LEADING THE WAY — PEF Veterans Committee gathers for its annual luncheon. Shown (back row): Dick Collins, Rosemary Williams, Cal Thayer, Richard Magelaner, Jerome Ford, Bryan Geloso and Jack Lim; (front row) Andy Rodriguez, David Krobe, Joanne Reyome, Jack Sprague and Bob Campbell. — Photo by John Epting
Bill slashes cost of buying service credit
Veterans’ Buy Back amendment signed
More than a decade of intensive efforts by PEF’s Veterans Committee, legislative staff and political activists paid off October 19 when Gov. George Pataki signed an amendment to the Veterans Buy Back law enacted
in 1998.
“This new amendment makes this well-deserved pension benefit affordable for our veterans in state service,” says PEF Veterans Committee Co-chair David Krobe.
The amendment slashes the cost for eligible veterans to purchase and receive state retirement credit for up to three years of military service. Once purchased, this service will be creditable in all retirement plans offered by the New York State and Local Retirement Systems.
Previously, veterans had to pay the full cost of pension contributions for each year of retirement credit they purchased. The amendment cuts that cost for each year purchased to 3 percent of their pay for the 12 months prior to the purchase.
“This is legislation that PEF has been actively promoting for more than 11 years in a variety of different forms,” says PEF President Roger Benson. “The Veterans Buy Back amendment is a reality today because of the tenacity and leadership of many PEF administrations and Veterans’ Committees and their chairs, including Richard Ferriolo, Dick Collins and David Krobe, and the involvement of other unions and veterans’ groups.”
Benson also credited state Comptroller H. Carl McCall and state legislative leaders for working closely with PEF to unify support behind this legislation, and the governor for signing it.
— Sherry Halbrook
How to apply, pay for credit
You can apply by completing and
submitting the form available at your employer’s
personnel office and online at www.osc.state.ny.us or call 518 474-7736. Or, you may write to:
Arrears Military Unit
NYS&L Retirement Systems
Gov Smith State Office Bldg
Albany, NY 12244-0001
Include your Social Security number, a statement of
interest in purchasing military-service credit, and a
copy of your Release From Active Duty (DD-214).
If you do not have a copy of your military discharge
papers (DD-214), you can request a copy from:
National Personnel Records Center
Military Personnel Records
9700 Page Avenue
St. Louis, MO 63132-5100
Buying service credit in the state retirement system will
cost 3 percent of your salary earned during the 12 months
prior to paying for the service, times the number of
years (up to three years) of military service claimed.
If payment (lump-sum or payroll-deduction) does not begin
within 30 days, the cost will be recalculated every 30
days. No recalculation of the cost is necessary after
payments begin.
If you are still on the state payroll, you can pay it all
at once or by installments through payroll deduction (but
not over a period longer than the period of service
purchased) before retirement. Retirees must pay in a lump
sum.
Once a payment is made, it is not refundable under any
circumstances.
If you already purchased your service credit under
Section 244-a of the Military Law, you can request that
the cost will be recalculated under Article 20 and
receive a refund of the difference.
Are
you eligible to buy service credit?
Current and future state employees
must apply before they retire to purchase credit for
military service.
To be eligible to apply, you must:
• have been honorably discharged from active-duty
service in the US military;
• have at least five years of credited service in
the NYS Retirement System at the time of application for
military-service credit;
• not have credit for this service in any other
public retirement system in New York State;
• not have a total of more than three years
military-service credit in all public retirement systems
in New York State, including this service.
In addition, some or all of the military service must
have been during one of the following periods:
• World War II (12/7/41 — 12/31/46);
• Korean War (6/27/50 — 1/31/55);
• Vietnam Era (2/28/61 — 5/7/75); or
• If you served in one of the following military
conflicts and received an Armed Forces, Navy, or Marine
Corps expeditionary medal in connection with this
service:
• Lebanon (6/1/83 – 12/1/87);
• Grenada (10/23/83 – 11/21/83);
• Panama (12/20/89 – 1/31/90);
• the theater of operations including Iraq, Kuwait,
Saudi Arabia, Bahrain, Qatar, United Arab Emirates, Oman,
Gulf of Aden, Gulf of Oman, Persian Gulf, Red Sea, and
airspace above these locations (8/2/90 — present).