If enacted, this bill would specifically modify the fourth paragraph of subdivision (1) of section 4 of chapter 32 of the General Laws, which governs the rules around creditable service in retirement systems. The change could have a significant impact on public employees who are veterans, as it would enable them to enhance their retirement benefits without the prior limitations on application timing. This may encourage more veterans to utilize their service time for retirement credit, which could improve their financial security in retirement.
Summary
House Bill 2599, introduced by Representative Paul McMurtry, seeks to amend existing legislation regarding the ability of veterans to apply for creditable service buy backs in public employee retirement systems. The bill allows members in service of a retirement system to apply for such creditable service at any time, removing previous constraints on the timing of these applications. This change aims to provide veterans with greater flexibility and access to their benefits.
Contention
Discussions surrounding Bill H2599 may involve various viewpoints on supporting veterans' rights versus costs to the retirement systems. Supporters argue that the flexibility would benefit veterans who may need to navigate complex personal circumstances after service. Critics could raise concerns about the potential fiscal implications of allowing unrestricted buy backs, questioning whether public employee retirement systems can sustain the increased claims effectively.