Category: Budgets & Costs

There are currently two GASB pronouncements that have a significant bearing on the reporting of LOSAP on the municipal sponsors financial statements. In this second part of our look at GASB and LOSAP, we’ll highlight GASB Statement 73. Notes about GASB Statement 73:​ Next we will highlight GASB Statement 84.

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Here in New York, the implementation of GASB Statement No. 84 has created some confusion! We thought it might be helpful to unpack the relationship between LOSAP and the GASB over a series of articles. We’ve consolidated this information into a newsletter – if you would like a copy, please contact our office. Since the…

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Today, August 20, 2021, Governor Cuomo signed bill S1091a / A2239a into law. Chapter 400 of the Laws of 2021 extend the maximum years of service credit that can be earned in a volunteer firefighter LOSAP from 40 years to 50 years. The bill amends both Section 218 (defined contribution plans) and Section 219 (defined benefit…

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Yesterday, Monday August 9th, bill A2239a was delivered to the Governor. This bill would extend the maximum years of service credit that can be earned in a volunteer firefighter service award program from 40 to 50 years. Therefore, this also extends the number of years in which a participating firefighter can accrue benefits by another…

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On June 24, 2021, Governor Cuomo signed Executive Order 210, which stated in part: WHEREAS, it has been determined that Executive Orders 202 through 202.111 and Executive Orders 205 through 205.3 are no longer necessary.NOW, THEREFORE, I, ANDREW M. CUOMO, Governor of the State of New York, by virtue of the authority vested in me by the…

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The New York State Legislature passed another bill on June 3, 2021 that would amend Article 11-A of the New York State General Municipal Law, provided the bill is signed into law by Governor Cuomo. This bill is S1210 / A6401 and was first introduced in 2020 during the COVID-19 pandemic. A second bill was…

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We were asked if a person on a leave of absence from the fire department can earn points for attending online meetings and trainings. First, we cannot give legal advice, and this post is not intended to be legal advice. If you have a similar question and this blog post is helpful, we suggest sharing…

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In researching an issue this week, we stumbled across an article titled, The Anatomy of a Lump-Sum Conversion, written by Corey Swarner, CPC, MBA of Milliman.  In various posts, we’ve attempted to provide readers with an understanding of actuarial math including the time-value of money, and actuarial concepts such as life expectancy. But we think Corey…

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Bill S 101-A / A 2339-A was passed by the Assembly on May 24, 2021. This bill has now been passed by both the Senate and the Assembly, and now awaits the Governor’s signature. If the Governor signs this bill into law, the maximum years of service credit that can be earned in a volunteer…

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At the end of March, we alerted readers to a bill that would amend Sections 218 and 219 of the New York State General Municipal Law to increase the maximum years of service credit that can be earned by a participant from 40 to 50 years. You can read that post here. The bill is S1091A…

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