Bill > H3285

This bill proposes to increase the additional yearly retirement allowance for certain public retirees who are veterans, meaning they have served in the armed forces. Specifically, it allows members in Group 1, 2, or 4 of the retirement system to receive an extra $15 per year of service, or if their retirement system accepts a new provision, they could receive $50 per year of service. The total additional allowance would be capped at $300 per year under the initial option, or $1,000 per year under the new provision. This change is intended to provide greater financial support to veteran public retirees, with the new provisions taking effect from the bill's enactment date and not applying retroactively.