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NY S06840
Bill
Status
3/25/2025
Primary Sponsor
Jessica Scarcella-Spanton
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AI Summary
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Increases the maximum military service credit that retirement system members can purchase from three years to four years
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Applies to members who were honorably discharged, have a qualifying condition with non-dishonorable discharge, or are discharged LGBT veterans with non-dishonorable discharge
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Requires member contributions of 3% for Tier 1-5 members and 6% for Tier 6 members for each year of additional service credit purchased
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Estimated past service cost is 18% (15% for Tier 6) of compensation per year for NYSLERS members and 23% (20% for Tier 6) for Police and Fire Retirement System members
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Exempts the act from the appropriation requirement of section 25 of the retirement and social security law, meaning the state is not required to make an equal matching payment to the retirement system
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 AND COMMITTED TO FINANCE
3/10/2026