Lets Them Buy Back Retirement Credit
Legislation approved by the State Senate and Assembly with the support of State Sen. Joseph Addabbo will provide new opportunities for veterans who are public employees to purchase up to three years of retirement credit for their military service.
“Under current law, this option is only available to veterans who served their country during specified periods of military conflict,” said Addabbo, the ranking member of the Senate Committee on Veterans, Homeland Security and Military Affairs. “This new legislation (S.7839) seeks to open up these opportunities to men and women who also served our country in the armed forces during peacetime and to help improve their outlook for eventual retirement.”
The original law providing pension buyback opportunities for public employee veterans was enacted 14 years ago.
Addabbo, who also serves on the Senate Civil Service and Pensions Committee, noted that the United States now depends on a volunteer military force of dedicated men and women to serve the interests of the nation during times of both war and peace.
“This legislation seeks to honor the sacrifices and selflessness of all New York State veterans, regardless of when they decided to join the armed forces in service to our country,” he said. “By putting all veterans who are public employees on an even footing in terms of retirement credit, it is another way to acknowledge the importance of military service and encourage others to answer the call of our nation when they are needed.”
Now that the legislation has been approved by both houses of the Legislature, it was sent to Gov. Andrew Cuomo for final consideration.