Establishes a retirement service credit for volunteer fire or emergency service

Bill A 8082 establishes a new retirement service credit for members of public retirement systems who have served as volunteer firefighters or emergency service personnel. Eligible members can receive one year of service credit for every five years of volunteer service, up to a maximum of three years of credit for fifteen years of service. To qualify, members must have at least five years of other credited service and pay a fee equivalent to three percent of their compensation for the twelve months prior to application, for each year of credited volunteer service. This credit can be applied towards special twenty or twenty-five year retirement plans.