S T A T E O F N E W Y O R K
________________________________________________________________________
7276
2019-2020 Regular Sessions
I N A S S E M B L Y
April 18, 2019
___________
Introduced by M. of A. STERN, JEAN-PIERRE, THIELE, RAIA, DeSTEFANO,
SMULLEN -- read once and referred to the Committee on Local Govern-
ments
AN ACT to amend the general municipal law, in relation to increasing the
number of years of service that a participant in a defined contrib-
ution plan service award program or a defined benefit plan service
award program may receive a contribution
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision (b) of section 218 of the general municipal
law, as amended by chapter 452 of the laws of 2004, is amended to read
as follows:
(b) The sponsor of a defined contribution plan shall contribute to the
plan a fixed amount of money, as determined by the sponsor, on behalf of
each participant who is credited with a year of service. The minimum and
maximum contribution requirements for a defined contribution service
award program shall be as follows. The minimum contribution shall be one
hundred twenty dollars per year of service. The maximum contribution
shall be seven hundred dollars per year of service. The maximum number
of years of service for which a participant may receive a contribution
shall be [forty] FIFTY years. The sponsor shall appropriate annually an
amount sufficient to pay the contributions.
§ 2. Subdivision (b) of section 219 of the general municipal law, as
amended by chapter 452 of the laws of 2004, is amended to read as
follows:
(b) The minimum and maximum retirement benefit requirements for a
service award program that is a defined benefit plan shall be defined as
follows. Each participating active volunteer firefighter shall be enti-
tled to a minimum service award benefit of five dollars per month for
each year of firefighting service completed after satisfying the
program's eligibility requirement and after establishment of the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10562-02-9
A. 7276 2
program. The maximum benefit amount payable to a participating active
volunteer firefighter entitled to a benefit shall be determined on the
basis of an actuarial valuation. The valuation shall take into account
the age, and such other factors as the actuary deems appropriate, of the
eligible participating active volunteer firefighters and the amount of
available financing available per active covered volunteer firefighter.
The maximum service award under a service award program shall be a
monthly payment, payable for life, that does not exceed an amount equal
to thirty dollars for each year of firefighting service credited under
the terms of the program to a maximum of [forty] FIFTY years of fire-
fighting service.
§ 3. This act shall take effect immediately.