The New York State Supreme Court has issued a decision upholding the Chapter 45, 55/25 as constitutional. The System will implement Chapter 45 as written.
Any eligible member who has attained age 55 with at least 25 years of service credit and retires during the Chapter 45 open period will receive an unreduced benefit. The BEES members are eligible as we are represented by a NYSUT affiliated collective bargaining unit.
As of this writing it is not known whether or not this decision will be appealed. The payment of the unreduced retirement benefit to eligible members who retired pursuant to Chapter 45 will be subject to the final outcome of any appellate process.
You can go to the NYSTRS website and read the court's decision in totality.
All letters that have been submitted to Human Resources for the purposes of retirement will now go on the August board meeting as such.
Anyone wishing to pull their letter must do so now and anyone wishing to retire under this bill that has not submitted a letter of intent must do so and it must be received at 201 in Human Resources by Monday August 16th, 2010.
The August 31, 2010 date that was collaboratively worked out with ESB no longer applies, once you are approved at the August 25th board meeting you will be officially retired so you must be certain of your decision when you submit your letter of intent to retire.
Remember you must fill out your application with the TRS/ERS in addition to submitting your letter to ESB.
Feel free to call me if you have any questions, 631 286 6908.
Members considering this incentive may wish to consult with NYSUT and/or an attorney. Thank you, Thelma
