Increases military service credit from three to four years for retirement system members.

This bill amends the retirement and social security law to allow members to purchase up to four years of military service credit instead of three. Members must have honorably discharged from military service or meet other qualifying conditions. The bill exempts these provisions from the requirement that the state make an equal payment to the retirement system. The fiscal note estimates the additional cost to be approximately $132 million for members who could have purchased a fourth year of credit since 2016.

Increases military service credit from three to four years for retirement system members.

This bill amends the retirement and social security law to allow members to purchase up to four years of military service credit instead of three. Members must have honorably discharged from military service or meet other qualifying conditions. The bill exempts these provisions from the requirement that the state make an equal payment to the retirement system. The fiscal note estimates the additional cost to be approximately $132 million for members who could have purchased a fourth year of credit since 2016.