BILL NUMBER: S4153
SPONSOR: THOMAS
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
increasing the amount of years of military service credit a member may
purchase
 
PURPOSE:
To increase the number of years of military service that are eligible
for service credit from three to ten.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill amends section 1000 of the retirement and social
security law to allow a person who served in the military to purchase
service credit in the public retirement system of the state for their
period of military service not to exceed ten years.
Section 2 of the bill states the effective date.
 
JUSTIFICATION:
New York law allows veterans to purchase service credit in the public
retirement system for the period of their military service. Currently,
they can purchase service credit for up to three years of military
service. In comparison, veterans in New Jersey and Connecticut are
eligible for up to ten years of active military service. New York should
increase the number of service years veterans can "buy back" to ensure
more financial security in their retirement.
 
LEGISLATIVE HISTORY:
2021-22: S.8698 (Thomas) / A.10059 (Sillitti) - Referred to Civil
Service and Pensions.
 
FISCAL IMPLICATIONS:
See fiscal notes at the end of the bill.
 
EFFECTIVE DATE:
This act shall take effect immediately.