Plain-English Summary
This legislation amends the state retirement system rules to allow specific public employees to purchase additional retirement service credits. Specifically, it permits active members of the retirement system who are police officers or firefighters to buy credit for time served in the National Guard or Reserves. To qualify, the member must be a veteran with an honorable discharge. The bill establishes a ratio where five years of Guard or Reserve service equals one year of creditable retirement service, up to a maximum of four years of credit.
This bill helps police officers and firefighters save for their retirement. Retirement is the time when people get older and stop working. If these workers also served in the National Guard or Reserves—groups that help protect the country—they can use that past service to reach their retirement goals faster. For every five years they spent in the Guard or Reserves, they can add one year to their work record. They have to pay some money to add this time, but it helps them earn better benefits for when they are done working.