Bill > H2336

This bill proposes changes to the public employees retirement law, specifically concerning how veterans' military service is credited towards their retirement pensions. The core of the bill is to allow members of retirement systems who have honorably served in the U.S. armed forces to receive credit for that active service, provided they make a payment to the annuity savings fund for each year of service sought. This payment is calculated as ten percent of their regular annual compensation when they joined the retirement system. The bill also clarifies that this credit will not exceed four years of service and will not be granted for periods for which the member has already received credit or is receiving a federal military pension. Furthermore, it specifies that this applies to Massachusetts National Guard and Active Reserve personnel, and that five years of guard or active reserve service can be substituted for each year of active service. The bill also adjusts the application period for this creditable service, requiring members to apply within 180 days of being notified of their eligibility after becoming vested in the retirement system, or within 180 days of the act's acceptance for currently eligible members.