BILL NUMBER: S8121A
SPONSOR: JACKSON
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
permitting certain twenty-five year retirement program dispatcher
members to file elections not to participate
PURPOSE:
The purpose of this bill is to provide fire alarm dispatchers an option
to opt-out of a retirement system.
SUMMARY OF PROVISIONS:
Section 1 adds a new subdivision f to Section 604-E of the Retirement
and Social Security Law that a fire alarm dispatcher over the age of 30
that failed to file an election not to participate in their retirement
system within 180 days of becoming a dispatcher may file an election to
opt-out of the retirement system within 180 days of the effective date
of this bill.
Section 2 is the effective date.
JUSTIFICATION:
Upon being appointed as a fire alarm dispatcher, all members are auto-
matically enrolled in the dispatcher 25 and out plan. However, if an
individual has exceeded the age of 30 upon being appointed, per the
NYCERS dispatcher 25 and out brochure, they will be mailed a letter
detailing their pension options with an opt out form to switch plans.
Individuals are given 180 days to submit an opt out form.
There is a small group of approximately 15-20 members that exceeded the
age of 30 upon being appointed to fire alarm dispatcher that never
received such notification from NYCERS. Therefore, they are in a pension
plan paying, individually, in excess of $125,000 throughout their
careers to a plan they do not benefit from. Such members would have been
better suited in a 57/5 plan. Allowing fire alarm dispatchers to elect a
plan they would have been eligible for upon being appointed, will stop
unnecessary depletion for these members.
LEGISLATIVE HISTORY:
2024: S.7181-14 - Vetoed memo 80/A.7693-A - Vetoed memo 80
STATE AND LOCAL FISCAL IMPLICATIONS:
See fiscal note.
EFFECTIVE DATE:
This act shall take effect immediately.
Statutes affected:
S8121: 604-e retirement and social security law
S8121A: 604-e retirement and social security law