NY S09378

EMT members in the New York City Employees' Retirement System who previously opted out of the 25-year retirement program would have a 180-day window to opt back in after this law takes effect

Eligible members must pay all additional member contributions retroactively from their original EMT start date, plus interest, to join the program

Approximately 5 active members are expected to be affected, with an average age of 46.8 years, 25.2 years of service, and average salary of $97,600

Employer contributions would initially increase by $121,000 in FY 2027, then decrease annually starting in FY 2030, resulting in net savings over time

The total present value of benefits impact is estimated at $328,900, with an unfunded accrued liability increase of $257,900 to be amortized over 3 payments