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Legislature passes untargeted 25/55 early retirement
bill
The state Legislature passed an Early Retirement bill, A.11805/S.8408, at the
end of the session in June.
It would create two 90-day window periods — one in the current state fiscal year
which ends March 31, 2007, and the second in the next fiscal year, which ends
March 31, 2008 — during which state employees could retire without penalty if
they are age 55 or older and have at least 25 years of service credit.
Essentially, this would temporarily give members of pension Tiers 2, 3 and 4 the
retirement option permanently available to members of Tier 1.
The state director of employee relations would decide when to open the two
windows for state workers.
The offer would extend to all eligible employees, even those in positions the
state would have to backfill. However, the state could deny the offer to
employees in positions it deems critical for maintaining the health and safety
of the public. Such denials could be challenged in court.
This bill is still subject to the governor’s signature or veto. It differs from
both the ERI legislation proposed by Gov. George Pataki in his January Executive
Budget, and the ERI provisions he sent to the Legislature on the final day of
its session. Neither of these proposals were passed. — Sherry Halbrook
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The Communicator July/Aug. '06
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