NY S05686

Authorizes the Port Authority of New York and New Jersey to allow five specific police officers (Eddy Stelter, Scarlet M. Cooper, William A. Mudry, John F. Fitzpatrick, and Hugh A. Johnson) to participate in the optional retirement plan under Section 384-d of the Retirement and Social Security Law.

Permits these officers to elect coverage under Section 384-d despite missing the original application deadline, provided the missed deadline was not due to their own negligence.

Officers must file their election request with the state comptroller within one year of the act's effective date to receive full rights and benefits under the optional retirement plan.

Port Authority bears all past service costs associated with the retirement option change, estimated at $546,000 as a one-time payment.

Annual contributions by Port Authority expected to increase by approximately $49,000 for fiscal year ending March 31, 2019, with future costs varying based on billing rates and officer salaries.