Loading chat...
NY A08003
Bill
Status
4/17/2025
Primary Sponsor
Andrea Bailey
Click for details
AI Summary
-
Allows public retirement system members who retired on or before May 31, 2016 to apply for military service credit that was previously unavailable to them, with applications due by December 31, 2026
-
Requires applicants to pay 3% of their final 12 months' compensation multiplied by the number of years of military service claimed (up to 3 years maximum)
-
Service credit applies only to future benefits from the application date forward, with no retroactive benefit payments
-
Estimated fiscal impact of $72.2 million for the NYS and Local Employees' Retirement System (approximately 4,600 retirees affected) and $63.8 million for the Police and Fire Retirement System (approximately 1,900 retirees affected)
-
Creates permanent annual employer contribution increases of approximately $872,000 for the State and $3.8 million for local employers in the Police and Fire system
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, 2026.
Last Action
referred to governmental employees
1/7/2026