NY A05762

Authorizes the City of Binghamton to offer participation in the optional twenty-five year retirement plan under Section 384 of the Retirement and Social Security Law to firefighter Scott Pavlick, who missed the original application deadline through no fault of his own.

Requires the City of Binghamton to file a resolution with the state comptroller within nine months of the act's effective date, certifying that Pavlick's failure to participate was not due to his own negligence.

Allows Pavlick to elect coverage under Section 384 within one year of the act's effective date and grants him full associated rights and benefits.

City of Binghamton bears all employer past service costs (approximately $42,500) and may amortize them over a ten-year period (approximately $5,420 annually with interest).

Anticipates an increase of approximately $5,300 in the City's annual contributions for fiscal year ending March 31, 2024, with future costs varying based on billing rates and Pavlick's salary.