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.
Impact
The proposed changes will significantly alter existing statutes governing retirement contributions, particularly for New York City members. By allowing individuals who switch from the age fifty-seven retirement program to the EMT program to withdraw their contributions with accrued interest, the bill garners support from those advocating for the financial wellbeing of public service workers. This could potentially stimulate greater engagement and retention among EMT professionals, who may feel incentivized to continue their service knowing they have enhanced access to their funds. Furthermore, the implications of this bill may lead to a re-evaluation of retirement benefits across other public service sectors as well.
Summary
Bill S08143 proposes amendments to the New York retirement and social security law, specifically targeting the refund of additional member contributions for individuals who transition from the age fifty-seven retirement program to the twenty-five year retirement program designed for EMT members. The legislation acknowledges the unique service requirements of EMT professionals and seeks to provide them with greater financial benefits when they change retirement programs. Under the new provisions, qualified individuals will be able to withdraw their employee contributions after becoming part of the twenty-five year retirement program, allowing for enhanced financial flexibility as they transition between roles in public service.
Contention
While S08143 aims to support EMTs, discussions surrounding the bill suggest there are divergent opinions on its necessity. Advocates emphasize that it addresses a critical gap in retirement support for those in high-demand emergency response roles, asserting it aligns with the increased recognition of the difficulties faced by EMTs. However, there may be concerns from other sectors about the potential financial impacts of such amendments, as adjustments in retirement benefits could create disparities in how different public service roles are compensated upon retirement.
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
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.
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.
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.
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Establishes twenty-five year retirement programs for members of the New York city employees' retirement system employed as fire protection inspectors and associate fire protection inspectors.