Bill > A08003

This bill allows members of public retirement systems in New York who retired before May 31, 2016, and were previously ineligible to receive credit for military service, to apply for such credit until December 31, 2026. To obtain this credit, retirees must pay their retirement system a sum calculated by multiplying the number of years of military service claimed by three percent of their compensation from their last twelve consecutive months of credited service before retirement. The service credit will only apply to benefits received after the application date, and no retroactive benefit payments will be made. The fiscal note indicates this could potentially benefit approximately 4,600 to 4,900 retirees in the New York State and Local Employees' Retirement System (NYSLERS) and the New York State and Local Police and Fire Retirement System (NYSLPFRS), with estimated increases in present value of benefits around $72.2 million and $63.8 million respectively. The increased costs for NYSLERS will be entirely borne by the State of New York, while for NYSLPFRS, costs will be shared between the state and local participating employers.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A8003