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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 no cost to the state; any cost of buying service would be borne in full by the employee, payable as a lump sum or in installments. Senator Rhett summarized the eligibility criteria: at least 10 years of state employment, honorable military service, and the willingness to fund the purchased service personally.
"If you're a veteran and you work for the state 10 years, you're eligible to buy up to 3 years into the retirement system," Senator Rhett said, noting the option could help with recruitment and retention of veterans in state jobs.
During committee consideration, Senator Harbin moved to pass SB 11 and Senator O'Rourke seconded. The committee voted by voice; the chair announced the measure carried. The transcript shows a voice vote only; no roll-call tally appears in the hearing record.
Advocates and sponsors said the bill keeps costs off the state balance sheet because the buying employee funds the added service credit, and that it may help retain veteran employees. The committee recorded thanks to the sponsor and noted the bill's potential to aid recruitment and retention.
The committee advanced SB 11 by voice vote; the next procedural step will follow committee rules for bills that carry out of committee.
