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NY A03435
Bill
Status
2/3/2023
Primary Sponsor
Gina Sillitti
Click for details
AI Summary
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Increases maximum military service credit that retirement system members can purchase from 3 years to 10 years of credited service.
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Applies to members honorably discharged from military service, those with qualifying conditions (other than bad conduct/dishonorable discharge), and discharged LGBT veterans.
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Members must have at least 5 years of credited service (excluding military service) to be eligible for this benefit.
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Tier 1-5 members pay 3% of most recent compensation per year of additional service credit purchased; Tier 6 members pay 6%.
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Takes effect immediately, except section 2 takes effect on same date as chapter 585 of the laws of 2022.
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
1/3/2024