Bill > S1423

This bill allows certain public retirees who are veterans to receive additional creditable service, which is time counted towards their retirement benefits, for their active service in the U.S. armed forces. This applies to veterans who retired before a specific date in 1996 and did not previously receive this veteran creditable service, with a limit of four years of service that can be credited. It also clarifies that National Guard and Active Reserve personnel can have their service counted, with five years of guard or reserve service substituting for each year of active service. Retirement systems must accept this provision by a majority vote of their board and approval from their respective legislative body, which is defined differently for cities, towns, counties, regions, districts, and authorities; however, the state teachers' and state employees' retirement systems are automatically considered to have accepted it. Importantly, any creditable service granted under this bill will be prospective, meaning it will not provide any retroactive benefits before a retiree applies for it after being notified of their eligibility.