The following is a summary of 2010 NYSTRS-related legislation that has been signed into law.
Chapter 45 of the Laws of 2010
55/25 Retirement Incentive for Educators Represented by NYSUT
Chapter 45 of the Laws of 2010, the 55/25 retirement incentive for educators represented by NYSUT, was signed into law April 14, 2010. The law provides a temporary early retirement incentive for Tier 2, 3 or 4 members of either the New York State and Local Employees Retirement System or the New York State Teachers' Retirement System who hold a position represented by a recognized collective bargaining unit affiliated with NYSUT. The incentive allows members of the defined population who are at least age 55 with a minimum of 25 years of service to retire without any benefit reductions.
Eligible New York State public school employees would need to retire no earlier than June 1, 2010 and no later than Aug. 31, 2010. State University of New York educational institutions and community colleges can establish their own 90-day enrollment windows, provided retirement occurs no later than Dec. 31, 2010.
In addition, eligible members must have been in active service with a participating employer from Feb. 1, 2010 to the date immediately preceding the commencement of the open period. "Active service" means being paid on the payroll, or a leave of absence with pay, or on an approved leave without pay for no more than 12 weeks.
Chapter 105 of the Laws of 2010
Retirement Incentive for Certain Public Employees
Chapter 105 of the Laws of 2010, signed into law June 2, 2010, provides that NYSTRS participating employers have the option of whether or not to offer Part A or Part B, or both parts, as described below.
Part A: Provides one-twelfth of a year of additional service credit for every year of credited service, to a maximum of three years of additional credit. To be eligible, members must waive any local retirement incentive and be age 50 or older with 10 or more years of service, or age 55 with five or more years of service. Those who retire between ages 50 and 55 will have a prorated monthly retirement reduction based on age at retirement.
Enhanced service under Benefit Enhancement (Article 19) (only for Tier 1 and 2 members) will not be used to determine incentive credit under Part A.
Part B: Allows Tier 2, 3 and 4 members who are at least age 55 or older with a minimum of 25 years of service credit to retire without an age reduction.
Under both Parts A and B, each district will bear the full cost of their elections.