Relating to the administration of, contributions to, and benefits under retirement systems for firefighters in certain municipalities.
What changed between versions
Population threshold for applicability changed from 950,000-1,050,000 to 450,000-500,000, expanding the number of municipalities covered by this law.
Created two membership categories: Group A members (retirees or those employed before January 1, 2026) and Group B members (those hired on or after January 1, 2026).
Added requirements for board elections including electronic voting options, staggered terms, and qualifications for the appointed public member.
Established a formal process for experience studies and actuarial assumption changes with reconciliation procedures between the board and municipality actuaries.
Added a requirement that the fund maintain qualified status under Section 401(a) of the Internal Revenue Code.
Added numerous new definitions including 'legacy liability,' 'liability layers,' 'corridor,' and 'DROP' (deferred retirement option plan).