BILL NUMBER: S7378
SPONSOR: GRIFFO
 
TITLE OF BILL:
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
 
PURPOSE:
This legislation directs the New York Power Authority to offer optional
retirement benefits after 25 years of service in certain positions.
 
SUMMARY OF PROVISIONS:
This legislation directs the New York Power Authority to offer optional
retirement benefits after 25 years of service in certain positions.
 
JUSTIFICATION:
Electricians and certain other skilled tradespeople are highly sought-
after and often leave the public service for more generous compensation
in the private sector. Mastering the specialized and complex skills
required for positions at New York Power Authority facilities can take
up to 5 years or more. Because of the length of time required to
complete training and gain necessary experience at these unique oper-
ations, it's critical to offer benefits to attract and retain this valu-
able state workforce.
Additionally, many of the highly skilled tradespeople at NYPA work in
positions maintaining high voltage, high altitude assets. This work is
dangerous, as well as physically and mentally taxing, and leads to a
higher turnover of the workforce than in other positions. In other phys-
ical and hazardous careers, like firefighting and law enforcement,
members are offered a retirement plan after 25 years of service.
This legislation would enable NYPA employees in certain positions to
opt-in to a new retirement plan. A retirement plan that recognizes the
impact of the physical work conducted by IBEW Local 2032 and Local 2104
employees at NYPA facilities will increase recruitment and retention of
in-demand professionals.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
See fiscal note in bill.
 
EFFECTIVE DATE:
Immediately.

Statutes affected:
S7378: 603 retirement and social security law, 604 retirement and social security law