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Senate committee approves bill letting veterans buy up to three years of state retirement credit
Summary
A senate committee passed Senate Bill 11 to let eligible veteran state employees purchase up to 36 months of service credit toward state retirement; actuarial and fiscal notes reported no cost to the state and individuals must pay the full actuarial cost.
Senate Bill 11, introduced by Senator Rhett, would allow eligible military veterans who work for the state to purchase up to 36 months of credible service toward their state retirement on a month-for-month basis.
The measure was presented to the committee with Jim Potvin, executive director of the Employees Retirement System, on the panel. Potvin and the sponsor said the fiscal and actuarial notes show…
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