H.R.2382 - First Responders Retirement Parity Act (119th Congress)
Summary
H.R.2382, the First Responders Retirement Parity Act, aims to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 (ERISA). The bill seeks to allow governmental pension plans to include certain firefighters, emergency medical technicians (EMTs), and paramedics who work for public safety agencies under contract with a political subdivision of a state. This inclusion would not disqualify a plan from being considered a 'governmental plan'.
Expected Effects
The bill's passage would enable first responders working for public safety agencies under contract with a state's political subdivision to participate in governmental pension plans. This change would provide these first responders with access to potentially more stable and beneficial retirement benefits. It also clarifies their eligibility under existing tax and retirement laws.
Potential Benefits
- Provides retirement benefits to first responders working for public safety agencies.
- Clarifies the definition of 'governmental plan' to include these first responders.
- Potentially improves the recruitment and retention of qualified first responders.
- Ensures parity in retirement benefits for first responders regardless of their employment structure.
- Enhances the financial security of those who serve in emergency response roles.
Potential Disadvantages
- May increase the financial burden on governmental pension plans.
- Could create administrative complexities in managing pension plans with diverse participants.
- Potential for increased costs to political subdivisions if required to contribute more to pension plans.
- Possible legal challenges related to the interpretation and implementation of the amended language.
- May not address all the retirement needs of first responders, requiring additional reforms.
Constitutional Alignment
The bill appears to align with the general welfare clause of the US Constitution, as it aims to provide retirement security for first responders. Specifically, the 'general Welfare' clause of the preamble suggests the government can act to promote the well-being of its citizens. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).