Authorizes the village of Port Chester to offer an optional twenty-year retirement plan to a certain police officer employed by such village

New pension option for officer Michael Sprague

The law lets Port Chester police officer Michael Sprague join the special 20-year retirement plan with full rights and benefits. It gives him full credit for village service dating from January 7, 2013. His service went into the general plan after he missed the application deadline through no fault of his own. Port Chester must agree to pay the added employer cost. Sprague must request coverage from the State Comptroller within one year after the law's immediate effective date. The village pays all employer past-service costs and can spread payments over 10 years. The fiscal note estimates $345,000 in past-service costs, or about $44,100 for the first year of a 10-year payment schedule. It also estimates $21,000 in added annual village contributions for the fiscal year ending March 31, 2026. These estimates depend on future billing rates and Sprague's salary.