The bill amends Section 36-9-31 of the General Laws in Chapter 36-9 entitled "Retirement System — Membership and Service Credits" to include new provisions for members of the retirement system who have served in the United States armed forces or Merchant Marine. The bill allows active members who have served on active duty and received an honorable discharge to purchase up to four years of credit for their service. It also introduces a new subsection (b) that enables members who served in the National Guard or reserves and qualify as veterans to purchase creditable service at a ratio of five years of guard or reserve service to one year of creditable service, up to a maximum of four years, provided they have received an honorable discharge.

Furthermore, the bill stipulates that the cost to purchase these credits is ten percent of the member's first year's earnings as a state employee, with no interest charge if the purchase is made within the first five years of membership in the retirement system. A new subsection (e) is added, effective July 1, 2024, which exempts certain state public safety professionals and municipal police officers from the cost to purchase credit for military service and any interest charges. The act would take effect upon passage.

Statutes affected:
7254: 36-9-31