What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the maximum contribution under a defined contribution plan service award
In Assembly Committee · Local Governments · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7618
Title of bill
An act to amend the general municipal law, in relation to increasing the maximum contribution under a defined contribution plan service award
Purpose or general idea of bill
Increase the maximum contribution under a defined contribution plan service award.
Summary of specific provisions
Subdivision (b) of Section 218 of the General Municipal Law is amended to increase the maximum contribution under a defined contribution plan service award program from $700 per year of service to $2100 per year of service.
Justification
Length of Service Award Programs (LOSAP) are pension-like programs intended to help recruit and retain volunteer firefighters and volunteer ambulance squad members. There are different types of LOSAP programs. One is a defined contribution plan where an organization defines a set, cash contribution it makes each year. In a defined benefit plan, an organization defines what the cash payout to the volunteer will be at the entitlement age. Under current law, even the largest defined contribution programs provide a much smaller end benefit than almost all of the existing defined benefit programs. However a defined benefit plan has more investment return risks and mortality risks, and is becoming less popular. Providing an alternative the direct benefit plan in the form of a more generous direct contribution plan with less cost volatility is necessary. The current defined contribution has remained at $700 for a long period of time, and thus has not been changed to reflect the need to incentivize volunteers at organization with defined contribution plans.
Prior legislative history
New Legislation, 2014
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.