BILL NUMBER: S7114
SPONSOR: SCARCELLA-SPANTON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
obtaining military service credit for members of the New York state and
local police and fire retirement system
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would decrease the amount of payment required by Tier 6
members of the New York State and Local Police and Fire Retirement
System who are obtaining military service credit pursuant to Section
1000 of the Retirement and Social Security Law.
 
SUMMARY OF PROVISIONS:
Under current law, a Tier 6 member must pay a sum equal to the product
of the number of years of military service being claimed and six percent
of such member's compensation earned during the twelve months of credit-
ed service immediately preceding the date that the member made applica-
tion for credit. This legislation would require such members to pay only
three percent of compensation per year of service.
 
JUSTIFICATION:
Prior to the enacting of Tier 6, police and fire fighters who obtained
military service credit had to pay 3 percent of compensation per year of
service being claimed. Tier 6 doubled this amount, to a sum equaling 6
percent. It is fundamentally unfair to treat our veterans, who proudly
served our country differently for the purposes of their retirement
calculations based on which Tier they are enrolled in the New York State
Retirement System.
 
PRIOR LEGISLATIVE HISTORY:
2024; Held in Senate Finance Committee.
 
FISCAL IMPLICATIONS:
Please see the bill text.
 
EFFECTIVE DATE:
Immediately.

Statutes affected:
S7114: 1000 retirement and social security law, 1000(9) retirement and social security law