BILL NUMBER: S7758
SPONSOR: WEBB
 
TITLE OF BILL:
An act to authorize the city of Binghamton to offer an optional retire-
ment plan to firefighter David Edwards
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of the legislation is to allow the City of Binghamton to
offer an optional one-sixtieths after twenty-five years retirement plan
to David Edwards.
 
SUMMARY OF PROVISIONS:
Section 1: Authorizes the City of Binghamton to make participation in
the optional one-sixtieths after twenty-five years retirement plan as
established in subdivision f of section 384 of the retirement and social
security law.
Section 2: Specifies that all costs associated with this act shall be
borne by the City of Binghamton.
Section 3: Establishes the effective date.
 
JUSTIFICATION:
David Edwards is a firefighter employed by the City of Binghamton. For
reason not due to a result of his own negligence, he did not make a
timely application to participate in the one-sixtieths after twenty-five
years of qualified service retirement plan as outlined in subdivision f
of section 384 of the retirement and social security law.
 
PRIOR LEGISLATIVE HISTORY:
This is new legislation.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
If this bill is enacted during the 2025 Legislative Session, it is
anticipated that there will be an increase of approximately $1,100 in an
annual contributions of the City of Binghamton for the fiscal year
ending March 31, 2026. In future years this cost will vary as the build-
ing rates and salary of David Edwards change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $16,700 which will be
borne by the City of Binghamton as a one-time payment. This estimate
assumes that payment will be made on February 1, 2026. If the City of
Binghamton elects to amortize this cost over a 10-year Period, the cost
for each year including interest would be $2,130.
 
EFFECTIVE DATE:
This act shall take effect immediately.