NY S06517

Sean William McCabe, a Buffalo Police Department officer employed since July 31, 2009, is authorized to change his retirement benefit coverage from Tier 5 (Article 22) back to Tier 3 (Article 14) retroactive to his hire date if he files a written request within one year of the act's effective date.

McCabe will receive a refund of all employee contributions made while participating in the Tier 5 non-contributory retirement plan.

The City of Buffalo is responsible for bearing all past service costs associated with implementing this change, estimated at a one-time payment of $12,700 (assuming payment on February 1, 2015).

The City of Buffalo's annual retirement contributions will increase by approximately $5,600 for the fiscal year ending March 31, 2015, with future costs varying based on billing rates and McCabe's salary changes.