Bill > S08692

This bill establishes a retirement service credit for volunteer fire or emergency service in New York State. It allows members of public retirement systems to obtain one year of service credit for every five years of volunteer fire or emergency service, up to a maximum of three years of service credit. Members must have at least five years of credited service, excluding the volunteer service, to be eligible. Members must pay the retirement system three percent of their most recent compensation for each year of volunteer service credit they purchase. The state and participating employers will cover the remaining costs of the service credit. This bill aims to provide retirement benefits for those who have volunteered their time in fire or emergency services.