  salary. Members covered under Article 14 would be permitted one
 year to make an irrevocable election to switch to  the  twenty-five-year
 plan.
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate  that  there  will be an increase of approximately $3.0 million in
 the annual contributions of the New York power authority for the  fiscal
 year  ending  March 31, 2026. In future years this cost will vary but is
 expected to average 4.0% of salary annually.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $15.3 million which will
 be borne by the New York power authority as  a  one-time  payment.  This
 estimate assumes that payment will be made on February 1, 2026.
   These  estimated  costs  are based on 564 affected members employed by
 the New York power authority, with annual salary of approximately  $58.8
 million as of March 31, 2024. The affected members were identified using
 information provided by the office of Senator Joseph Griffo.
   Summary of relevant resources:
   Membership  data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024 Annual Report to the Comptroller on Actuarial Assumptions, and  the
 Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
 Control. The Market Assets and GASB Disclosures are found in  the  March
 S. 7378                             6
 
 31, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated April 9, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal Note No. 2025-50. As Chief Actu-
 ary of the New York State and Local Retirement System, I, Aaron Schottin
 Young, hereby certify that this analysis complies with applicable  Actu-
 arial  Standards of Practice as well as the Code of Professional Conduct
 and Qualification Standards for Actuaries Issuing Statements of Actuari-
 al Opinion of the American Academy of Actuaries, of which I am a member.