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MILITARY LEAVE

February 16, 2020

A question came in about military leave, and we thought it would be a good subject for a blog post. In a prior post, we discussed who is eligible for military leave points. You can read more here: who-is-eligible-for-military-leave-points.html We encourage you to read this prior post carefully, but the takeaway is that our interpretation is that…

STREAKS

January 31, 2020

We seem to like streaks. For those of you engaged in Snapchat, streaks are counted for the number of consecutive days you snap with someone else. At least, that is what my teenage daughter tells me. Age is a streak – how many days have you woken up to live another day. In sports, we…

PROFESSIONAL

December 31, 2019

What does it mean to be a professional? In many contexts, the term professional means paid, in particular in the sporting world. A professional athlete is paid, an amateur is not. Muhammad Ali (then Cassius Clay) won the light heavyweight gold medal in the 1960 Olympics as an amateur. In October of that same year, he…

DOES A VOLUNTEER HAVE TO BE ACTIVE ON 12/31 TO EARN SERVICE CREDIT?

September 3, 2019

A question came in about the following: A firefighter earned 50 points during the time he was an active member, but resigned before the end of the year. Should he be eligible to earn service credit and therefore a benefit? Before we address our opinion on this question, we need to be clear that this…

PROJECTED DC ACCOUNT BALANCES

July 30, 2019

In the last post, we settled on 4.5% as an assumed rate of return when projecting the DC account balances. However I decided it was just as easy to perform the calculations at 4.00%, 4.50% and 5.00%, therefore giving some more options. Below you will see two charts. The first chart assumes and Entitlement Age…

DB AND DC – AKA APPLES AND ORANGES

July 19, 2019

Trying to compare the DB and DC plans is exactly like the old saying of trying to compare apples to oranges. Just like fruit, part of the decision making process in selecting which type of plan is better comes down to preference and taste – not something that can be analyzed. But, the analysis is…

LOSAP STATUTE AMENDMENT PASSES SENATE & ASSEMBLY

June 21, 2019

Bill A 7552 / S 4207-A has passed the Assembly and Senate. This bill increases the Defined Contribution service award from $700 to $1,200. Now, we wait for the Governor to sign it into law. When the law was amended to increase the contribution from $480 to $700, the Governor had not signed the bill into…

TRACKING TWO BILLS TO AMEND THE STATUTE

June 19, 2019

We are tracking two bills that are being considered during the final days of the legislative session. The session was scheduled to end today (Wednesday 6/19) but there are indications that it may be extended to the end of the week. The first bill is A 7276 / S 5895, which would increase the maximum…

POINT SYSTEM – TEACHING FIRE PREVENTION CLASSES

June 12, 2019

I’m purposefully skipping to the end – to the last point system category. We’ll circle back to the other three, leaving Miscellaneous to the end since it is sort of a “catch all” category. (ix)Teaching fire prevention classes—five points maximum. An active volunteer firefighter who at the direction of his company, district or department, and…

POINT SYSTEM – MEETINGS

June 11, 2019

The next point system category is meetings: (v)Attendance at meetings—twenty points maximum.Attendance at any official meetings of the volunteer fire company—one point per meeting. The biggest issue that surrounds the meeting category are what types of meetings qualify as a meeting for the purposes of this category. The Office of the State Comptroller (OSC) has…

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