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 new legal language specifies that military service includes any time spent at these academies, which are 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 buy an additional five years if they qualify as veterans.

Additionally, the bill clarifies that members will not incur costs related to pension adjustment benefits and health care benefits for retirees when purchasing this credit. It also states that employers will not be liable for any payments to the retirement system on behalf of members purchasing this credit. The bill aims 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 enroll. The changes take effect immediately upon enactment.

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