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, United States Naval Academy, United States Air Force Academy, and United States Coast Guard Academy. Members can purchase credit for this service, along with other 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 members will not be liable for costs associated with pension adjustment benefits and health care benefits for retirees 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 students at military service academies, 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