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Committee advances bill letting veterans buy up to 36 months of service credit toward state retirement
Summary
Senator Rhett told a Senate committee that Senate Bill 11 would allow eligible veterans to purchase up to 36 months of credible service toward state retirement benefits if they have at least 10 years of state membership service; the committee advanced the bill and an actuarial study was noted as required.
Senator Rhett presented Senate Bill 11 to the Senate retirement committee, saying the bill would permit certain veterans who are state employees to obtain month-for-month credible service of between one and 36 months toward their retirement if they meet specified conditions, and the committee voted to advance the measure by voice vote.
"This bill does is allows certain military members to attain credible service towards retirement benefits month for month up to 36 months," Senator Rhett told the committee, describing the bill's scope and typical use by employees near the end of their careers.
Under the language described in the hearing, eligible military service must have been active-duty…
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