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 up to 10 years of service, with the possibility of an additional five years for military service qualifying them as veterans.

The bill also clarifies that members will not be liable for costs associated with pension adjustment benefits and health care benefits when purchasing this credit. Additionally, it states that employers will not be responsible for payments to the retirement system on behalf of members purchasing this credit. The changes aim to recognize the unique status of service academy cadets and midshipmen, who are considered active duty members of the Armed Forces from the moment they enter the academy.

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