Bill > S07115

This bill provides a supplemental military retirement allowance for public retirement system members who retired before May 31, 2017, allowing them to apply for additional benefits related to their military service. Specifically, eligible retirees can submit an application by December 31, 2025, to receive a supplemental retirement allowance calculated at 0.25% per month of their service credit, not to exceed 15,000 dollars in their base retirement allowance. The supplemental benefit will be added to their monthly retirement allowance and will be payable for the life of the retired member, with a provision that allows a surviving spouse who was part of a lifetime benefit option to receive 50% of the monthly benefit if the retired member passes away. The bill also modifies existing cost-of-living adjustment calculations to include this new supplemental military retirement allowance in the base calculation. The fiscal note indicates that the bill would have financial implications for the New York State and Local Retirement Systems, with an estimated initial cost of around $55.8 million for the Employees' Retirement System and $26.3 million for the Police and Fire Retirement System, with ongoing annual contributions from the state and local participating employers to cover the retrospective and prospective benefit increases.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7115