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

This bill creates a special optional retirement plan for New York State correction officers (and others performing correction duties). It allows eligible members to retire after 20 years of service (or at age 62) and receive a pension equal to 1/40th of their final average salary per year of service (capped at 50% of that salary). Members with over 20 years of service get an additional pension of 1/60th of final salary per extra year (capping total benefits at 75% of final salary). The state will pay additional contributions to cover these enhanced benefits, calculated by the retirement system's actuary. The plan is optional and does not affect existing retirement rules for other state employees.