Bill > S07529

This bill amends the retirement and social security law, the education law, and the administrative code of the city of New York to provide a supplemental military retirement allowance for members of public retirement systems in the state who retired prior to May 31, 2016 and would have been eligible for military service credit under the existing law. The supplemental allowance would be equal to 0.25% of the member's retirement allowance for each month of qualifying military service, up to a maximum of 36 months or $15,000 per year. The benefit would be payable for the member's lifetime, and half of the amount would be payable to the surviving spouse if the member chose an optional form of payment. The bill sets a deadline of December 31, 2024 for eligible retirees to apply for the supplemental allowance.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/S7529