Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 10, 2014 |
opinion referred to judiciary |
Jan 13, 2014 |
to attorney-general for opinion |
Jan 08, 2014 |
referred to judiciary |
Feb 21, 2013 |
opinion referred to judiciary |
Jan 31, 2013 |
to attorney-general for opinion |
Jan 23, 2013 |
referred to judiciary |
Senate Bill S2744
2013-2014 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S2744 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Constitution, Concurrent Resolutions to Amend
- Laws Affected:
- Amd Art 5 ยงยง1 & 7, Constn
2013-S2744 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2744 TITLE OF BILL: CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY propos- ing an amendment to article V of the constitution, relating to member- ship in retirement systems and that benefits not be diminished PURPOSE: To permit the comptroller to choose the methodology for valu- ing the assets, liabilities and obligations of pension funds, which do not diminish benefits. SUMMARY OF PROVISIONS: Section 1 amends section 1 of article V of the constitution by clarify- ing that the comptroller is the sole custodian and manager of the pension fund and can determine the method for valuing the assets, liabilities, and obligations of such funds. Section 2 amends section 7 of article V by stating that the methodology chosen by the Comptroller cannot be considered an impairment of pension benefits if the actual and tangible benefit received by the retiree is not diminished. EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: This amendment would reaffirm the authority of the comptroller as the sole manager of the pension funds and would grant him/her flexibility in determining the method for valuing these funds as long as they do not impair the actual
2013-S2744 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2744 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY proposing an amendment to article V of the constitution, relating to membership in retirement systems and that benefits not be diminished Section 1. Resolved (if the Assembly concur), That section 1 of arti- cle V of the constitution be amended to read as follows: Section 1. The comptroller and attorney-general shall be chosen at the same general election as the governor and hold office for the same term, and shall possess the qualifications provided in section 2 of article IV. The legislature shall provide for filling vacancies in the office of comptroller and of attorney-general. No election of a comptroller or an attorney-general shall be had except at the time of electing a governor. The comptroller shall be required: (1) to audit all vouchers before payment and all official accounts; (2) to audit the accrual and collection of all revenues and receipts; [and] (3) to prescribe such methods of accounting as are necessary for the performance of the fore- going duties; AND (4) TO BE THE SOLE CUSTODIAN AND MANAGER OF THE PENSION FUNDS PROVIDED PURSUANT TO SECTION SEVEN OF THIS ARTICLE, AND FURTHER TO DETERMINE THE METHODOLOGY FOR VALUING THE ASSETS, LIABILITIES AND OBLIGATIONS OF SUCH FUNDS. The payment of any money of the state, or of any money under its control, or the refund of any money paid to the state, except upon audit by the comptroller, shall be void, and may be restrained upon the suit of any taxpayer with the consent of the supreme court in appellate division on notice to the attorney-general. In such respect the legislature shall define the powers and duties and may also assign to him or her: (1) supervision of the accounts of any political subdivision of the state; and (2) powers and duties pertaining to or connected with the assessment and taxation of real estate, includ- ing determination of ratios which the assessed valuation of taxable real property bears to the full valuation thereof, but not including any of those powers and duties reserved to officers of a county, city, town or EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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