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NY S08723
Bill
Status
6/5/2024
Primary Sponsor
Thomas O'Mara
Click for details
AI Summary
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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 retirement plan under the Retirement and Social Security Law.
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Eligible officers must submit an application within one year after the bill's effective date or within one year of their first day of employment as a traffic officer with the Town of Elmira Traffic District Number 1.
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The Town of Elmira must first pass a resolution authorizing traffic officers to opt into the 20-year retirement plan before any officer can participate.
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Town of Elmira bears all implementation costs, including an estimated immediate past service cost of $141,000 and approximately $15,000 in increased annual contributions for fiscal year ending March 31, 2025.
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The bill takes effect on January 1 of the year following its enactment into law.
Legislative Description
Authorizes an optional 20-year retirement plan for traffic officers employed by the town of Elmira, who submit an application therefor within one year of the effective date of such provisions, or within one year of start of employment.
Last Action
referred to governmental employees
6/5/2024