New York A 7975: Establishes an optional twenty-five year retirement plan for certain employees of the New York Power Authority

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A07975 Summary:

BILL NOA07975A

&nbsp

SAME ASSAME AS S07378-A

&nbsp

SPONSORJones

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add 89-z, amd 445, 603, 503 & 604, R & SS L

&nbsp

Establishes an optional twenty-five year retirement plan for employees of the New York Power Authority who are a member of the public employee organization certified or recognized to represent employees of such authority.

Go to top A07975 Actions:

BILL NOA07975A

&nbsp

04/16/2025referred to governmental employees

05/23/2025amend and recommit to governmental employees

05/23/2025print number 7975a

05/28/2025reported referred to ways and means

09/08/2025enacting clause stricken

Go to topA07975 Committee&nbspVotes:

Committee:GOVERNMENTAL EMPLOYEES Chair:Pheffer Amato 
DATE:05/28/2025AYE/NAY:14/0 Action: Favorable refer to committee Ways and Means Pheffer AmatoAyeDeStefanoAye

ColtonAyeReillyAye

SantabarbaraAyeGiglioAye

EichensteinAyeTannousisAye

McDonaldAye

BurkeAye

GriffinAye

CarrollAye

RomeroAye

YegerAye

Go to topA07975 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07975 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7975--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 16, 2025
 ___________

 Introduced by M. of A. JONES -- read once and referred to the Committee
 on Governmental Employees -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the retirement and social security law, in relation to
 establishing an optional twenty-five year retirement plan for certain
 employees of the New York Power Authority

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The retirement and social security law is amended by adding
 2 a new section 89-z to read as follows:
 3 § 89-z. Retirement of certain employees employed by the New York power
 4 authority. a. Any person who is employed by the New York power authority
 5 and is a member of the labor organization certified or recognized to
 6 represent the employees of such power authority shall be eligible to
 7 retire pursuant to the provisions of this section. Such eligibility
 8 shall be an alternative to the eligibility provisions available under
 9 any other plan of this article to which such member is subject.
 10 b. Such member shall be entitled to retire upon the completion of
 11 twenty-five years of total creditable service by filing an application
 12 therefor in the manner provided for in section seventy of this article.
 13 c. Upon completion of twenty-five years of such service and upon
 14 retirement, each such member shall receive a pension which, together
 15 with an annuity which shall be the actuarial equivalent of such member's
 16 accumulated contributions at the time of their retirement and an addi-
 17 tional pension which is the actuarial equivalent of the reserved-for-in-
 18 creased-take-home-pay to which such member may then be entitled shall be
 19 sufficient to provide such member with a retirement allowance equal to
 20 fifty percent of such member's final average salary.
 21 d. Notwithstanding section forty-one of this article, as used in this
 22 section "creditable service" shall include any and all services
 23 performed as an employee of the New York power authority.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00633-06-5

 A. 7975--A 2

 1 e. A member, contributing on the basis of this section at the time of
 2 retirement, shall retire after the completion of twenty-five years of
 3 total creditable service. Application therefor may be filed in a manner
 4 similar to that provided in section seventy of this article. Upon
 5 completion of twenty-five years of such service and upon retirement,
 6 each such member shall receive a pension which, together with an annuity
 7 which shall be the actuarial equivalent of such member's accumulated
 8 contributions at the time of their retirement and an additional pension
 9 which is the actuarial equivalent of the reserve-for-increased-take-
 10 home-pay to which such member may then be entitled shall be sufficient
 11 t