Allows members of the New York city fire department pension fund to obtain service credit for retirement eligibility and retirement allowance from any of the public retirement systems of New York state.
Impact
If enacted, the bill would have a profound impact on state laws regarding retirement credits and benefits. By allowing members of the New York City Fire Department to credit their service across different public systems towards their pension benefits, it could help alleviate concerns about financial security among firefighters who may have transitioned through various public roles. This amendment is particularly important given the demanding nature of firefighting and the potential for service interruptions or changes throughout a career in public service.
Summary
Bill S08093 proposes an amendment to the New York retirement and social security law, specifically targeting members of the New York City Fire Department Pension Fund. The primary aim of this bill is to allow these members to obtain service credit for retirement eligibility and retirement allowances based on their prior service in any of the public retirement systems in New York State. The bill is significant as it recognizes the varied careers that fire department personnel may have had across different public service roles in the state, ultimately supporting their retirement benefits.
Contention
While the bill is likely to receive support from various sectors that advocate for the welfare of emergency services personnel, notable points of contention could arise surrounding the implications of such a broadened credit system. Critics may argue about the fiscal responsibility of expanding benefits to include service from other systems, especially in a time when budget constraints are a concern for many local governments. There may also be discussions about the effectiveness and fairness of this approach compared to existing credit systems, raising questions about equity among various public service employees.
Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.
Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Relates to the rate of interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to the New York city employees' retirement system, the New York city teachers' retirement system, the police pension fund, subchapter two, the fire department pension fund, subchapter two and the board of education retirement system of such city by public employers and other obligors required to make employer contributions to such retirement systems, the crediting of special interest and additional interest and additional interest to members of such retirement systems, and the allowance of supplementary interest on the funds of such retirement systems; extends such provisions until June 30, 2029.
Grants retirement service credit in the New York state and local retirement system to Jeffrey M. Hogan for service as a Utica firefighter from 3/24/2007 -- 1/3/2013.