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, by paying into the annuity savings fund, with the purchase amount determined by an actuarial factor based on the member's age and salary.

Additionally, the bill clarifies that neither the state nor the employer will be liable for any payments to the retirement system on behalf of the member for this purchase. It also 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 aims to recognize the unique status of service academy students, who are considered active duty members of the Armed Forces from the moment they enroll.

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