Since Java 5, you can use java.util.concurrent.TimeUnit to avoid the use of Magic Numbers like 1000 and 60 in your code.
By the way, you should take care to leap seconds in your computation: the last minute of a year may have an additional leap second so it indeed lasts 61 seconds instead of expected 60 seconds. The ISO specification even plan for possibly 61 seconds. You can find detail in java.util.Date javadoc.
