Bill > H7254

This bill allows members of the retirement system who are police officers or firefighters, and who have served in the National Guard or reserves and qualify as veterans, to purchase retirement service credits based on their service in the National Guard or reserves, with a ratio of five years of guard or reserve service counting as one year of creditable service, up to a maximum of four years of credit, provided they received an honorable discharge. This provision is an addition to existing rules that allow members to purchase credit for active duty in the armed services or Merchant Marine. The cost to purchase these new credits is calculated based on the member's first year's earnings as a state employee, and there is no interest charged if the purchase is made within the first five years of membership, otherwise, regular interest will apply. This act will become effective immediately upon its passage.

Budget and Finance

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