NY A09182

Extends the deadline for the Village of Southampton to elect to offer optional retirement plan coverage under Section 384-d of the Retirement and Social Security Law to police officer Theodore Raffel, Jr. from December 31, 2011 to December 31, 2012.

Extends the deadline for officer Raffel to file his election to participate in the optional retirement plan from June 30, 2012 to June 30, 2013.

Requires the Village of Southampton to pay all past service costs associated with implementing this retirement option and permits amortization of these costs over a five-year period instead of as a lump-sum payment.

Anticipated fiscal impact includes approximately $11,100 in additional annual contributions to the retirement system and approximately $42,400 in the first year of a five-year amortized payment schedule for past service costs of approximately $185,000.