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.
Impact
The proposed legislation is expected to impact the employer contributions over a specified timeline, predicting fluctuations over the next several fiscal years with a noted increase in costs initially. The fiscal note suggests varying increases and decreases in employer contributions, which will be allocated to the New York City budget. Additionally, it includes an actuarial perspective and assumptions, indicating that the present value of benefits would be significantly measured upon enactment, impacting both employees and the NYCERS.
Summary
Bill A10579 seeks to amend the retirement and social security law to provide eligible Tier 4 and Tier 6 EMT members who previously opted out of the EMT 25-Year Retirement Plan a second opportunity to join this program. The opportunity is extended for a period of 180 days from the effective date of the legislation. Eligible individuals must file an application with the New York City Employees' Retirement System (NYCERS) in order to participate in the plan, highlighting the bill's aim to enhance benefit accessibility for emergency medical technicians.
Contention
As the bill provides a limited window for EMT members to join the 25-Year Retirement Plan, it may elicit varying responses from different stakeholders. Supporters may argue that reinstating the option enables fair treatment and support for essential service workers, addressing prior opt-out choices. However, concerns may arise regarding the financial implications for the New York City budget, especially regarding the overall employer contributions and how these could affect other public service funding needs.
Same As
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.
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.
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.
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.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Provides for the refund of additional member contributions of persons who cease to be members of the age fifty-seven retirement program for certain New York city members because they have become members of the twenty-five year retirement program for EMTs.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.