Relates to retirement eligibility for certain members

Summary

The legislation amends the Retirement and Social Security Law so that non‑elected members—such as peace officers, teachers and other state or local employees—may retire at age 55 without a reduction in their pension if they have at least 30 years of service. It also changes the normal retirement age to 62 (or 63 for members who joined after April 1, 2012) and revises how benefits are calculated and reduced for early retirement. The changes apply differently to members who joined the system before and after key dates in 2010 and 2012.

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