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NY S09880
Bill
Status
7/19/2024
Primary Sponsor
Jeremy Cooney
Click for details
AI Summary
S. 9880 Summary
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Authorizes Monroe County to allow Gregory M. Prokop, a deputy sheriff employed since October 8, 1991, to participate in the optional 20-year retirement plan under article 14-B of the Retirement and Social Security Law.
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Prokop failed to make a timely application to join the plan through no fault of his own negligence, and this legislation permits a one-time exception to allow him to participate.
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Monroe County must file a resolution with the state comptroller within 180 days of the act becoming law, and Prokop has one year from the effective date to elect coverage under sections 552 and 553 of the Retirement and Social Security Law.
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Monroe County bears all employer past service costs, estimated at $309,000 as a one-time payment, with the option to amortize over five years at approximately $69,000 annually with interest.
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Annual contributions are estimated to increase by approximately $11,000 for fiscal year 2025, with future costs varying based on billing rates and Prokop's salary changes.
Legislative Description
Authorizes the county of Monroe to offer an optional twenty year retirement plan to Gregory M. Prokop, a deputy sheriff/investigator employed by the county of Monroe.
Last Action
REFERRED TO RULES
7/19/2024