Assembly Bill A8293A

2011-2012 Legislative Session

Allows the Yonkers city school district the option of amortizing future payments to the New York state teachers' retirement system

download bill text pdf

Archive: Last Bill Status - Stricken

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

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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 16, 2011	enacting clause stricken
Jun 14, 2011	print number 8293a
Jun 14, 2011	amend and recommit to education
Jun 10, 2011	referred to education

Bill Amendments

co-Sponsors

2011-A8293 - Details

See Senate Version of this Bill:: S5752
Law Section:: Education Law
Laws Affected:: Amd §521, Ed L; amd §6-r, Gen Muni L; amd §1678, Pub Auth L

2011-A8293 - Summary

Allows the board of education of the city school district of the city of Yonkers the option of amortizing future payments to the New York state teachers' retirement system.

2011-A8293 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8293

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2011
                               ___________

Introduced  by M. of A. SPANO -- read once and referred to the Committee
  on Education

AN ACT to amend the education law, the general  municipal  law  and  the
  public  authorities  law,  in  relation  to  allowing  the city school
  district of the city  of  Yonkers  the  option  of  amortizing  future
  payments to the New York state teachers' retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 521 of the education law is amended by adding a new
subdivision 3 to read as follows:
  3. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  TO  THE  CONTRARY,  THE
BOARD  OF  EDUCATION  OF THE CITY SCHOOL DISTRICT OF THE CITY OF YONKERS
MAY ELECT TO PROVIDE FOR THE FINANCING  OF  A  CERTAIN  PORTION  OF  THE
CONTRIBUTIONS DUE FROM SUCH EMPLOYER PURSUANT TO THIS SECTION ON ACCOUNT
OF  PENSIONABLE COMPENSATION PAID BY SUCH EMPLOYER DURING THE PLAN YEARS
JULY FIRST, TWO THOUSAND ELEVEN THROUGH  JUNE  THIRTIETH,  TWO  THOUSAND
TWELVE  AND  JULY FIRST, TWO THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO
THOUSAND THIRTEEN IN ACCORDANCE WITH THE FOLLOWING PROVISIONS.
  A. THE BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE  CITY  OF
YONKERS  SHALL HAVE THE AUTHORITY TO ADOPT A BOND RESOLUTION AUTHORIZING
THE FINANCING OF THE PAYMENT OF A PORTION OF THE CONTRIBUTIONS DUE  FROM
SUCH  EMPLOYER  ON  ACCOUNT  OF  PENSIONABLE  COMPENSATION  PAID BY SUCH
EMPLOYER IN SUCH PLAN YEARS BY THE ISSUANCE OF BONDS WITHOUT  CONDUCTING
A  VOTE  ON  A  TAX TO BE COLLECTED IN INSTALLMENTS NOT EXTENDING BEYOND
FIFTEEN YEARS, PROVIDED  THE  ISSUANCE  OF  SUCH  OBLIGATIONS  OTHERWISE
COMPLIES WITH THE REQUIREMENTS OF THE LOCAL FINANCE LAW AND THIS CHAPTER
AND PROVIDED FURTHER THE AMOUNT OF BONDS ISSUED PURSUANT TO THIS AUTHOR-
ITY SHALL NOT IN THE AGGREGATE EXCEED ONE HUNDRED TWENTY-FIVE PER CENTUM
OF  THE  CONTRIBUTIONS  DUE FROM SUCH EMPLOYER ON ACCOUNT OF PENSIONABLE
COMPENSATION PAID DURING THE PLAN YEAR  JULY  FIRST,  TWO  THOUSAND  TEN
THROUGH  JUNE  THIRTIETH,  TWO  THOUSAND ELEVEN. FOR CITIES WITH A POPU-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09879-03-1

A. 8293                             2

LATION OF ONE HUNDRED TWENTY-FIVE THOUSAND OR MORE  BUT  LESS  THAN  ONE
MILLION,  SUCH  EMPLOYER  SHALL  HAVE THE AUTHORITY TO CONTRACT WITH THE
STATE DORMITORY AUTHORITY FOR THE  PURPOSES  OF  FINANCING  THE  PAYMENT
UNDER THIS SECTION.
  B.  THE PROCEEDS OF SUCH BOND ISSUANCE SHALL BE DEPOSITED BY THE BOARD
OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY  OF  YONKERS  IN  A
RETIREMENT  CONTRIBUTION RESERVE ACCOUNT ESTABLISHED PURSUANT TO SECTION
SIX-R OF THE GENERAL MUNICIPAL LAW AND SHALL BE APPLIED TO OFFSET  THOSE
CONTRIBUTIONS  DUE  FROM  SUCH  EMPLOYER  TO  THE  SYSTEM  ON ACCOUNT OF
PENSIONABLE COMPENSATION PAID DURING THE  PLAN  YEARS  JULY  FIRST,  TWO
THOUSAND  ELEVEN  THROUGH  JUNE  THIRTIETH, TWO THOUSAND TWELVE AND JULY
FIRST, TWO THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO THOUSAND THIRTEEN
AND PAID TO THE SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF  COMMON
SCHOOLS PURSUANT TO THIS SECTION AS FOLLOWS:
  (I)  SO  MUCH OF SUCH PROCEEDS SHALL BE APPLIED TO OFFSET THE CONTRIB-
UTIONS DUE FROM SUCH EMPLOYER ON  ACCOUNT  OF  PENSIONABLE  COMPENSATION
PAID  BY  SUCH  EMPLOYER  DURING  THE PLAN YEAR JULY FIRST, TWO THOUSAND
ELEVEN THROUGH JUNE THIRTIETH, TWO  THOUSAND  TWELVE  AND  PAID  TO  THE
SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF COMMON SCHOOLS PURSUANT
TO  THIS  SECTION, BUT IN NO EVENT SHALL THE OFFSET EXCEED THE AMOUNT BY
WHICH THE CONTRIBUTION OBLIGATION OF SUCH  EMPLOYER  EXCEEDS  EIGHT  AND
SIXTY-TWO  ONE  HUNDREDTHS  PER CENTUM OF SUCH PENSIONABLE COMPENSATION;
AND
  (II) THE REMAINDER OF SUCH PROCEEDS, IF ANY SHALL BE APPLIED TO OFFSET
THE CONTRIBUTIONS DUE FROM  SUCH  EMPLOYER  ON  ACCOUNT  OF  PENSIONABLE
COMPENSATION  PAID BY SUCH EMPLOYER DURING THE PLAN YEAR JULY FIRST, TWO
THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO THOUSAND THIRTEEN  AND  PAID
TO  THE  SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF COMMON SCHOOLS
PURSUANT TO THIS SECTION, BUT IN NO EVENT SHALL THE  OFFSET  EXCEED  THE
AMOUNT  BY  WHICH  THE  CONTRIBUTION  OBLIGATION OF THE EMPLOYER EXCEEDS
EIGHT AND SIXTY-TWO  ONE  HUNDREDTHS  PER  CENTUM  OF  SUCH  PENSIONABLE
COMPENSATION; AND
  (III) ANY BALANCE OF SUCH PROCEEDS, IF ANY REMAINING AFTER THE ACTIONS
PRESCRIBED  IN  SUBPARAGRAPHS  (I)  AND  (II) OF THIS PARAGRAPH SHALL BE
APPLIED TO OFFSET THE CONTRIBUTIONS DUE FROM SUCH EMPLOYER ON ACCOUNT OF
PENSIONABLE COMPENSATION PAID BY SUCH EMPLOYER DURING THE PLAN YEAR JULY
FIRST, TWO THOUSAND THIRTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND  FOUR-
TEEN,  USED  TO  OFFSET  DEBT  RESULTING  FROM THIS BOND ISSUANCE OR PAY
FUTURE EMPLOYER PENSION CONTRIBUTIONS.
  S 2. Paragraphs b and c of subdivision 1 of section 6-r of the general
municipal law, as added by chapter 260 of the laws of 2004, are  amended
to read as follows:
  b.  "Participating employer" means a participating employer as defined
in subdivision twenty of section two of the retirement and social  secu-
rity  law  or in subdivision twenty of section three hundred two of such
law OR THE BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY OF
YONKERS.
  c. "Retirement contribution" shall mean all  or  any  portion  of  the
amount  payable  by a municipal corporation to either the New York state
and local employees' retirement system or the New York state  and  local
police and fire retirement system pursuant to section seventeen or three
hundred  seventeen  of  the retirement and social security law OR TO THE
NEW YORK STATE TEACHERS' RETIREMENT SYSTEM  PURSUANT  TO  SECTIONS  FIVE
HUNDRED SEVENTEEN AND FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
  S  3.  Section 6-r of the general municipal law is amended by adding a
new subdivision 11 to read as follows:

A. 8293                             3

  11. A PARTICIPATING EMPLOYER WHICH HAS DEPOSITED  THE  PROCEEDS  OF  A
BOND  ISSUANCE  AUTHORIZED PURSUANT TO SUBDIVISION THREE OF SECTION FIVE
HUNDRED TWENTY-ONE OF THE EDUCATION LAW IS AUTHORIZED TO  WITHDRAW  SUCH
PROCEEDS  WHEN  BUT  ONLY  TO  THE EXTENT SUCH PROCEEDS HAVE BEEN OFFSET
AGAINST  THE  CONTRIBUTION  OBLIGATION  OF SUCH EMPLOYER TO THE NEW YORK
STATE TEACHERS' RETIREMENT SYSTEM AS PROVIDED IN SUCH SUBDIVISION.
  S 4. Section 1678 of the public authorities law is amended by adding a
new subdivision 26 to read as follows:
  26. TO ENTER INTO A CONTRACT OR CONTRACT WITH THE BOARD  OF  EDUCATION
OF  THE  CITY  SCHOOL DISTRICT OF THE CITY OF YONKERS FOR THE PURPOSE OF
FINANCING RETIREMENT  CONTRIBUTIONS  PAYMENTS  PURSUANT  TO  SUBDIVISION
THREE OF SECTION FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
  S 5. This act shall take effect immediately.
  FISCAL NOTE. -- This bill would amend Section 521 of the Education Law
to  allow the Board of Education of the city school district of the city
of Yonkers to finance a certain portion of the  contributions  due  from
such  employer  on  account  of  pensionable  compensation  paid by such
employer during the two plan years July 1, 2011 through  June  30,  2012
and July 1, 2012 through June 30, 2013. The Yonkers city school district
will  have  the  authority  to  adopt  a bond resolution authorizing the
financing of these contributions over a  period  not  to  extend  beyond
fifteen  years.  The  amount  of such bonds shall not exceed 125% of the
contributions due from such employer on account of  pensionable  compen-
sation paid during the plan year July 1, 2010 through June 30, 2011. The
proceeds  of  such  bond issuance shall be deposited by the Yonkers city
school district in a retirement contribution reserve account  and  shall
be  applied to offset contributions due from such employer to the System
on account of pensionable compensation paid during the plan  years  July
1, 2011 through June 20, 2012 and July 1, 2012 through June 30, 2013. In
no  event  shall  the offset exceed the amount by which the contribution
obligation of the Yonkers city school district  exceeds  8.62%  of  such
pensionable  compensation  paid  during  the  applicable plan years. Any
remaining balance of such  proceeds  shall  be  applied  to  offset  the
contributions  due  from  the Yonkers city school district on account of
pensionable compensation paid by such employer during the plan year July
1, 2013 through June 30, 2014, used to offset debt  resulting  from  the
bond issuance or pay future employer pension contributions.
  It  is estimated that there will be no annual cost to the employers of
members of the New York State Teachers' Retirement System, with  respect
to  additional  employer  contributions  to  the System, if this bill is
enacted. The annual actuarially  required  employer  contributions  will
continue  to  be  paid  in  full and on time to the Retirement System as
provided under current law. However, there will be bond-related expenses
for the Yonkers city school district to finance a  portion  of  employer
contributions through the issuance of bonds.
  The  source of this estimate is Fiscal Note 2011-58 dated June 9, 2011
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2011 Legislative Session.

co-Sponsors

2011-A8293A (ACTIVE) - Details

See Senate Version of this Bill:: S5752
Law Section:: Education Law
Laws Affected:: Amd §521, Ed L; amd §6-r, Gen Muni L; amd §1678, Pub Auth L

2011-A8293A (ACTIVE) - Summary

Allows the board of education of the city school district of the city of Yonkers the option of amortizing future payments to the New York state teachers' retirement system.

2011-A8293A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8293--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2011
                               ___________

Introduced  by  M. of A. SPANO, PRETLOW -- read once and referred to the
  Committee on Education -- committee discharged, bill amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the education law, the general municipal law and the
  public authorities law,  in  relation  to  allowing  the  city  school
  district  of  the  city  of  Yonkers  the  option of amortizing future
  payments to the New York state teachers' retirement system

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 521 of the education law is amended by adding a new
subdivision 3 to read as follows:
  3.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, THE
BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE  CITY  OF  YONKERS
MAY  ELECT  TO  PROVIDE  FOR  THE  FINANCING OF A CERTAIN PORTION OF THE
CONTRIBUTIONS DUE FROM SUCH EMPLOYER PURSUANT TO THIS SECTION ON ACCOUNT
OF PENSIONABLE COMPENSATION PAID BY SUCH EMPLOYER DURING THE PLAN  YEARS
JULY  FIRST,  TWO  THOUSAND  ELEVEN THROUGH JUNE THIRTIETH, TWO THOUSAND
TWELVE AND JULY FIRST, TWO THOUSAND TWELVE THROUGH JUNE  THIRTIETH,  TWO
THOUSAND THIRTEEN IN ACCORDANCE WITH THE FOLLOWING PROVISIONS.
  A.  THE  BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY OF
YONKERS SHALL HAVE THE AUTHORITY TO ADOPT A BOND RESOLUTION  AUTHORIZING
THE  FINANCING OF THE PAYMENT OF A PORTION OF THE CONTRIBUTIONS DUE FROM
SUCH EMPLOYER ON  ACCOUNT  OF  PENSIONABLE  COMPENSATION  PAID  BY  SUCH
EMPLOYER IN SUCH PLAN YEARS BY THE ISSUANCE OF BONDS, PROVIDED THE ISSU-
ANCE OF SUCH OBLIGATIONS OTHERWISE COMPLIES WITH THE REQUIREMENTS OF THE
LOCAL  FINANCE  LAW  AND THIS CHAPTER AND PROVIDED FURTHER THE AMOUNT OF
BONDS ISSUED PURSUANT TO THIS  AUTHORITY  SHALL  NOT  IN  THE  AGGREGATE
EXCEED  ONE HUNDRED TWENTY-FIVE PER CENTUM OF THE CONTRIBUTIONS DUE FROM
SUCH EMPLOYER ON ACCOUNT OF PENSIONABLE  COMPENSATION  PAID  DURING  THE
PLAN YEAR JULY FIRST, TWO THOUSAND TEN THROUGH JUNE THIRTIETH, TWO THOU-
SAND  ELEVEN.    SUCH  BOARD  OF  EDUCATION  SHALL HAVE THE AUTHORITY TO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09879-04-1

A. 8293--A                          2

CONTRACT WITH THE STATE DORMITORY AUTHORITY FOR THE PURPOSES OF  FINANC-
ING THE PAYMENT UNDER THIS SECTION.
  B.  THE PROCEEDS OF SUCH BOND ISSUANCE SHALL BE DEPOSITED BY THE BOARD
OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY  OF  YONKERS  IN  A
RETIREMENT  CONTRIBUTION RESERVE ACCOUNT ESTABLISHED PURSUANT TO SECTION
SIX-R OF THE GENERAL MUNICIPAL LAW AND SHALL BE APPLIED TO OFFSET  THOSE
CONTRIBUTIONS  DUE  FROM  SUCH  EMPLOYER  TO  THE  SYSTEM  ON ACCOUNT OF
PENSIONABLE COMPENSATION PAID DURING THE  PLAN  YEARS  JULY  FIRST,  TWO
THOUSAND  ELEVEN  THROUGH  JUNE  THIRTIETH, TWO THOUSAND TWELVE AND JULY
FIRST, TWO THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO THOUSAND THIRTEEN
AND PAID TO THE SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF  COMMON
SCHOOLS PURSUANT TO THIS SECTION AS FOLLOWS:
  (I)  SO  MUCH OF SUCH PROCEEDS SHALL BE APPLIED TO OFFSET THE CONTRIB-
UTIONS DUE FROM SUCH EMPLOYER ON  ACCOUNT  OF  PENSIONABLE  COMPENSATION
PAID  BY  SUCH  EMPLOYER  DURING  THE PLAN YEAR JULY FIRST, TWO THOUSAND
ELEVEN THROUGH JUNE THIRTIETH, TWO  THOUSAND  TWELVE  AND  PAID  TO  THE
SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF COMMON SCHOOLS PURSUANT
TO  THIS  SECTION, BUT IN NO EVENT SHALL THE OFFSET EXCEED THE AMOUNT BY
WHICH THE CONTRIBUTION OBLIGATION OF SUCH  EMPLOYER  EXCEEDS  EIGHT  AND
SIXTY-TWO  ONE  HUNDREDTHS  PER CENTUM OF SUCH PENSIONABLE COMPENSATION;
AND
  (II) THE REMAINDER OF SUCH PROCEEDS, IF ANY SHALL BE APPLIED TO OFFSET
THE CONTRIBUTIONS DUE FROM  SUCH  EMPLOYER  ON  ACCOUNT  OF  PENSIONABLE
COMPENSATION  PAID BY SUCH EMPLOYER DURING THE PLAN YEAR JULY FIRST, TWO
THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO THOUSAND THIRTEEN  AND  PAID
TO  THE  SYSTEM FROM THE APPROPRIATION FOR THE SUPPORT OF COMMON SCHOOLS
PURSUANT TO THIS SECTION, BUT IN NO EVENT SHALL THE  OFFSET  EXCEED  THE
AMOUNT  BY  WHICH  THE  CONTRIBUTION  OBLIGATION OF THE EMPLOYER EXCEEDS
EIGHT AND SIXTY-TWO  ONE  HUNDREDTHS  PER  CENTUM  OF  SUCH  PENSIONABLE
COMPENSATION; AND
  (III) ANY BALANCE OF SUCH PROCEEDS, IF ANY REMAINING AFTER THE ACTIONS
PRESCRIBED  IN  SUBPARAGRAPHS  (I)  AND  (II) OF THIS PARAGRAPH SHALL BE
APPLIED TO OFFSET THE CONTRIBUTIONS DUE FROM SUCH EMPLOYER ON ACCOUNT OF
PENSIONABLE COMPENSATION PAID BY SUCH EMPLOYER DURING THE PLAN YEAR JULY
FIRST, TWO THOUSAND THIRTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND  FOUR-
TEEN,  USED  TO  OFFSET  DEBT  RESULTING  FROM THIS BOND ISSUANCE OR PAY
FUTURE EMPLOYER PENSION CONTRIBUTIONS.
  S 2. Paragraphs b and c of subdivision 1 of section 6-r of the general
municipal law, as added by chapter 260 of the laws of 2004, are  amended
to read as follows:
  b.  "Participating employer" means a participating employer as defined
in subdivision twenty of section two of the retirement and social  secu-
rity  law  or in subdivision twenty of section three hundred two of such
law OR THE BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY OF
YONKERS.
  c. "Retirement contribution" shall mean all  or  any  portion  of  the
amount  payable  by a municipal corporation to either the New York state
and local employees' retirement system or the New York state  and  local
police and fire retirement system pursuant to section seventeen or three
hundred  seventeen  of  the retirement and social security law OR TO THE
NEW YORK STATE TEACHERS' RETIREMENT SYSTEM  PURSUANT  TO  SECTIONS  FIVE
HUNDRED SEVENTEEN AND FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
  S  3.  Section 6-r of the general municipal law is amended by adding a
new subdivision 11 to read as follows:
  11. A PARTICIPATING EMPLOYER WHICH HAS DEPOSITED  THE  PROCEEDS  OF  A
BOND  ISSUANCE  AUTHORIZED PURSUANT TO SUBDIVISION THREE OF SECTION FIVE

A. 8293--A                          3

HUNDRED TWENTY-ONE OF THE EDUCATION LAW IS AUTHORIZED TO  WITHDRAW  SUCH
PROCEEDS  WHEN  BUT  ONLY  TO  THE EXTENT SUCH PROCEEDS HAVE BEEN OFFSET
AGAINST THE CONTRIBUTION OBLIGATION OF SUCH EMPLOYER  TO  THE  NEW  YORK
STATE TEACHERS' RETIREMENT SYSTEM AS PROVIDED IN SUCH SUBDIVISION.
  S 4. Section 1678 of the public authorities law is amended by adding a
new subdivision 26 to read as follows:
  26.  TO  ENTER INTO A CONTRACT OR CONTRACT WITH THE BOARD OF EDUCATION
OF THE CITY SCHOOL DISTRICT OF THE CITY OF YONKERS FOR  THE  PURPOSE  OF
FINANCING  RETIREMENT  CONTRIBUTIONS  PAYMENTS  PURSUANT  TO SUBDIVISION
THREE OF SECTION FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
  S 5. This act shall take effect immediately.
  FISCAL NOTE.--This bill would amend Section 521 of the  Education  Law
to  allow the Board of Education of the city school district of the city
of Yonkers to finance a certain portion of the  contributions  due  from
such  employer  on  account  of  pensionable  compensation  paid by such
employer during the two plan years July 1, 2011 through  June  30,  2012
and July 1, 2012 through June 30, 2013. The Yonkers city school district
will  have  the  authority  to  adopt  a bond resolution authorizing the
financing of these contributions over a  period  not  to  extend  beyond
fifteen  years.  The  amount  of such bonds shall not exceed 125% of the
contributions due from such employer on account of  pensionable  compen-
sation paid during the plan year July 1, 2010 through June 30, 2011. The
proceeds  of  such  bond issuance shall be deposited by the Yonkers city
school district in a retirement contribution reserve account  and  shall
be  applied to offset contributions due from such employer to the System
on account of pensionable compensation paid during the plan  years  July
1, 2011 through June 20, 2012 and July 1, 2012 through June 30, 2013. In
no  event  shall  the offset exceed the amount by which the contribution
obligation of the Yonkers city school district  exceeds  8.62%  of  such
pensionable  compensation  paid  during  the  applicable plan years. Any
remaining balance of such  proceeds  shall  be  applied  to  offset  the
contributions  due  from  the Yonkers city school district on account of
pensionable compensation paid by such employer during the plan year July
1, 2013 through June 30, 2014, used to offset debt  resulting  from  the
bond issuance or pay future employer pension contributions.
  It  is estimated that there will be no annual cost to the employers of
members of the New York State Teachers' Retirement System, with  respect
to  additional  employer  contributions  to  the System, if this bill is
enacted. The annual actuarially  required  employer  contributions  will
continue  to  be  paid  in  full and on time to the Retirement System as
provided under current law. However, there will be bond-related expenses
for the Yonkers city school district to finance a  portion  of  employer
contributions through the issuance of bonds.
  The  source of this estimate is Fiscal Note 2011-58 dated June 9, 2011
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2011 Legislative Session.

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Assembly Bill A8293A

Sponsored By

Archive: Last Bill Status - Stricken

Actions

Bill Amendments

co-Sponsors

2011-A8293 - Details

2011-A8293 - Summary

2011-A8293 - Bill Text download pdf

co-Sponsors

2011-A8293A (ACTIVE) - Details

2011-A8293A (ACTIVE) - Summary

2011-A8293A (ACTIVE) - Bill Text download pdf

Comments

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Assembly Bill A8293A

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Sponsored By

SPANO

Archive: Last Bill Status - Stricken

Actions

Bill Amendments

co-Sponsors

J. Gary Pretlow

2011-A8293 - Details

2011-A8293 - Summary

2011-A8293 - Bill Text download pdf

co-Sponsors

J. Gary Pretlow

2011-A8293A (ACTIVE) - Details

2011-A8293A (ACTIVE) - Summary

2011-A8293A (ACTIVE) - Bill Text download pdf

Comments