SB3669 Summary

• Beginning municipal fiscal year 2022, changes financing requirements for downstate police and firefighter pension funds from 90% funding by 2040 to 100% funding using a 30-year rolling amortization period that decreases by one year annually until reaching 20 years in fiscal year 2032 and thereafter.

• Requires municipalities to calculate employer contributions as a level dollar amount (rather than level percentage of payroll) using the entry age normal actuarial cost method and the most recent Society of Actuaries mortality table, with no municipal deviation permitted from the enrolled actuary's determination.

• Makes pension fund certification of delinquent municipal contributions to the State Comptroller mandatory (rather than discretionary) when a municipality fails to transmit required contributions for more than 90 days, triggering state fund deductions beginning at one-third in 2016, increasing to two-thirds in 2017, and full amount thereafter.

• Exempts the mandates created by this act from state reimbursement requirements under the State Mandates Act.

• Takes effect immediately upon becoming law.