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 new structure for contributions, where firefighters will contribute a percentage of their salary that increases over time, starting at six and one-half percent until September 30, 2024, and rising to twelve and seven-tenths percent by October 1, 2026. Additionally, beginning March 1, 2025, firefighters employed in certain populous cities will have a fixed contribution rate of six and one-half percent, provided they meet specific criteria related to their employment and coverage group. The bill also establishes that cities of the first class will contribute a percentage of each firefighter's salary, with a similar tiered increase, and introduces an offset for contributions starting July 20, 2024.

The bill repeals the original sections of the law and declares an emergency, allowing it to take effect immediately upon passage. The changes aim to ensure the sustainability of the retirement system while addressing the financial contributions required from both firefighters and their respective cities. The amendments also clarify the conditions under which contributions are made and how they are credited, ensuring that both employee and employer contributions are managed effectively within the retirement system.

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