BILL NUMBER: S5618C
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 four.
 
SUMMARY OF PROVISIONS:
Sections 1 and 2 of the bill amend 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 four years.
Section 3 provides that the act is not subject to appropriation.
Section 4 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:
New bill.
 
FISCAL IMPLICATIONS:
See fiscal notes at the end of the bill.
 
EFFECTIVE DATE:
This act shall take effect immediately.