Bill > S08141

This bill modifies the rules for additional and basic member contributions for certain New York City employees in the fire protection inspector retirement system under Article 15. Specifically, the bill allows members to use a surplus of additional member contributions to offset a deficit in basic member contributions, and conversely, to use excess basic member contributions to offset a deficit in additional member contributions. These contributions are part of a specialized retirement system for fire protection inspectors with a twenty-five year retirement program. The bill amends existing law to provide more flexibility in how these contributions can be applied, ensuring that members can balance their retirement account contributions more easily. The changes do not affect the tax designation of these contributions under the Internal Revenue Code. The bill will take effect immediately upon enactment, providing immediate relief and financial management options for the affected retirement system members.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8141