Bill
Bill > S07540
NY S07540
NY S07540Relates 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
06/05/2023
06/05/2023
In Committee
03/12/2024
03/12/2024
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 reduce the amount of payment required by Tier 6 members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) who are obtaining military service credit. Beginning with applications received on or after April 1, 2024, these members will be required to pay a sum equal to the product of the number of years of military service being claimed and three percent of their compensation earned during the twelve months of credited service immediately preceding the date they made the application, instead of the current six percent. This change is intended to decrease the financial burden on NYSLPFRS members who are seeking to purchase military service credit.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (3)
Last Action
REPORTED AND COMMITTED TO FINANCE (on 03/12/2024)
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/S7540 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07540&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07540 |
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