Loading chat...
NY A07420
Bill
Status
12/8/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
-
Allows Tier 4 and Tier 6 EMT members who previously opted out of the 25-Year Retirement Program to rejoin by filing an election form with NYCERS within 180 days of the law's effective date.
-
Eligible members must be current EMT members at the time of filing and must pay all retroactive additional member contributions (6.25% of salary) from their original employment date, plus interest.
-
Applies to EMT members who were over age 25 when hired and elected to opt out of the program within the original 180-day window.
-
Increases annual employer contributions to NYCERS by approximately $284,000 initially, with a net increase in present value of future employer contributions of approximately $343,000.
-
Takes effect immediately upon enactment.
Legislative Description
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.
Last Action
tabled
12/8/2023