Authorizes the village of Trumansburg to offer an optional twenty-year retirement plan to Daniel H. Austic under section 384-d of the retirement and social security law.
If enacted, the Village of Trumansburg will be responsible for the associated costs related to implementing this change. For the fiscal year ending March 31, 2026, it is projected that the village will see an increase of approximately $550 in annual contributions due to this bill. Additionally, the village will incur a one-time past service cost estimated at $3,090, which is a significant consideration for their budget. The bill fosters a policy that encourages local governments to support their employees' retirement planning and rewards longer service.
Bill A08213 aims to provide Daniel H. Austic, a police officer from the Village of Trumansburg, the option to receive service credit under a twenty-year retirement plan as set forth in section 384-d of the Retirement and Social Security Law. This would allow him to transition from his current retirement coverage under section 375-i, enabling more favorable benefits that he would be entitled to after a longer tenure of service. This bill presents an opportunity for local government to better manage their commitment to employee retirement benefits.
There remains potential for contention as this bill indicates that the Village of Trumansburg must certify that officer Austic did not neglect any responsibilities that would preclude his participation in the retirement plan. This stipulation could lead to discussions or disagreements regarding the eligibility criteria and compliance implications, raising questions about the overall fairness and implications for other officers under similar circumstances. Furthermore, as local government budgets vary, there might be differing opinions on taking on additional retirement financial commitments.