Eligible members may buy back military service credit
Under a new law signed May 31, (see related story), eligible members of the New York State and Local Employees' Retirement System may buy back up to three years of their military service.
The law removes the requirement that members must have served in certain conflicts, including World War II, the Korean War and the Vietnam War, in order to purchase military service credit.
Those eligible members must have at least five years of creditable service in ERS; have been honorably discharged from active military service; and have not received credit for this service in any other public retirement system in New York State.
The retirement system provides the following guide on cost:
- Tiers 1, 2, 3, 4 and 5: The cost will be 3 percent of the compensation you earned during the 12 months of credited service immediately prior to NYSERS' receipt of your request, times the number of years of military service being claimed.
Tier 6: The cost will be 6 percent of the compensation you earned during the 12 months of credited service immediately prior to NYSERS' receipt of your request, times the number of years of military service being claimed.
Before you contact the retirement system, make sure you have a copy of your Certificate of Release or Discharge from Active Duty papers (DD-214).
To learn how much the credit will cost you or to apply, you will need to have a copy of your DD-214, your name and contact information. Reach ERS by email at firstname.lastname@example.org; fax 518-486-6405 or 518-402-7799; or mail Military Service Unit, 110 State St., Albany, NY 12244-0001.