Increases the amount of years of military service credit a member may purchase
What changed between versions
Added Kassay, Stern, and O'Pharrow to the list of bill sponsors, indicating a change in legislative support or coalition.
Updated the bill title from 'A 8593' to 'A 8593--A' to reflect that it has been amended and reprinted.
Adjusted the reference date for membership data and fiscal estimates from March 2024/December 2024 to March 2025/December 2025.
Updated the fiscal note date from March 24, 2025 to February 4, 2026, and the session reference from the 2025 Legislative Session to the 2026 Legislative Session.
Revised the certification language in the fiscal note to clarify the actuary's membership status in NYSLRS and their objectivity.
Replaced the old fiscal note with a new one containing updated cost estimates based on 2025 data, altering the projected percentage of compensation costs for various employee tiers.
Changed the funding responsibility for NYSLERS from 'State and local participating employers' to 'all participating employers' in NYSLERS.
Updated the estimated past service cost for NYSLERS Tiers 1-4 from 18% to 23%, Tier 5 from 15% to 17%, and Tier 6 from 6% to 14%.
Updated the estimated past service cost for NYSLPFRS from 23% (20% for Tier 6) to 28% (25% for Tier 6).