Increases the amount of years of military service credit a member may purchase from three years to four years; provides that the provisions of such act shall not be subject to the requirement that the state shall make an equal payment to the retirement system.
Impact
The potential impact of A08593 on state laws includes adjustments in the retirement calculations for affected members. Currently, the state's law limits military service credit to three years, which may be viewed as insufficient by some advocates of veterans' rights. With the increase proposed in the bill, veterans who have served can gain an additional year of service credit, which could enhance the financial security of their retirement. This is especially pertinent for those who may have served in challenging conditions and seek recognition through additional benefits.
Summary
Bill A08593 proposes an amendment to the New York State Retirement and Social Security Law, specifically to increase the amount of military service credit a member may purchase from three years to four years. The bill aims to recognize the contributions of veterans by allowing them to increase their credited service time for retirement, which can positively influence their pension benefits upon retirement. The stipulation is that members must have served honorably and can benefit from this change if they meet specified criteria including honorable discharge from military service, qualifying medical conditions, or being a discharged LGBT veteran.
Contention
Some points of contention around bill A08593 stem from concerns regarding the financial implications for the state retirement system. The fiscal note addresses the associated costs, with estimates suggesting significant expenditures from both state and local employers participating in the New York State and Local Employees' Retirement System. Critics of the bill could argue that while the amendments aim to support veterans, they may impose an additional financial burden on the pension system and affect its sustainability. Additionally, there may be debates regarding the equitable treatment of all retired military personnel in relation to the proposed changes.
Same As
Increases the amount of years of military service credit a member may purchase from three years to four years; provides that the provisions of such act shall not be subject to the requirement that the state shall make an equal payment to the retirement system.
Increases the amount of years of military service credit a member may purchase from three years to four years; provides that the provisions of such act shall not be subject to the requirement that the state shall make an equal payment to the retirement system.
Provides that a member with credited service in excess of twenty-five years shall receive an additional retirement allowance equal to one-sixtieth of such member's final average salary for each year of creditable service in excess of twenty-five years; makes related provisions.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Exempts certain military service credit from being included in calculations of up to three years of military service credit for a public retirement system of the state.
Exempts certain military service credit from being included in calculations of up to three years of military service credit for a public retirement system of the state.
Provides that a member of a public retirement system of the state who is a disabled veteran may retire without reduction of their retirement benefit upon their attainment of at least fifty-five years of age and completion of at least thirteen years of credited service in such retirement system.
Authorizes a member to obtain up to three years of service credit for prior paid police service within the United States with an accredited police agency outside of the state of New York; requires a member to have at least five years of credited service to be eligible to receive such credit.
Authorizes a member to obtain up to three years of service credit for prior paid police service within the United States with an accredited police agency outside of the state of New York; requires a member to have at least five years of credited service to be eligible to receive such credit.