BILL NUMBER: S7004
SPONSOR: HELMING
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
providing state correction officers with a special optional twenty year
retirement plan
 
PURPOSE:
Relates to providing state correction officers with a special optional
twenty-year retirement plan.
 
SUMMARY OF PROVISIONS:
Section 1: Amends the retirement and social security law by adding a new
section 14-C which establishes an optional twenty-year retirement plan
for certain state corrections officers.
Section 2: Provides for an immediate effective date.
 
JUSTIFICATION:
State Correction Officers are currently eligible for full retirement
benefits when they have 25 years of creditable service. This bill would
establish an option for State Correction Officers to be eligible to
retire with full benefits after 20 years of creditable service. This
bill recognizes the dangers faced every day by corrections officers
behind the walls. The incidents of assaults on correction officers have
reached an unprecedented level. Approximately 97% of law enforcement
officers who work on our streets already have a 20-year retirement plan.
Corrections officers are equally deserving of a 20-year retirement.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
Anticipated increase in the annual contributions of the State of New
York of approximately $61 million for the 20-year plan and an additional
$18 million to provide the additional 60ths for the fiscal year ending
March 31, 2026.
 
EFFECTIVE DATE:
This act shall take effect immediately.