Bill > S06273

This bill establishes a retirement service credit for volunteer fire or emergency service. The key provisions are: 1. Members of a public retirement system in New York State can obtain one year of service credit for every five years of volunteer fire or emergency service provided in the state, up to a maximum of three years of service credit. 2. To be eligible, a member must have at least five years of credited service, not including the volunteer service. 3. Members must pay the retirement system three percent of their compensation earned during the 12 months prior to the date of application for each year of volunteer service credited. 4. The state and participating employers will cover any costs for the service credit beyond what the member pays. 5. The service credit can be used in any special 20-year or 25-year retirement plan. The bill is intended to recognize and provide retirement benefits for New Yorkers who volunteer their time for fire or emergency services.