Authorizes Frank Lyburd III, Brian McNamara, Peter J. Jacobs, Roman S. Wilinski, Alex U. Chenche and Tara T. Desposito, police officers in the town of Southold, county of Suffolk, to receive certain service credit under section 384-d of the retirement and social security law.
The enactment of S07688 will allow the specified officers to opt into the twenty-year retirement plan, providing them with full credit for their service in accordance with the proposed plan. This change would enhance the retirement benefits available to these officers, making the benefits more comparable to those of their peers who were originally part of the 384-d plan. The Town of Southold will also be responsible for the costs associated with this decision, which could affect its budget over the next several years.
Bill S07688 seeks to authorize specific police officers in the town of Southold, Suffolk County, to receive service credit under the optional twenty-year retirement plan established by section 384-d of the retirement and social security law. This provision is intended for police officers who were enrolled in a different retirement plan due to circumstances beyond their control. The names of the affected officers include Frank Lyburd III, Brian McNamara, Peter J. Jacobs, Roman S. Wilinski, Alex U. Chenche, and Tara T. Desposito.
One notable point of contention surrounding this bill is the financial burden it may impose on the Town of Southold. The bill's fiscal note estimates an increase of approximately $110,000 in annual contributions from the town beginning in the fiscal year ending March 31, 2026. Moreover, there will be an immediate past service cost of about $1.45 million, which, if amortized over five years, translates into an additional yearly payment. This financial commitment has raised concerns among local policymakers regarding the sustainability of such funding in the context of other community needs.