Bill > A07915

This bill allows David Edwards, a firefighter for the city of Binghamton, to retroactively participate in an optional retirement plan known as the "one-sixtieths after twenty-five years" plan, which is part of the New York State and Local Police and Fire Retirement System. Specifically, the bill provides Edwards with the opportunity to join this retirement plan, which he previously missed due to reasons not considered his own negligence. The city of Binghamton can elect to make this plan available to Edwards by filing a resolution with the state comptroller within nine months of the act's effective date. Edwards would then have one year to file a request to be covered under this retirement plan and receive its full rights and benefits. The financial implications include an anticipated increase of approximately $1,100 in annual contributions for the city, a one-time past service cost of around $16,700, which can be amortized over ten years, resulting in annual payments of about $2,130 including interest. The bill aims to provide Edwards with a fair opportunity to access the retirement benefits he would have been eligible for, had he not missed the original enrollment period.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7915