Fire & Rescue Pension News - 2024 Legislative Digest

In this Issue: New Law Increases Contribution and Monthly Retirement Benefit to members of the Firefighters’ and Rescue Squad Workers’ Pension Fund

New Law Increases Contribution and Monthly Retirement Benefit to members of the Firefighters’ and Rescue Squad Workers’ Pension Fund
  • Effective January 1, 2025, the monthly pension benefit will increase by $5 per month, from $170 to $175
  • Effective January 1, 2025, the contribution rate required for members during their 20 years of contributing service will increase by $5 per month, from $10 to $15.
On July 2, 2024, Governor Cooper signed Senate Bill 319 which:
  • Increases all FRSWPF monthly member contributions to  $15.00
  • Increases the monthly retirement benefit for eligible FRSWPF members to $175.00
On July 8, Governor Cooper signed Senate Bill 559 which:
  • Increases the cost to purchase service credit for FRSWPF members from $10 to $15 to coincide with the increase in monthly member contributions and increase in the monthly retirement benefit
  • Makes January 1, 2025, the effective date for monthly contribution and benefit increases
  • Confirms that members will have until March 31, 2025, to make contributions for the 2024 calendar year at the $10/month contribution rate.


 

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