BILL NUMBER: S6840A
SPONSOR: SCARCELLA-SPANTON
 
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 bills amend section one thousand of the retire-
ment and social security law to allow a person who served in the mili-
tary 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:
2023/2024: A.5936-reported to ways and means
 
FISCAL IMPLICATIONS:
Please see fiscal notes at the end of the bill.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S6840: 1000 retirement and social security law, 1000(4) retirement and social security law
S6840A: 1000 retirement and social security law, 1000(4) retirement and social security law