Category: General

In a post from May 20, 2019, we discussed why a LOSAP benefit cannot be rolled over to a qualified plan. You can read that article HERE. Additionally, since a LOSAP benefit is not earned income (for Firefly clients, the income is reported on a 1099-MISC in Box 3), it cannot be deposited into an IRA. …

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In our last post we reviewed Section 215 of the New York State General Municipal Law (GML), which is entitled “Purpose”. We saw that this section of the statute states that a LOSAP is not guaranteed by the State constitution like the retirement system. The benefits provided by the retirement system are constitutionally guaranteed, which is why the tier…

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Volunteer firefighter LOSAPs in New York are governed by the General Municipal Law (GML). Article 11-A of the ​GML contain the relevant sections (214 through 219-a) that authorize volunteer firefighter LOSAPs. Most attention is paid to the sections that provide the detail on establishing a plan, the point system, and the benefits that can be…

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It has just recently come to our attention that the National Volunteer Fire Council (NVFC) sought clarification from the Internal Revenue Service (IRS) about the application of the Volunteer Responder Incentive Protection Act (VRIPA) to LOSAP. Here is a link to the article on the NVFC website, which summarizes the response, as well as a…

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Firefly Admin Inc. is guided by six core principles – serve, trust, value, teach, collaborate, and grow. You can read more about what these mean to us at www.fireflyadmin.com/core-principles/ This past week Firefly has grown with the addition of Connie Tyrrell to the Firefly team! Not only have we grown in number but in knowledge and expertise.…

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In the latest issue of The Volunteer Firefighter, the official publication of the Firemen’s Association of the State of New York, there was an article by FASNY General Counsel Timothy Hannigan about junior firefighters. You can read the article here: FASNY ARTICLE Mr. Hannigan extensively covers the risks and rewards of having a restricted member firefighter program.…

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Yesterday, Monday August 9th, bill A2239a was delivered to the Governor. This bill would extend the maximum years of service credit that can be earned in a volunteer firefighter service award program from 40 to 50 years. Therefore, this also extends the number of years in which a participating firefighter can accrue benefits by another…

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We were asked if a person on a leave of absence from the fire department can earn points for attending online meetings and trainings. First, we cannot give legal advice, and this post is not intended to be legal advice. If you have a similar question and this blog post is helpful, we suggest sharing…

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In researching an issue this week, we stumbled across an article titled, The Anatomy of a Lump-Sum Conversion, written by Corey Swarner, CPC, MBA of Milliman.  In various posts, we’ve attempted to provide readers with an understanding of actuarial math including the time-value of money, and actuarial concepts such as life expectancy. But we think Corey…

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