The bill amends the Cities of the First Class Firefighters Retirement Act by updating the contribution rates for firefighters participating in the retirement system. Specifically, it introduces a tiered contribution structure where firefighters will contribute varying percentages of their salary based on specific timeframes, starting at six and one-half percent until September 30, 2024, and increasing to twelve and seven-tenths percent by October 1, 2026. Additionally, beginning March 1, 2025, certain firefighters employed by cities with populations over sixty thousand and located in counties with populations over one hundred thousand will revert to contributing six and one-half percent of their salary. The bill also establishes that cities of the first class will contribute a percentage of the firefighters' salaries, with similar population-based stipulations.

Furthermore, the bill includes provisions for offsets in contributions for firefighters covered by an absolute coverage group, ensuring that they receive a reduction in their retirement system contributions. The amendments also clarify that contributions made by both firefighters and cities will be credited to their respective accounts on a monthly basis and will accrue regular interest. The original sections of the law are repealed, and the bill is declared to take effect immediately due to the existence of an emergency.

Statutes affected:
Introduced: 16-1024, 16-1025
Final Reading: 16-1024, 16-1025
Slip Law: 16-1024, 16-1025