Bill

S 5058

Affords certain members of the fire department pension fund with new or increased pension benefits for each year of additional service beyond their required minimum service

2025 Regular Session Introduced by Robert Jackson and 1 co-sponsor

S 5058 would create or boost fire department pension benefits for each additional year of service beyond the minimum, increasing retirees' benefits and the fund's costs.

REPORTED AND COMMITTED TO FINANCE

WeVote Research Nonpartisan

Bill Summary · S 5058

Summary of Senate Bill S 5058

Quick Overview

S 5058 would affording new or increased pension benefits to certain members of the fire department pension fund for each year of service beyond the minimum required service. The bill is currently in the legislative process, having been introduced on February 18, 2025, and status updates indicate it has progressed to the Finance Committee after being reported and committed.

Purpose and Intent

Create or enhance pension benefits for fire department personnel based on additional years of service beyond the minimum service requirement.
Provide an incentive for longer service by increasing pension eligibility or benefit amounts per year of service above the required minimum.

Key Provisions (as described)

Applies to certain members of the fire department pension fund.
Benefits accrue for each year of service beyond the required minimum.
The specifics of how benefits are calculated (e.g., multiplier per year, caps, eligibility criteria, and interaction with other pension provisions) are not provided in the information available.

Note: The exact formula, eligibility details, vesting rules, and funding mechanisms would be specified in the bill text, which is not included in the provided materials.

Who Would Be Affected

Active and/or retired members of the fire department pension fund who have service beyond the minimum requirement.
The fire department pension fund itself and its administrators.
Potential beneficiaries and future retirees who would receive enhanced pension benefits based on additional years of service.

Procedural and Timeline Aspects

Introduced: February 18, 2025.
Legislative actions:
- February 18, 2025: Referred to Civil Service and Pensions.
- April 29, 2025: Reported and committed to Finance (listed twice in the actions, indicating a formal movement within committee channels).
Current status: Reported and committed to the Finance Committee, suggesting continued consideration and potential for fiscal analysis.

Related Legislation

Companion bill: A 5853 (listed as a companion in the provided materials).

Potential Impacts and Considerations

Fiscal: Likely increased long-term obligations for the fire department pension fund, depending on the specific calculation method and funding provisions. A formal fiscal note would typically accompany committee consideration.
Administrative: Requires updates to pension calculation tools and member notification processes if enacted.
Policy: Shifts incentives toward longer service, which could affect workforce planning and retention.

If you’d like, I can add a section outlining potential fiscal note considerations or compare this bill to its companion A 5853 once the full bill text is available.

Compiled from official sources — confirm details with the bill’s official record.