Authorizes the county of Monroe to offer an optional twenty year retirement plan to Christopher R. Fay, a deputy sheriff employed by the county of Monroe.
Summary
Bill A06298 authorizes Monroe County to offer an optional twenty-year retirement plan to Christopher R. Fay, a captain employed by the county. This provision allows Fay, who was unable to apply for the plan in a timely manner due to circumstances beyond his control, to opt into the retirement plan established under Article 14-B of the Retirement and Social Security Law. The county must file a resolution with the state comptroller within 180 days of the bill's enactment to make this option available to Fay, who can then elect to participate within one year of the bill's effective date.
Impact
The bill impacts state laws by enabling a specific individual, Christopher R. Fay, to access a retirement plan that he missed due to non-negligent circumstances. It allows Monroe County to amend its retirement offerings and incurs additional costs associated with this change, including an estimated one-time past service cost of approximately $153,000 and an annual contribution increase of about $14,000. These costs will be borne by Monroe County and can be amortized over five years.
Sentiment
The sentiment surrounding Bill A06298 appears to be overwhelmingly positive, as evidenced by the unanimous support in various committee votes and the final passage in both the Assembly and Senate. The bill received favorable recommendations from multiple committees, indicating strong bipartisan support for the measure.
Contention
There are no notable points of contention reported regarding this bill. The discussions and voting history reflect a consensus among committee members and legislators, with no opposition noted during the voting process.
Same As
Authorizes the county of Monroe to offer an optional twenty year retirement plan to Christopher R. Fay, a deputy sheriff employed by the county of Monroe.