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Sponsors
2 Co-sponsors
History
- Referred to local government
- 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:S2110
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
2014: A.9705/S.7618
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.