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.
Impact
The proposed changes are expected to have significant implications for eligible public employees seeking military service recognition. The fiscal note accompanying the bill outlines that the cost burden for added retirement benefits will mainly fall on the State of New York, with exceptions highlighted for local police and fire retirement systems. These modifications will necessitate annual appropriations to cover costs associated with the new service credits, which can affect budgeting and financial planning within the state's retirement systems.
Summary
Bill S08053 proposes amendments to the Retirement and Social Security Law concerning military service credit for public retirement systems in New York State. Specifically, it allows members to acquire up to three years of military service credit while exempting certain types of military service from being factored into this limit. This change aims to support military veterans, including those with qualifying conditions and LGBT veterans, ensuring they receive appropriate service recognition in their retirement calculations. Notably, the bill addresses existing limitations by allowing eligible members to purchase this service credit without penalty from credits under other military regulations.
Contention
While the bill garners support for enhancing benefits for military members and certain veteran groups, potential concerns revolve around the financial implications for the state retirement systems. Without precise estimations available for how many members may utilize this provision, there is uncertainty about the increased financial liabilities this bill could create. Critics may argue that such amendments undermine fiscal prudence, especially in light of growing state financial responsibilities and commitments to other budgetary needs. This points to a broader dialogue on balancing support for veterans with overarching fiscal sustainability.
Same As
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.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system; 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; 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.
Provides that a member of a public retirement system of the state may obtain a total not to exceed three years of service credit for up to three years of military duty if the member has completed a term of state service, under orders from the governor of the state of New York, and as certified by a letter of release from such orders issued by the state division of military and naval affairs.
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.
Allows members of a public retirement system who retired prior to applying for credit for military service because such credit was not available at the time of their retirement to receive such credit if they apply prior to December 31, 2024.
Designates month of April of each year as "Military Child Appreciation Month" in NJ; designates last full week of April of each year as "Military Child Appreciation Week" in NJ.
Designates month of April of each year as "Military Child Appreciation Month" in NJ; designates last full week of April of each year as "Military Child Appreciation Week" in NJ.