November 20, 2020, 3:51 pm

NOTICE IS HEREBY GIVEN that a Referendum of the qualified voters in the City of Rensselaer, shall be held at the City Hall, 62 Washington Street, Rensselaer, New York on Tuesday, December 8, 2020 between the hours of 12:00 P.M. and 9:00 P.M. for the purpose of voting upon the establishment of a Length of Service Award Program for City of Rensselaer Volunteer Firefighters under Article 11-A of the New York State General Municipal Law.

The proposition shall be substantially in the following form:

Shall the RESOLUTION OF THE CITY COMMON COUNCIL OF THE CITY OF RENSSELAER, ADOPTED THE 2ND DAY OF SEPTEMBER, 2020 AUTHORIZING THE ESTABLISHMENT OF A DEFINED CONTRIBUTION PLAN SERVICE AWARD PROGRAM PURSUANT TO NEW YORK STATE GENERAL MUNICIPAL LAW SECTION 218 FOR THE VOLUNTEER FIREFIGHTERS OF THE CITY OF RENSSELAER FIRE DEPARTMENT TO BE ADMINISTERED BY THE CITY OF RENSSELAER; STATING THE ESTIMATED ANNUAL COST TO BE $25,000.00 BASED ON THE NUMBER OF ANTICIPATED PARTICIPANTS; STATING THE INITIAL ADMINISTRATIVE COSTS TO BE $3,500.00; STATING THE  ESTIMATED ANNUAL ADMINISTRATIVE COSTS THEREAFTER TO BE $2,000.00; STATING THAT THE PROJECTED ANNUAL AWARD TO BE PAID TO AN ELIGIBLE PARTICIPANT TO BE A MINIMUM OF $120.00 AND A MAXIMUM OF $1,200 FOR EACH QUALIFYING YEAR OF FIREFIGHTING SERVICE CREDIT DEPENDING UPON THE NUMBER OF PARTICIPANTS; STATING THAT THE ESTIMATED ANNUAL COST OF THE AWARD AND FEES PER COVERED PARTICIPANT IS $1000;  STATING THAT THE NORMAL FORM OF PAYMENT OF THE BENEFIT SHALL BE A LUMP SUM, A FIVE OR TEN YEAR CONTINUOUS AND CERTAIN LIFE ANNUITY, OR OTHER ACTUARIALLY EQUIVALENT FORM OF PAYMENT; STATING THAT THE PROGRAM IS TO BECOME EFFECTIVE JANUARY 1, 2021, be approved?

LINK TO RESOLUTION APPROVING LOSAP AND SCHEDULING REFERENDUM VOTE   AMENDED RESOLUTION