SKANEATELES - The struggling economy could impact the village of Skaneateles' Service Awards Program for its retired volunteer firefighters.
As village Mayor Robert Green signed letters to increase the SAP retirement benefits for seven of the villages retired firefighters Monday evening, the retirement fund was overfunded by 4 percent.
“When we look at what the firefighters earn now we need to look at what the firefighters will earn down the road and what we need to contribute to keep the fund going,” said village clerk and treasurer Sally Sheehan.
The fund's current balance takes into account that the retired firefighters can continue to work with the department to increase their earnings.
If a retired firefighter attends enough meetings, fires, training sessions or other events they can earn a good service credit at the end of the year, Green said.
That service credit entitles the firefighter to a $20 a month adjustment to their retirement plan.
“They are retired, but they are still active,” said Sue Jones, a village trustee. “As a community we don't want them to retire, we want them to keep adding to our community.”
The money in the program is invested and spread out in mutual funds, insurance contracts and money market accounts and accrues interest which is added back into the fund.
In the 17 years since the fund's original inception, Green said it has grown to nearly $1 million and had more money than was needed to provide for the projected retirement benefits of the firefighters.
But attorney Michael Byrne said that could change when the next estimate is made and could affect how much money would need to be added to keep the program balanced.
“These predictions are based on earnings,” Byrne said. “So in light of our current economic situation that could change as the year progresses.”
In other news:
• The board conditionally agreed to signing a confidentiality agreement with NYSEG for power line drawings. The board understood the contract was meant to protect homeland security but worried that it could impede village projects if the information could not be shared with contractors.
A stipulation in the contract did state NYSEG could approve use of the information on a case-by-case basis.
• The board authorized advertising for bids on the water and sewer pipe fittings.
Bidding will begin on May 12.
Staff writer Nate Robson can be reached at 253-5311, ext 248 or nathan.robson@lee.net
“When we look at what the firefighters earn now we need to look at what the firefighters will earn down the road and what we need to contribute to keep the fund going,” said village clerk and treasurer Sally Sheehan.
The fund's current balance takes into account that the retired firefighters can continue to work with the department to increase their earnings.
If a retired firefighter attends enough meetings, fires, training sessions or other events they can earn a good service credit at the end of the year, Green said.
That service credit entitles the firefighter to a $20 a month adjustment to their retirement plan.
“They are retired, but they are still active,” said Sue Jones, a village trustee. “As a community we don't want them to retire, we want them to keep adding to our community.”
The money in the program is invested and spread out in mutual funds, insurance contracts and money market accounts and accrues interest which is added back into the fund.
In the 17 years since the fund's original inception, Green said it has grown to nearly $1 million and had more money than was needed to provide for the projected retirement benefits of the firefighters.
But attorney Michael Byrne said that could change when the next estimate is made and could affect how much money would need to be added to keep the program balanced.
“These predictions are based on earnings,” Byrne said. “So in light of our current economic situation that could change as the year progresses.”
In other news:
• The board conditionally agreed to signing a confidentiality agreement with NYSEG for power line drawings. The board understood the contract was meant to protect homeland security but worried that it could impede village projects if the information could not be shared with contractors.
A stipulation in the contract did state NYSEG could approve use of the information on a case-by-case basis.
• The board authorized advertising for bids on the water and sewer pipe fittings.
Bidding will begin on May 12.
Staff writer Nate Robson can be reached at 253-5311, ext 248 or nathan.robson@lee.net
