New York S07115 amends retirement laws to allow certain retirees to apply for a supplemental military retirement allowance.

New York S07115 amends the Retirement and Social Security Law and the Education Law to allow retirees who retired before May 31, 2017, to apply for a supplemental military retirement allowance. This allowance is calculated based on the retiree's current benefit, up to $15,000, times 3% for each year of military service, up to three years, that was not credited prior to retirement. The retiree must have retired prior to May 31, 2017. Half of the supplement would continue to be paid to a spousal beneficiary collecting a lifetime benefit. Applications must be filed before January 1, 2026.

New York S07115 amends retirement laws to allow certain retirees to apply for a supplemental military retirement allowance.

New York S07115 amends the Retirement and Social Security Law and the Education Law to allow retirees who retired before May 31, 2017, to apply for a supplemental military retirement allowance. This allowance is calculated based on the retiree's current benefit, up to $15,000, times 3% for each year of military service, up to three years, that was not credited prior to retirement. The retiree must have retired prior to May 31, 2017. Half of the supplement would continue to be paid to a spousal beneficiary collecting a lifetime benefit. Applications must be filed before January 1, 2026.