NY A08483

Authorizes police officers Christopher R. Sniffen and Cody N. Whittaker, appointed to the Village of Cobleskill on July 7, 2014, to transfer from the 25-year retirement plan (section 384) to the 20-year retirement plan (section 384-d) with full service credit.

Requires the Village of Cobleskill to file a resolution with the state comptroller within 180 days of enactment certifying the officers did not bar themselves from the retirement plan through negligence.

Allows the two officers to elect coverage under section 384-d within one year of enactment and become entitled to full rights and benefits under that plan.

Requires the Village of Cobleskill to bear all past service costs, with option to amortize over a 10-year period (estimated one-time cost of approximately $20,200 or $2,670 annually if amortized).

Increases Village of Cobleskill's annual pension contributions by approximately $4,400 for the fiscal year ending March 31, 2021, with costs varying in future years based on billing rates and officer salaries.