Allows a buyback of up to five years of military service credit

1 Co-sponsor

• Bill Perkins

BILL NUMBER:S4739

Title of bill

An act to amend the retirement and social security law, in relation to allowing a buyback of certain military service credit

Summary of provisions

Section one of the bill amends subdivisions 1, 2, 4 and 5 of § 1000 of the Retirement and Social Security Law to extend from three to five the maximum number of years of service credit that can be bought by a veteran for military service during a time of war.

Section two of the bill is the enacting clause.

Justification

Those who served in our country's military during periods of war or military hostilities sacrificed to assure the future of our country and people seeking freedom. They risked death and injury in service to their country. The citizens of the state owe these brave individuals a debt of gratitude. The ability to receive service credit in the state's public retirement systems is a proper avenue to show that gratitude. In this way, the state honors its commitment to our veterans. As the war on terror continues and hostilities persist in Afghanistan and Iraq, lifting the cap on how many years of service credit may be purchased from three to five years is appropriate way of recognizing their continued sacrifice.

Fiscal implications

See fiscal note appended to bill.

PRIOR LEGISLATIVE HISTORY:;

New Bill.

Effective date

This act shall take effect immediately.