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 S04598 amends the retirement and social security law to allow certain EMT members in the New York City Employees' Retirement System (NYCERS) who previously opted out of the twenty-five year retirement program to rejoin. Specifically, it provides a 180-day window for eligible Tier 4 and Tier 6 EMT members to file an application to participate in the program. This change aims to enhance the retirement benefits available to EMT members who may have initially chosen not to participate in the program.
Impact
The bill is expected to have a fiscal impact on NYCERS, with an initial increase in employer contributions for the first 25 years. The estimated increases in employer contributions are projected to decrease over time, reflecting the long-term financial implications of allowing additional EMT members to join the retirement program. The bill also affects the actuarial present values and unfunded accrued liabilities associated with the retirement benefits for these members.
Sentiment
The sentiment surrounding Bill S04598 appears to be overwhelmingly positive, as evidenced by the unanimous support in committee and floor votes within both the Senate and Assembly. The bill received strong backing from legislators, indicating a collective agreement on the importance of providing enhanced retirement options for EMT members.
Contention
There are no notable points of contention regarding Bill S04598, as it has received unanimous support throughout the legislative process. The lack of opposition suggests that stakeholders, including EMT members and legislative representatives, are in agreement on the need for this amendment to the retirement system.
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.