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NY A08748
Bill
Status
Introduced
6/2/2025
Primary Sponsor
Lester Chang
Click for details
AI Summary
- Exempts military service credit granted under Section 242 of the Military Law from the three-year cap on purchasable military service credit in New York public retirement systems
- Updates statutory references for "qualifying condition" and "discharged LGBT veteran" definitions from the Executive Law to Section 1 of the Veterans' Services Law
- Allows eligible members to purchase up to three years of additional service credit under Section 1000 of the Retirement and Social Security Law, separate from any Section 242 credits
- Estimated cost to employers is 9.5% of salary per year of service purchased for Tiers 1-4, 8.2% for Tier 5, and 3.7% for Tier 6 in the Teachers' Retirement System
- For the State and Local Employees' Retirement System, estimated cost is 18% (15% for Tier 6) of compensation per year of service credit purchased
Legislative Description
Exempts certain military service credit from being included in calculations of up to three years of military service credit for a public retirement system of the state.
Last Action
referred to governmental employees
1/7/2026
Committee Referrals
Governmental Employees6/2/2025
Full Bill Text
No bill text available