HB3013 Summary

• Creates the Downstate Firefighters Pension Investment Fund as a special district to manage investment assets for eligible downstate firefighter pension funds that elect to transfer their investment authority.

• Allows downstate firefighter pension funds with net assets exceeding a threshold (3 months of current liabilities) to voluntarily elect to transfer investment management to the centralized Downstate Fund beginning January 1, 2020.

• Establishes a Board of Trustees for the Downstate Fund consisting of 5 executive trustees (municipal officials), 3 firefighter trustees, and 2 annuitant trustees, with the State Treasurer serving as chairperson.

• Modifies firefighter pension benefits including Tier 2 survivor benefits, final average salary calculations, and annual cost-of-living increases; extends full funding deadline from 2040 to 2050 and changes the funding calculation method.

• Exempts contributions to eligible pension funds that transfer to the Downstate Fund from property tax extension limitations under PTELL and requires implementation without state reimbursement under the State Mandates Act.