NY A05716

Creates a new 25-year retirement plan for airport firefighters and training and safety officers employed by the Division of Military and Naval Affairs as an alternative to existing retirement plans.

Provides a retirement allowance equal to one-half of final average salary upon completion of 25 years of creditable service, with an additional one-sixtieth of final average salary per year for service beyond 25 years.

Allows creditable service to include prior service as a paid firefighter or officer in any organized fire department, plus military service after World War I if the member was in state service at enlistment.

Permits current and future eligible members to elect coverage under this plan by filing an irrevocable written election with the comptroller within one year of the effective date.

Takes effect January 1, 2024; estimated to cost the state approximately $180,000 in annual contributions and $1.98 million as a one-time past service cost, affecting approximately 63 members.