Authorizes the village of Trumansburg to offer an optional twenty-year retirement plan to Kevin R. Noterfonzo under section 384-d of the retirement and social security law.
The enactment of Bill A08387 would have a significant fiscal impact on the village of Trumansburg. It is estimated that the village will incur an increase of approximately $4,400 in annual contributions beginning in the fiscal year ending March 31, 2026. Furthermore, the village will need to bear a one-time past service cost of around $14,800 related to this adjustment. These costs are essential for enabling Noterfonzo to benefit from the enhanced retirement options.
Bill A08387 proposes to amend the Retirement and Social Security Law to authorize the village of Trumansburg to offer an optional twenty-year retirement plan to Kevin R. Noterfonzo, a police officer. The proposal allows him to receive full credit for his service which, under current circumstances, is managed under a different retirement section. The eligibility for this provision hinges on the village's decision to opt into the plan, as well as the police officer's adherence to participation criteria dictated by the law.
Discussion surrounding this bill is likely focused on financial implications for local governments, specifically regarding the ability to fund such retirement benefits amidst other budgetary constraints. The bill underscores a growing trend in evaluating the retirement plans of public service employees, particularly in law enforcement, and may evoke debates on equity and sustainability in retirement plans across similar jurisdictions.