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Bill > A07343
NY A07343
NY A07343Relates to obtaining military credit for members of the New York state and local police and fire retirement system; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
summary
Introduced
05/17/2023
05/17/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
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
AI Summary
This bill amends the Retirement and Social Security Law to change the calculation for military service credit for members of the New York State and Local Police and Fire Retirement System (NYSLPFRS). Under the current law, Tier 6 members who join the retirement system on or after April 1, 2012 must pay a sum equal to 6% of their compensation for each year of military service claimed. This bill proposes to reduce that rate to 3% for members who join NYSLPFRS on or after April 1, 2012 and apply for military service credit on or after April 1, 2024. This change is intended to decrease the amount members have to pay to obtain military service credit.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
referred to governmental employees (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A7343 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07343&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07343 |
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