New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 152 - Defined Benefit Service Award Programs For Volunteer Ambulance Workers › Section 152.8 - Prior service costs

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				In the event that a defined benefit plan service award program provides credit
				for years of ambulance service during the five calendar years immediately
				preceding the adoption of a program, each ambulance company for which the
				program is adopted shall identify on the list created pursuant to section
				152.7  of this Part
				participants who are entitled to one or more years of prior service credit and
				the number of years for which each participant who is entitled to such prior
				service credit. Any participant who is denied prior service credit for one or
				more years may appeal to the governing board at the same time, in the same
				manner, and with like effect as provided in section
				152.7  of this
				Part. Except as otherwise provided in this section, prior service cost shall be
				paid to the administrator in a single lump sum in the year next following the
				first calendar year for which a participant earned credit for a year of
				ambulance service. Such prior service cost shall be calculated by the program
				actuary.
(b) The governing board of
				the sponsor may elect to pay initial prior service costs over the five
				consecutive calendar year period beginning with the calendar year next
				succeeding the year in which the program takes effect. For this purpose,
				initial prior service costs means the cost of granting prior service credit to
				volunteer ambulance workers who become participants as result of having earned
				a year of ambulance service for activities performed in any year during the
				five consecutive calendar years beginning with the year in which the program
				takes effect. Initial prior service costs shall be computed annually during
				such five-year period and each annual payment shall equal the level annual
				payment calculated by the program actuary required to amortize the remaining
				unfunded initial prior service costs over the number of years remaining in such
				five-year period.
(c) The prior
				service costs of a service award program for the volunteer ambulance workers of
				a volunteer ambulance company which contracts with the sponsor of a service
				award program with one or more other political subdivisions shall be
				apportioned and paid by such participating political subdivisions in accordance
				with any agreement between the sponsor and the political subdivision(s);
				provided, however that unless any such agreement provides otherwise, the
				portion of the prior service costs of a program allocated to a political
				subdivision in accordance with such agreement shall be paid in full by a
				political subdivision even if the political subdivision ceases to contract with
				the ambulance company after a program is adopted.
(d) In the case of a defined benefit plan
				service award program converted from a defined contribution plan service award
				program, the governing board of the sponsor may elect to pay initial prior
				service costs over the five consecutive calendar year period beginning with the
				calendar year next succeeding the year in which the conversion takes effect.
				For purposes of this subdivision, initial prior service costs means the cost of
				granting prior service credit to volunteer ambulance workers who became or
				become participants as result of having earned a year of ambulance service for
				activities performed in any calendar year during the period commencing with the
				calendar year in which the defined contribution plan program took effect and
				ending with the fourth calendar year next succeeding the year in which the
				conversion took effect. Initial prior service costs shall be computed annually
				during such five-year period and each annual payment shall equal the level
				annual payment calculated by the program actuary required to amortize the
				remaining unfunded initial prior service costs over the number of years
				remaining in such five-year period.
(e) In the case of a defined benefit plan
				service award program which is amended to provide prior service credit, the
				governing board of the sponsor may elect to pay initial prior service costs
				over the five consecutive calendar year period beginning with the calendar year
				next succeeding the year in which such amendment takes effect. For purposes of
				this subdivision, initial prior service costs means the cost of granting prior
				service credit to volunteer ambulance workers who became or become participants
				as result of having earned a year of ambulance service for activities performed
				in any calendar year during the period commencing with the calendar year in
				which the defined benefit plan program took effect and ending with the fourth
				calendar year next succeeding the year in which the amendment took effect.
				Initial prior service costs shall be computed annually during such five-year
				period and each annual payment shall equal the level annual payment calculated
				by the program actuary required to amortize the remaining unfunded initial
				prior service costs over the number of years remaining in such five-year
				period.