Firefly Admin Inc.

GOVERNOR SIGNS BILL EXTENDING MAXIMUM SERVICE CREDIT TO 50 YEARS INTO LAW

August 20, 2021

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…

BILL EXTENDING SERVICE MAXIMUM TO 50 YEARS DELIVERED TO THE GOVERNOR

August 10, 2021

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…

EXPIRATION OF EXECUTIVE ORDER 202 & THE STATE DISASTER EMERGENCY

July 27, 2021

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…

EARNING POINTS WHILE ON A LEAVE OF ABSENCE

June 6, 2021

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…

THE ANATOMY OF A LUMP-SUM CONVERSION

June 4, 2021

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…

UPDATE ON STATUTE AMENDMENT TO RAISE SERVICE MAXIMUM TO 50 YEARS

May 5, 2021

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…

STATE DISASTER EMERGENCY EXTENDED TO APRIL 25, 2021

April 2, 2021

A few days after this post Governor Cuomo issued Executive Order 202.99, which extended the State Disaster Emergency through April 25, 2021. This is important for LOSAP only if your fire department continues to operate under restricted call response protocols or are continuing to cancel events due to the pandemic. By extending the Emergency, it extends the…

LOSAP BILL TO EXTEND SERVICE CAP TO 50 YEARS TRENDING TOWARDS BECOMING LAW

March 25, 2021

There are two bills that have been introduced in the current session regarding LOSAP. One appears to be on track to be passed by both houses in 2021. They both would impact only volunteer firefighter LOSAPs adopted pursuant to Article 11-A, not volunteer ambulance squad plans governed by Articles 11-AA and 11-AAA. The purpose of…

CURRENT STATE OF THE STATE DISASTER EMERGENCY

March 24, 2021

This pandemic has required us to change our behavior and routine in ways most of us have never experienced. Although not very significant, we would have never guessed that we’d be studying Executive Orders issued by the Governor in order to track how that might impact LOSAP. But here we are! If you have any…

NEW TOOL ALLOWS ANYONE TO CALCULATE BASIC ACTUARIAL LIABILITIES

February 16, 2021

With every new version of our favorite technology – such as smartphones, televisions, and even cars – we can accomplish or experience something better than we were previously able. The computer has certainly helped the actuary by increasing the speed and accuracy in which calculations can be made. But like many trade-specific tools, the available…