HB3321 Summary

• Beginning municipal fiscal year 2021, changes pension fund financing for downstate police and firefighters to require contributions equal to normal costs plus amounts to reach 100% funding of actuarial liabilities over a 30-year rolling amortization period.

• Reduces the rolling amortization period by one year annually from 2021 through 2031, resulting in a 20-year rolling amortization period for fiscal year 2031 and thereafter.

• Requires employer contributions to be calculated as level dollar amounts (rather than level percentages of payroll) using the entry age normal actuarial cost method.

• Amends the State Mandates Act to exempt this legislation from state reimbursement requirements to municipalities.

• Takes effect immediately upon becoming law.