I’m happy to share the news that 55/25 has passed the state Assembly. Next up: the state Senate, which is expected to pass the bill shortly. Then on to Gov. Spitzer for his signature.
Current members in Tiers II, III and IV who opt in to the 55/25 plan will be able to leave the Department of Education with 25 years of service and still begin collecting an unreduced pension at age 55. Previously members had to work 30 years or wait until they were 62 in order not to have their pensions reduced.
Once 55/25 becomes law members will have a one-time-only 180-day window to opt in.
2 Comments:
1 Democrats for Education Reform
· Feb 12, 2008 at 9:43 am
[...] union in New York State could be hanging it up in the very near future. As Steve Perez notes on EdWize, the NY Assembly just passed a Bye-Bye Baby Boomer Bill for teachers, which would allow certain [...]
2 55/25 Passes the Senate | Edwize
· Feb 15, 2008 at 2:58 pm
[...] two days late with this news, but the state Senate has passed 55/25 legislation, joining the Assembly. The bill now goes to Gov. Spitzer for his [...]