Buyout Bill

by | Jun 13, 2020 | Updates

Assembly bill A10595 is current legislation submitted by Assemblymember Abinanti which would provide a temporary retirement incentive otherwise known as a buyout to many different classes of NYS employees. The bill currently sits in the Committee on Governmental Employees. From there it would require the typical path of legislation, creation of a Senate bill, committee, floor votes in both houses and a signature into law by the Governor. At that point, as with past incentives each agency or department included in the language would have to opt in to the incentive, which in this particular case would grant those with 25 years of service having reached 55 years of age a common retirement without reduction of benefits. Should next steps be taken to further this legislation past committee updates shall follow. As of now, we are monitoring it, but with the many steps required to finalize such a benefit any other information at this point would be premature. As has always been the case with our members retirement’s the ideal source for individual questions to be answered is the NYS Employee Retirement System, which can be found at www.osc.state.ny.us/retirement


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