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NY S07839
Bill
Status
11/7/2014
Primary Sponsor
William Larkin
Click for details
AI Summary
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Removes time period restrictions for military service credit eligibility, allowing members to claim up to three years of service credit for any military duty where they received an honorable discharge, regardless of when service was performed.
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Requires members to have a minimum of five years of credited service (excluding military service credit) to be eligible for this benefit.
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Members must pay 3% of compensation earned in the 12 months preceding application for each year of military service credit (6% for members joining on or after April 1, 2012), with option for payroll deduction over the service period.
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Establishes that the total military service credit cannot exceed three years when combined with any other military service credit previously granted under state retirement systems.
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Members must apply for military service credit before their retirement effective date; all employer costs beyond member payments are borne by the state and participating employers.
Legislative Description
Provides up to three years of service credit to members of public retirement systems of the state for military service rendered during times of peace; removes requirement that such military service occur during specified periods of hostilities; requires such members have at least five years of credited service, not including military service.
Last Action
VETOED MEMO.484
11/7/2014