On Monday , Feb. 1, 2010 the particulars of the 55/25 legislation was introduced to the senate. REMEMBER, as of this writing this bill is still not Law, but we have the summary of provisions but this is only from the senate and could be subject to change.
Title of Bill – An act to provide TEMPORARY retirement incentives for certain public employees.
Purpose – This bill will establish a temporary 55/25 early retirement option for the specific NYSUT represented public employees who are members of either the ERS or TRS. This temporary option will allow specific public employees to retire at age 55 with 25 years of service without diminution or penalty of their standard benefits.
In order for these specific employees to take advantage of this option, they must be at least 55 years of age and have at least 25 years of service time, retire within the specific open retirement enrollment period, commencing on June 3, 2010 and ending on August 31, 2010.
This language committing the State to enact a 55/25 early retirement option for NYSUT members was included as part of Chapter 504 of the laws of 2009. This bill codifies this commitment by the State.
If you are interested in retiring under this option, you should schedule a video conference with either the TRS or ERS and make sure that you are aware of all details pertinent to your specific situation.
Once this bill becomes law and you decide you are eligible and want to take advantage of this early retirement option, you will need to submit your letter of intent to retire directly to Human Resources at 201 Hines building. It is recommended that you either hand deliver this letter or send it return receipt. In this particular situation, once you submit your letter, you will not have the option to withdraw it. All other contractual rights remain the same with the exception of how the agency will pay out Terminal leave.
The member will still be eligible for Terminal leave based on their available days, but the agency has the right to determine the specifics as to how it will be paid out.
If you have any questions, please call Thelma at 286 6908.
