Bill
S 7378
Overview: Bill S 7378 establishes an optional twenty-five year retirement plan for certain employees of the New York Power Authority.Purpose and Intent: The bill aims to provide a
Overview: Bill S 7378 establishes an optional twenty-five year retirement plan for certain employees of the New York Power Authority.
Purpose and Intent: The bill aims to provide a new retirement option for eligible New York Power Authority employees. This is intended to help the authority attract and retain skilled workers by offering a more flexible and attractive retirement plan.
Key Provisions:
- Creates a new 25-year retirement plan for certain New York Power Authority employees
- Allows eligible employees to retire after 25 years of service, regardless of age
- Provides retirement benefits based on the employee's final average salary
Affected Parties and Impacts:
- Eligible New York Power Authority employees, who will have the option to participate in the new 25-year retirement plan
- The New York Power Authority, which may benefit from improved employee recruitment and retention
Procedural and Timeline Considerations:
The bill has been amended (Print Number 7378A) and is currently awaiting further legislative action.
Compiled from official sources — confirm details with the bill’s official record.
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