Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Summary
Bill A05771 amends the retirement and social security law to allow certain EMT members of the New York City Employees' Retirement System (NYCERS) who previously opted out of the twenty-five year retirement plan a second chance to enroll. Eligible Tier 4 and Tier 6 EMT members can apply to join this plan within 180 days of the bill's effective date. This change aims to provide more flexibility and options for EMT members regarding their retirement benefits.
Impact
The bill is expected to have a financial impact on employer contributions to the NYCERS over the next 25 years, with an initial increase in employer contributions estimated at $102,000 in 2026, gradually decreasing in subsequent years. The legislation also allows EMT members who opted out to rejoin the retirement plan, which could affect their retirement benefits and contributions, requiring them to pay additional member contributions based on their service time.
Sentiment
The sentiment surrounding Bill A05771 appears to be favorable, as indicated by unanimous support in the Assembly Rules Committee and the Assembly Ways and Means Committee, with no recorded opposition during the voting process. This suggests a consensus on the importance of providing EMT members with more retirement options.
Contention
There are no notable points of contention mentioned in the discussions or voting history surrounding the bill. The unanimous votes indicate that there are no significant opposing views among legislators regarding the proposed changes to the retirement eligibility for EMT members.
Same As
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Provides for the refund of additional member contributions of persons who cease to be members of the age fifty-seven retirement program for certain New York city members because they have become members of the twenty-five year retirement program for EMTs.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.