Authorizes David Edwards to receive certain service credit under a twenty-five year retirement plan offering one-sixtieths after twenty-five years of total creditable service for service with the Binghamton Fire Department.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7915
SPONSOR: Lupardo TITLE OF BILL:
An act to authorize the city of Binghamton to offer an optional retire-
ment plan to firefighter David Edwards
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of the legislation is to allow the City of Binghamton to
offer an optional one-sixtieths after twenty-five years retirement plan
to David Edwards.
SUMMARY OF PROVISIONS:
Section 1: Authorizes the City of Binghamton to make participation in
the optional one-sixtieths after twenty-five years retirement plan as
established in subdivision f of section 384 of the retirement and social
security law.
Section 2: Specifies that all costs associated with this act shall be
borne by the City of Binghamton.
Section 3: Establishes the effective date.
JUSTIFICATION:
David Edwards is a firefighter employed by the City of Binghamton. For
reason not due to a result of his own negligence, he did not make a
timely application to participate in the one-sixtieths after twenty-five
years of qualified service retirement plan as outlined in subdivision f
of section 384 of the retirement and social security law.
PRIOR LEGISLATIVE HISTORY:
This is new legislation.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
If this bill is enacted during the 2025 Legislative Session, it is
anticipated that there will be an increase of approximately $1,100 in an
annual contributions of the City of Binghamton for the fiscal year
ending March 31, 2026. In future years this cost will vary as the build-
ing rates and salary of David Edwards change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $16,700 which will be
borne by the City of Binghamton as a one-time payment. This estimate
assumes that payment will be made on February 1, 2026. If the City of
Binghamton elects to amortize this cost over a 10-year Period, the cost
for each year including interest would be $2,130.
EFFECTIVE DATE:
This act shall take effect immediately.
