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 military service includes not only active duty service but also enrollment in military academies, which are the United States Military Academy, Naval Academy, Air Force Academy, and Coast Guard Academy.

The bill includes several key provisions: it allows members to purchase credit for up to 10 years of service, with the option to buy an additional five years for qualifying military service as a veteran. It also clarifies that members will not incur costs related to pension adjustment benefits and health care benefits when purchasing this credit. Additionally, the bill states that employers will not be liable for payments to the retirement system on behalf of members purchasing this credit. Overall, the legislation aims to recognize the service of individuals who have attended military academies and provide them with retirement benefits accordingly.

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