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NY A08593
Bill
Status
5/21/2025
Primary Sponsor
Stacey Pheffer Amato
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AI Summary
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Increases the maximum military service credit that retirement system members may purchase from three years to four years for eligible veterans who were honorably discharged, have a qualifying condition, or are discharged LGBT veterans
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Applies to members of the New York State and Local Employees' Retirement System (NYSLERS) and the New York State and Local Police and Fire Retirement System (NYSLPFRS)
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Requires members to pay 3% contributions per year of credit purchased (Tier 1-5) or 6% contributions (Tier 6), with past service costs estimated at 15-23% of compensation depending on tier and system
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Exempts the provisions from the requirement under Section 25 of the Retirement and Social Security Law that the state make equal matching payments to the retirement system
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Fiscal note estimates that approximately 8,400 members could have purchased a fourth year of credit since 2016 for an additional cost of approximately $120 million had this law been in effect
Legislative Description
Increases the amount of years of military service credit a member may purchase from three years to four years; provides that the provisions of such act shall not be subject to the requirement that the state shall make an equal payment to the retirement system.
Last Action
reported referred to ways and means
3/10/2026