BILL NUMBER: S5529A
SPONSOR: GRIFFO
 
TITLE OF BILL:
An act in relation to enabling public employers to offer certain tempo-
rary retirement incentives for certain public employees
 
PURPOSE:
This bill allows for a temporary retirement incentive for certain public
employees in an effort to achieve cost savings for public employers.
 
SUMMARY OF PROVISIONS:
This legislation creates a retirement incentive for certain individuals
who are 50 years of age with 25 years of creditable service or individ-
uals who are 55 years of age with 10 years of creditable service.
 
JUSTIFICATION:
Currently, the State is experiencing economic difficulties. In order to
prevent layoffs of public employees and provide cost savings for public
employers, a temporary retirement incentive is necessary.
 
LEGISLATIVE HISTORY:
This bill has components similar to Chapter 105 of the Laws of 2010.
 
FISCAL IMPLICATIONS:
See fiscal note.
 
EFFECTIVE DATE:
This act shall take effect immediately.