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.
If S07847 is enacted, it will enable Officer Noterfonzo to fully benefit from the provisions of the section 384-d retirement plan, which are generally more advantageous than those of section 375-i. However, it also places the financial responsibility for this service credit on the village of Trumansburg, requiring it to cover past service costs and any increased contributions moving forward. The immediate financial implication includes an estimated one-time payment of approximately $14,800, along with an annual increase of about $4,400 in village contributions for the fiscal year ending March 31, 2026.
Bill S07847, introduced in the New York State Senate, aims to authorize the village of Trumansburg to allow police officer Kevin R. Noterfonzo to receive service credit under a twenty-year retirement plan. This measure specifically addresses the situation of Officer Noterfonzo, who was enrolled in a different retirement plan (section 375-i of the Retirement and Social Security Law) and desires to switch to the more favorable section 384-d retirement plan. The bill stipulates conditions under which the village may elect to sponsor this change as well as the timeline for such election.
The bill's introduction appears to stem from a need to rectify Officer Noterfonzo's retirement status, which has drawn some attention to the broader challenges faced by upward mobility in public service careers. While this bill is specific to an individual, it raises questions about the adequacy of current retirement plans available to police officers and public safety personnel in New York. There could be discussions around the financial implications for municipalities and whether similar measures might be legislated for other officers in the future.