SB3424 Summary

• Merges all individual Article 4 firefighters' pension funds into a single Downstate Firefighters Pension Fund effective January 1, 2020, consolidating approximately 300+ municipal pension funds into one statewide fund.

• Creates a Transition Board (11 members) responsible for planning and overseeing the consolidation process, managing asset transfers, establishing municipality accounts, determining contribution rates, and administering the Fund until a permanent Board of Trustees assumes duties on January 1, 2021.

• Establishes a new Board of Trustees for the consolidated Fund with 11 members: one chairman (Governor-appointed), five executive trustees (elected by municipalities), three firefighter trustees, and two annuitant trustees, replacing individual municipal boards.

• Excludes from Property Tax Extension Limitation Law calculations special purpose extensions made for contributions to the Downstate Firefighters Pension Fund, allowing municipalities additional tax levy capacity for pension funding.

• Requires implementation without State reimbursement under the State Mandates Act; takes effect immediately except pension-related and tax code changes effective January 1, 2020.