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.