Administrators and Supervisors - 22/55 retirement

Legislative: A 5807 McEneny - M. of A., et al.
Reference: S 3201

Title: AN ACT to amend the retirement and social security law, in relation to benefits of members subject to article 11 and article 15 who retire prior to the normal retirement age with 25 years of service.

This bill permits members of the New York State Teachers' Retirement System and New York City Teachers' Retirement System to retire at any age over 55 with at least 25 years of service without a reduction in benefits.

The Council of Administrators and Supervisors supports this bill. Due to investment performance, public retirement systems in New York state have enjoyed significant growth in assets. As a result, employer costs have dropped substantially, to the extent that, in some systems, employers incur no costs for benefits. Employees also deserve to share in the benefits of this growth. After all, these pension funds were created largely from the employees' own contributions. Pursuant to this bill, employees would enjoy the well-deserved improved retirement option to retire at any age over age 55 with at least 25 years of service.