Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 26, 2017 |
referred to civil service and pensions |
Senate Bill S3761
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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
2017-S3761 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4523
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §618, R & SS L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
A6932
2011-2012: A5141
2013-2014: S4706, A5105
2015-2016: S2898, A4285
2019-2020: A5393
2021-2022: A9550
2023-2024: A6449
2017-S3761 (ACTIVE) - Summary
Establishes a defined contribution plan for all non-civil service appointees and elected officials of the New York state and local employees' retirement system who are not yet vested in a state retirement system or who are hired after the effective date of this section; authorizes elected officials to join such defined contribution plan; defines terms; provides for contributions to such defined contribution plan
2017-S3761 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3761 TITLE OF BILL : An act to amend the retirement and social security law, in relation to establishing a defined contribution plan PURPOSE : This bill freezes the current retirement tier of all elected officials and non-civil service appointed employees' in New York State, and creates a new Defined Contribution Plan for all elected officials and non-civil service appointees in New York State. SUMMARY OF PROVISIONS : Section 1. Creates the defined contribution plan and allows the comptroller to adopt rules and regulations regarding the standards and requirements of the plan. Applies the defined contribution plans to all elected officials and non-civil service appointees in the State of New York. Allows the Comptroller to enter into written agreements with financial organizations to administer the defined contribution plan, and establish standards for the selection of financial organizations. Allows a public employer to provide a defined contribution plan for its employees in accordance with the rules and regulations determined
2017-S3761 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3761 2017-2018 Regular Sessions I N S E N A T E January 26, 2017 ___________ Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to establishing a defined contribution plan THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 618 to read as follows: § 618. DEFINED CONTRIBUTION PLAN. 1. THE DEFINED CONTRIBUTION PLAN IS HEREBY ESTABLISHED. THE COMPTROLLER SHALL ADOPT RULES AND REGULATIONS REGARDING THE STANDARDS AND REQUIREMENTS OF THE DEFINED CONTRIBUTION PLAN ESTABLISHED PURSUANT TO THIS SECTION, INCLUDING SELECTION OF FINAN- CIAL ORGANIZATIONS FOR INVESTMENT PURPOSES. 2. A. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE DEFINED CONTRIBUTION PLAN SHALL BE ESTABLISHED FOR ALL NON-CIVIL SERVICE APPOINTED EMPLOYEES AND ELECTED OFFICIALS EMPLOYED BY THE STATE OF NEW YORK OR ANY PUBLIC EMPLOYER WHICH HAS ELECTED TO PARTICIPATE IN THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM. B. THE COMPTROLLER SHALL ENTER INTO WRITTEN AGREEMENTS WITH ONE OR MORE FINANCIAL ORGANIZATIONS TO ADMINISTER THE DEFINED CONTRIBUTION PLAN FOR MEMBERS AND TO INVEST FUNDS HELD PURSUANT TO SUCH PLAN. C. THE RULES AND REGULATIONS PROMULGATED BY THE COMPTROLLER SHALL ESTABLISH STANDARDS FOR THE SELECTION OF FINANCIAL ORGANIZATIONS, AUTHORIZED TO DO BUSINESS IN THIS STATE, TO PARTICIPATE IN SUCH PLANS, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING CRITERIA: (I) RATES OF COMMISSION, BROKERAGE AND OTHER FEES, ADMINISTRATIVE EXPENSES AND RELATED SERVICE CHARGES IMPOSED BY THE FINANCIAL ORGANIZATION; (II) VARIETY OF TYPES OF INVESTMENT OPPORTUNITIES OFFERED BY THE FINANCIAL ORGANIZATION AND/OR AMONG THE FINANCIAL ORGANIZATIONS SELECTED AND THE ABILITY TO TRANSFER AMONG SUCH OPPORTUNITIES; (III) THE STABILITY OF THE FINANCIAL ORGANIZATION AS EVIDENCED BY EXPERIENCE, REPUTATION, ASSETS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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