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NY A07343
Bill
Status
5/17/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Reduces the payment required for Tier 6 members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) to obtain military service credit from six percent to three percent of compensation per year of service claimed.
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Applies to members who first joined the system on or after April 1, 2012 and submit applications for military credit on or after April 1, 2024.
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Requires the reduced payment to be calculated using compensation earned during the twelve months of credited service immediately preceding the member's application date.
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Cost of the reduction will be shared between the State of New York and local participating employers in the NYSLPFRS, representing three percent of affected members' compensation for each year of additional service purchased.
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Takes effect immediately upon enactment.
Legislative Description
Relates to obtaining military credit for members of the New York state and local police and fire retirement system; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Last Action
referred to governmental employees
1/3/2024