Relates to providing state correction officers with a special optional twenty year retirement plan

This bill creates a special optional retirement plan specifically for state correction officers in New York. Under the new rules, eligible officers can choose to retire after completing twenty years of service or upon reaching age sixty-two, whichever comes first. Those who retire after twenty years would receive a pension equal to one-fortieth of their final average salary for each year of service, capped at half their final salary, while those retiring at age sixty-two without twenty years of service would also receive an additional pension benefit. The state would fund these increased benefits through extra contributions calculated by the retirement system actuary and included in the annual state budget.