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NY A10603
Bill
Status
6/20/2024
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Allows Tier 4 and Tier 6 EMT members who previously opted out of the 25-Year Retirement Plan to rejoin within 180 days of the effective date by filing an election form with NYCERS.
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Requires rejoining members to pay all additional member contributions (6.25% of compensation) retroactively from their original employment date as an EMT, plus accrued interest.
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Applies only to EMT members who were employed when the election is filed and who originally declined participation within 180 days of becoming an EMT member.
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Estimated to affect approximately 7 active EMT members with an average age of 46.7 and average service of 24.6 years.
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Projected employer contribution impacts range from $99,000 increase in 2025 to eventual decreases, with unfunded accrued liability of $243,000 amortized over 4 years through fiscal year 2028.
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
referred to governmental employees
6/20/2024