This bill amends existing laws to allow members of the Public Employees Retirement System (PERS), Teachers Pension and Annuity Fund (TPAF), Police and Firemen's Retirement System (PFRS), and State Police Retirement System (SPRS) to purchase service credit for the period of enrollment in a United States military service academy. The bill specifies that this includes any period of enrollment in the United States Military Academy, Naval Academy, Air Force Academy, and Coast Guard Academy. Members can purchase credit for this service, along with other eligible military service, up to a maximum of 10 years, with the option to purchase an additional five years if they qualify as veterans.

The bill also clarifies that the employer of a member who applies to purchase this credit will not be liable for any payments to the retirement system on behalf of the member. Additionally, it states that members will not incur costs associated with pension adjustment benefits and health care benefits for retirees when purchasing credit for military service, including time spent at a military service academy. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 43:15A-73.1, 43:16A-11.11, 53:5A-6.1