Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to education |
Jun 14, 2011 |
referred to rules |
Senate Bill S5752
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Education 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
co-Sponsors
(D, WF) 35th Senate District
2011-S5752 (ACTIVE) - Details
- Current Committee:
- Senate Education
- Law Section:
- Education Law
- Laws Affected:
- Amd §521, Ed L; amd §6-r, Gen Muni L; amd §1678, Pub Auth L
2011-S5752 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5752 TITLE OF BILL: 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 PURPOSE: Allows the Yonkers city school district the option of amortizing future payments to the New York state teachers' retirement system for a certain period of time. SUMMARY OF PROVISIONS: Section 1. Section 521 of the Education Law is amended by adding a new subdivision 3 to authorize the City of Yonkers School District to elect to provide for the financing of a certain portion of their employee pension contributions due during the retirement plan years July 1, 2011 through June 30, 2012 and July 1, 2012 through June 30, 2013 under the following conditions: a. The board of education of such Yonkers City School district shall have the authority to adopt a bond resolution authorizing the
2011-S5752 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5752 2011-2012 Regular Sessions I N S E N A T E June 14, 2011 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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. LBD09879-05-1
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