GASB & Accounting – Firefly Admin Inc.

LOSAP Information for the 2024 Income Tax Year

January 29, 2025

It is tax time again! The time of year where we get questions about LOSAP and income taxes. Keep in mind that this post is not intended to be tax advice. Firefly Admin Inc. does not provide tax advice, and all participants and beneficiaries who receive a LOSAP benefit are strongly encouraged to consult with…

Maximum LOSAP Benefit Allowed by the IRS Remains at $7,500

November 30, 2024

This month, the IRS issued Notice 2024-80, which provides the 2025 cost-of-living adjustments on the dollar limitations for pensions and other benefits like LOSAPs. The limit on the benefit that can be provided in a LOSAP remained at $7,500 for the 2025 tax year. The historical limitations are as follows: Year Limit up to 2017…

Fiduciary

October 31, 2024

When a LOSAP sponsor engages Firefly as the third-party administrator and actuary, it also is hiring a fiduciary. Our role is to ensure that the sponsor is getting the best advice and solutions for the operation of the program, and to always have the sponsor’s and the participant’s best interests first and foremost when providing…

Early Withdrawals Not Permitted

September 30, 2024

A volunteer firefighter LOSAP adopted in New York State can not be designed to allow an early withdrawal before the entitlement age. The entitlement age is defined in Section 215(4) as: 4.“Entitlement age” means the age designated by the sponsor at which a program participant is entitled to begin receiving an unreduced service award. In…

Actuarial Practice: Upholding the Standards

August 28, 2024

By Craig Relyea, ASA, MAAA As actuaries, we are accredited members of an organization and subject to professional standards of practice. The Actuarial Standards of Practice (ASOPs) are promulgated by the American Academy of Actuaries and are intended to guide actuaries in their work. While Firefly clients are safe to assume that our actuaries are…

About the bioluminescent beetle (aka firefly)

July 31, 2024

A more personal post today. I logged in to write the July 2024 blog post and first checked the weather for the weekend. That is when I saw this article on Spectrum News 1: https://spectrumlocalnews.com/nys/capital-region/weather/2024/07/31/the-bioluminescent-beetles-and-how-we-can-protect-them The property I grew up on was secluded at the end of a dead-end street. Our driveway was not paved…

Arson is the only crime that will result in loss of LOSAP benefit

June 30, 2024

Section 217(m) of the General Municipal Law states: (m) A participant who is convicted of the crime of arson in any degree as defined in the penal law shall not be eligible to receive benefits from a service award program and shall forfeit any and all rights he or she may have had to past…

Entitlement Age Options

May 31, 2024

At a recent Q&A session, it was asked if a LOSAP participant could be paid at a younger age. Unfortunately, the answer is that the lowest the entitlement age can be under New York State law is age 55. Here is the statute: “Entitlement age” means the age designated by the sponsor at which a…

Enhanced Cancer Coverage & LOD Disability Points

April 30, 2024

Effective January 1, 2019, General Municipal Law Section 205-cc was adopted to provide enhanced cancer disability benefits. The question we are attempting to address with this post is: Would an individual who receives a benefit under this new law also be eligible for LOSAP line-of-duty-disability points? Firefly is not an expert on this law, nor…

Who must certify the annual points listing?

March 31, 2024

It is the time of year when we receive this question often – who is the one who must certify the annual points earned by the volunteers? Ultimately, the law does not specify a specific person or title. General Municipal Law Section 219-a(c) states: Each volunteer fire company shall furnish to the governing board of…

Category: GASB & Accounting