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Bill

Bill

S 7338

Authorizes active members of the New York state and local police and fire retirement system to purchase service credit for service with the Long Island Railroad Company police department

2025 Regular Session Introduced by Alexis Weik

Allows active NY police/fire pension members to purchase service credit for LIRR Police time, potentially boosting retirement benefits; terms and costs to be set later.

REFERRED TO CIVIL SERVICE AND PENSIONS
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Bill Summary · S 7338

Summary of Bill S 7338

Overview

Bill S 7338 would authorize active members of the New York state and local police and fire retirement system to purchase service credit for service performed with the Long Island Railroad Company (LIRR) Police Department. The bill is introduced and currently referred to the Civil Service and Pensions committee.

Purpose and Key Provision

  • The core aim is to allow active members to receive credit toward their retirement benefits for time they served with the LIRR Police Department.
  • The bill would formalize eligibility for purchasing this specific category of prior service credit as part of the state and local Police and Fire Retirement System.

Who Would Be Affected

  • Active members of the New York state and local police and fire retirement system (PFRS).
  • Individuals who previously served with the LIRR Police Department and seek to add that service to their pension calculation.

Procedural Status and Timeline

  • Introduced: April 10, 2025.
  • Current Status: Referred to the Civil Service and Pensions committee (listed twice in the version content, both on April 10, 2025).
  • Sponsor: Alexis Weik (primary).

Related Bills

  • S 9538 (prior-session) – related bill from a prior session.
  • A 8231 (companion) – an Assembly companion bill.

Potential Implications

  • Financial/Costs: The bill could impact the pension system’s liabilities depending on how many members elect to purchase the credit and the associated actuarial costs. The text available does not include cost estimates or funding mechanisms.
  • Eligibility and Process: While the bill authorizes the purchase, it does not detail terms, payment options, limits, or interest/actuarial rate; these would typically be set by implementing regulations or subsequent sections.
  • Long-Term Effects: If enacted, eligible members could increase their credited service time, potentially raising future retirement benefits or changing eligibility timelines.

Notes

  • No enactment date is provided; status remains “referred” pending committee consideration and potential floor action.
  • For readers seeking more detail, the companion/Senate-Assembly cross-references (S 9538, A 8231) may provide additional context or similar language in prior or companion forms.

Compiled from official sources — confirm details with the bill’s official record.

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