NY A09656

Allows traffic officers employed by the Town of Elmira Traffic District Number 1 to opt into a 20-year retirement plan instead of the standard 25-year plan under the New York State and Local Employees' Retirement System.

Officers must submit an application within one year after this law's effective date or within one year of their first day of employment as a traffic officer with the town.

The Town of Elmira must pass a resolution authorizing the 20-year retirement option before traffic officers can opt into the plan.

Provides a retirement benefit equal to one-half of final average salary upon completion of 20 years of service for officers who elect this option.

The Town of Elmira bears all implementation costs, including an estimated one-time past service cost of approximately $141,000 and approximately $15,000 in increased annual contributions for fiscal year 2025.