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NY A10059

Bill

Official Source

Status

Introduced

4/29/2022

Primary Sponsor

Gina Sillitti

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Increases maximum military service credit that retirement system members can purchase from 3 years to 10 years for honorably discharged military members
  • Members must have at least 5 years of credited service (not including military service) to be eligible
  • Tier 1-5 members must pay 3% of most recent compensation per year of additional service credit; Tier 6 members must pay 6%
  • Past service costs estimated at 20% of compensation per year for NYSLERS (17% for Tier 6) and 29% for NYSLPFRS (26% for Tier 6), with costs borne by the State and participating employers
  • Act takes effect immediately upon enactment

Legislative Description

Increases the amount of years of military service credit a member may purchase from three years to ten years.

Last Action

referred to governmental employees

4/29/2022

Committee Referrals

Governmental Employees4/29/2022

Full Bill Text

No bill text available