Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to governmental employees |
Jan 09, 2013 |
referred to governmental employees |
Assembly Bill A1292
2013-2014 Legislative Session
Sponsored By
ZEBROWSKI
Archive: Last Bill Status - In Assembly 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
Ellen C. Jaffee
2013-A1292 (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §19-a, R & SS L; amd §6-r, Gen Muni L
- Versions Introduced in 2011-2012 Legislative Session:
-
A8353
2013-A1292 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1292 2013-2014 Regular Sessions I N A S S E M B L Y (PREFILED) January 9, 2013 ___________ Introduced by M. of A. ZEBROWSKI, JAFFEE -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law and the general municipal law, in relation to authorizing the adoption of a bond resolution in connection with payments to a retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subdivision d of section 19-a of the retire- ment and social security law, as added by section 1 of part TT of chap- ter 57 of the laws of 2010, is amended and a new paragraph 4 is added to read as follows: (1) For any given fiscal year for which an employer's average actuari- al contribution rate exceeds the system graded contribution rate, the employer shall pay to the retirement system an amount equal to the employer's annual bill for such year or, in lieu of paying the entire annual bill, the employer may pay an amount equal to the employer's annual bill less all or a portion of the employer's amount eligible for amortization for the fiscal year. If in accordance with this paragraph the employer's payment to the retirement system is less than the entire amount of the employer's annual bill, then the difference between the employer's annual bill, and the amount actually paid by the employer to the retirement system exclusive of any amount from the employer contrib- ution reserve fund applied to reduce the employer's payment, shall be the amount amortized for the fiscal year. The amount amortized for the fiscal year shall EITHER be paid to the retirement system in equal annu- al installments over a ten-year period, with interest on the unpaid balance at a rate determined by the comptroller which approximates a market rate of return on taxable fixed rate securities with similar terms issued by comparable issuers, and with the first installment due in the immediately succeeding fiscal year OR SHALL BE PAID TO THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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