[HISTORY: Adopted by the Common Council of the City of Peekskill as indicated in article histories. Amendments noted where applicable.]
[Adopted 4-24-2000 (Ch. 96, Art. I of the 1984 Code)]
The City of Peekskill, by the adoption on January 24, 2000, of resolution #J-9, as authorized by Article 11-A of the New York State General Municipal Law, has directed that there shall be a public referendum of eligible voters of the City of Peekskill Volunteer Fire Department to determine whether such Service Award Program shall be established.[1] Such program shall be effective January 1, 2000.
[1]
Editor's Note: This resolution was approved at a referendum held 5-23-2000.
A. 
The type of program shall be a defined benefit plan as described in § 219 of Article 11-A of the General Municipal Law.
B. 
All active volunteer fire fighters who are at least 18 years old and who are active volunteer fire fighter members of the City of Peekskill Volunteer Fire Department shall be eligible to become Service Award Program participants. Unless he, or she waives participation, an eligible person, age 18 or older, shall become a participant on December 31 of the first calendar year after 1999 during which he or she earns a year of Service Award Program service credit under the Service Award Program point system.
This Service Award Program shall be administered and operated by the City of Peekskill Common Council through recommendations from a Service Award Committee. The Service Award Committee (the SAC) shall consist of two representatives from the Common Council and two representatives from each of the Fire Companies within the City of Peekskill Volunteer Fire Department. The Service Award Committee shall be responsible for the day-to-day operation of the Service Award Program, including resolution of any Service Award Program point system disputes.
Active volunteer fire fighter members of the City of Peekskill Volunteer Fire Department shall have the opportunity to earn pension-like and pre-entitlement age death and disability benefits under the Service Award Program. The pension-like benefit shall be a monthly payment life annuity paid to a participant with payments beginning after attainment of age 62, but not before a participant earns one year of Service Award Program service credit for calendar years after 1999. The monthly payments shall be equal to $20 (the "service award") for each year of Service Award Program service credit earned. The maximum monthly payment shall be $800. In the event that a participant begins to be paid such monthly payments and then dies before receiving 120 monthly payments, the participant's designated beneficiary (or estate if no beneficiary is selected) shall have the option to continue to receive the monthly payments until 120 payments have been received altogether or to immediately be paid a lump-sum payment equal to the discounted value of the remaining payments. By the adoption of a resolution, the City of Peekskill may add other actuarially equivalent forms of such monthly payments. The pre-entitlement age death benefit shall be a lump-sum payable upon the participant's death to the participant's designated beneficiary and shall be equal to the discounted value at the time of death of the actuarial present value of the participant's earned service award. A participant, who is awarded benefit payments due to a total and permanent disability by the Social Security Administration or by any entity which pays benefits under the Volunteer Fire Fighters' Benefit Law or by any other authority approved by the City of Peekskill and the SAC, shall be eligible to be paid a pre-entitlement age disability benefit payment under the Service Award Program. Such disability benefit payment shall be a lump sum payment to the participant equal to the discounted actuarial present value of the participant's earned service award payable upon application by the participant to and approval by the SAC/City of Peekskill.
A participant's earned service award shall become fully vested (i.e., a participant shall obtain nonforfeitable right to his or her earned service award) after:
A. 
He or she earns and does not permanently forfeit Service Award Program service credit for at least five years of active volunteer fire fighter service;
B. 
He or she is at least 62 years of age and earns one year of such service credit for a calendar year after 1999;
C. 
He or she dies; or
D. 
He or she is awarded a Service Award Program total and permanent disability benefit payment.
As of December 31 of the year a program participant ceases to be an active volunteer fire fighter of the City of Peekskill Volunteer Fire Department before his or her earned service award becomes fully vested, he or she shall forfeit any service credit and any earned service award; however, such person who again becomes an active volunteer fire fighter member of the City of Peekskill Volunteer Fire Department within five years and subsequently earns a year of service credit shall regain the forfeited service credit and earned service award.
A year of Service Award Program service credit shall be earned by a participant for each calendar year after 1999 during which a participant earns at least 50 points while a member of the City of Peekskill Volunteer Fire Department for participating in the volunteer fire fighter activities set forth by the City of Peekskill/SAC in the Service Award Program point system as authorized by § 217 of Article 11-A of the General Municipal Law. The City of Peekskill/SAC may include within such point system additional nondiscriminatory, uniform restrictions or requirements for an active volunteer fire fighter to obtain a year of Service Award Program service credit. The point system shall be set forth in writing, and copies of the written explanation of the point system shall be distributed to active volunteer fire fighters. The City of Peekskill/SAC may amend the point system from time to time, provided that such amendments are allowable under all applicable statutes, rules and regulations. In the event that the point system is amended by the City of Peekskill/SAC, a written explanation of the changes shall be distributed to active volunteer fire fighters within 30 days of the date such changes are adopted.
Persons who continue to be active volunteer fire fighters of the City of Peekskill Volunteer Fire Department after they attain the entitlement age shall have the opportunity to continue to earn service credit under the point system. The additional monthly service award payment earned by a participant during a calendar year shall be paid as of January 1 of the next succeeding calendar year.
A. 
Under Article 11-A of the General Municipal Law, the City of Peekskill shall be the Service Award Program Sponsor, and the City of Peekskill shall be the trustees of the Service Award Program trust fund. The City of Peekskill shall have the authority to manage or dispose of program assets and shall do so in the interest of the fire fighters who participate in the program and the fire fighters' beneficiaries. The City of Peekskill may authorize individuals or entities to hold and invest the program assets. They may also seek investment counsel.
B. 
The City of Peekskill may retain a qualified firm to assist it to administer the program.
The total 2000 annual cost, payable in calendar year 2001, of funding the City of Peekskill Volunteer Fire Department Service Award Program benefits is estimated to be about $275,000, or about $1,455 per fire fighter, including the cost of administration. The estimated annual cost to administer the program for 2000 is about $5,000.
City of Peekskill Volunteer Fire Department Service Award Program benefit payments shall commence to eligible fire fighters after January 1, 2001, when they and/or their beneficiaries qualify for payment. No benefit shall be paid under the program for a fire fighter's death occurring or disability commencing before the date on which residents of the City of Peekskill approve the proposition to establish the program.
All other provisions of the City of Peekskill Volunteer Fire Department Service Award Program shall be in accordance with Article 11-A of the General Municipal Law, as amended from time to time.