Bill > S07114

This bill modifies the rules for obtaining military service credit in the New York State and Local Police and Fire Retirement System (NYSLPFRS), specifically for Tier 6 members who first join the public retirement system on or after April 1, 2012. Currently, these members must pay 6% of their compensation from their last 12 months of credited service for each year of military service they want to claim. Beginning April 1, 2026, the bill reduces this payment requirement to 3% of their compensation for each year of military service claimed. This change effectively makes it less expensive for eligible members to purchase military service credit, potentially making the retirement system more attractive to veterans and those who have served in the military. The bill aims to provide a financial benefit to public safety workers by lowering the cost of recognizing their prior military service when calculating their retirement benefits. The fiscal note indicates that this change would increase the cost shared by the State of New York and local participating employers by approximately 3% of the member's compensation for each year of additional service purchased.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7114