Pension buyback bill signed into law

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Legislation gives all veterans retirement credit for time served

(ALBANY, NY) – Saluting their service to our country, all veterans will now be eligible to receive New York State retirement credit for time served in the military. Governor Cuomo signed the bill updating the Military Service Credit Law on May 31st.

“Our veterans have sacrificed so much during their time serving our country; allowing them to credit their service toward their retirement is the least we can do to say ‘thank you,’” said Assemblywoman Donna Lupardo, who was a sponsor of the bill.

The new law allows all employees in the New York State pension system, such as teachers, firefighters, police officers, municipal, and state employees to buy back up to three years of military service toward their retirement. The ability to credit this service is available for employees after five years of service to the State.

Under previous law, only veterans who served during certain dates were eligible for additional credit. The updated law will allow all veterans, regardless of when they served, to buy back time served in the military.