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NY A06511
Bill
Status
Introduced
4/12/2023
Primary Sponsor
Marjorie Byrnes
Click for details
AI Summary
- Allows members of New York public retirement systems who retired on or before May 31, 2016 to apply for military service credit under Retirement and Social Security Law Section 1000
- Application deadline is December 31, 2024
- Members must pay a sum equal to 3% of their final 12 months of compensation multiplied by the number of years of military service being claimed
- Service credit applies only to benefits received after the application date with no retroactive benefit payments
- Estimated cost averages approximately 13% of affected retirees' final salary for NYSLERS and 17% for NYSLPFRS per year of additional service credit purchased, with costs borne by the State and participating employers
Legislative Description
Allows members of a public retirement system who retired prior to applying for credit for military service because such credit was not available at the time of their retirement to receive such credit if they apply prior to December 31, 2024.
Last Action
referred to governmental employees
1/3/2024
Committee Referrals
Governmental Employees4/12/2023
Full Bill Text
No bill text available