RESOLUTION
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCILMEMBERS PINEDA-ISAAC, DIAZ, AND HODGES:
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A RESOLUTION REQUESTING NEW YORK STATE CREATE A “TRUE 80” RETIREMENT ELIGIBILITY STANDARD
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Whereas, the New York State and Local Retirement System (NYSLRS) provides retirement benefits to public employees across the State of New York under Tier 4, Tier 5, and Tier 6 membership structures; and
WHEREAS, public employees in these tiers continue to face pension reductions when retiring prior to fixed statutory age thresholds, regardless of decades of credited public service; and
Whereas, many long-serving public employees have devoted 25, 30, or more years to public service and seek equitable retirement flexibility that reflects both age and total years of service; and
WHEREAS, a retirement eligibility standard under which the sum of a member’s age and credited service equals eighty (80), commonly referred to as “True 80,” would provide a fair and consistent measure of retirement readiness; and
WHEREAS, legislation establishing a “True 80” retirement option would promote workforce stability, improve morale and retention, and assist public employers in effective succession planning; and
WHEREAS, such reforms would honor long-serving public employees while preserving the long-term sustainability of the retirement system through structured eligibility requirements and employer participation provisions; and
WHEREAS, under such legislation, any eligible member of Tier 4, Tier 5, or Tier 6 may retire with full, unreduced pension benefits when the sum of the member’s age and years of credited service equals or exceeds eighty (80); and
WHEREAS, authorizing a temporary Early Retirement Incentive (ERI), applicable to State and participating local government employers, permitting those currently meeting the True 80 standard to retire during a defined window period under terms established by statute, would provide State and local employers with a strategic workforce management tool to control labor costs, minimize layoffs, and address budgetary pressures; and
WHEREAS, the legislation shall ensure actuarial review and fiscal impact analysis to safeguard the financial integrity of the retirement system and to provide participating employers with transparent cost projections; and
WHEREAS, together, the purpose of the “True 80” option and ERI would promote equitable retirement standards across tiers, provide flexibility for long-serving employees, support orderly workforce transition and succession planning and reduce the need for layoffs through strategic attrition, assist
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Yonkers hereby requests that the New York State Legislature amend the Retirement and Social Security Law to establish a “True 80” retirement option within the New York State and Local Retirement System for Tier 4, Tier 5, and Tier 6 members to assist State and local governments in managing fiscal challenges responsibly; and
BE IT FURTHER RESOLVED, that the City Council of the City of Yonkers hereby requests that the New York State Legislature amend the Retirement and Social Security Law to establish an ERI for those who currently qualify as “True 80”; and
BE IT FURTHER RESOLVED, that the City Council requests the City Clerk to forward a copy of this Resolution to the Legislature of the State of New York requesting the introduction and passage of the legislation; and
BE IT FURTHER RESOLVED, this this resolution take effect immediately.