NY State Senate Bill 2013-S6684

Senate Bill S6684

2013-2014 Legislative Session

Provides that the board of any deferred compensation plan established by NYC shall include an equal number of employer and union representatives

download bill text pdf

Archive: Last Bill Status - In Senate Committee Rules 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

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 20, 2014	recommitted to rules
Jun 09, 2014	ordered to third reading cal.1216 committee discharged and committed to rules
Feb 27, 2014	referred to finance

Votes

- Jun 9, 2014 - Rules Committee Vote
  S6684
  
  24
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 9, 2014
      
      aye (24)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      Dilan
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Krueger
      
      LaValle
      
      Larkin
      
      Libous
      
      Little
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Perkins
      
      Seward
      
      Skelos
      
      Stewart-Cousins
      
      Valesky
      
      excused (1)
      
      Hassell-Thompson

2013-S6684 (ACTIVE) - Details

See Assembly Version of this Bill:: A8752
Current Committee:: Senate Rules
Law Section:: State Finance Law
Laws Affected:: Amd §5, St Fin L

2013-S6684 (ACTIVE) - Summary

Provides that the board of any deferred compensation plan established by NYC shall include an equal number of employer and union representatives; any act of the board shall be approved by a majority of the members with concurrence of one union and one employer representative.

2013-S6684 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S6684

TITLE OF BILL:  An act to amend the state finance law, in relation to
establishing employee representative participation on the city of New
York deferred compensation plan board

PURPOSE OR GENERAL IDEA OF BILL:

This bill intends to provide employee input into the New York City
deferred compensation plan administration.

SUMMARY OF SPECIFIC PROVISIONS:

This legislation would require equal union and employer representation
on the board of the deferred compensation plan established by the city
of New York.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER:

The New York City Deferred Compensation Board is comprised of three
members. This bill expands board membership to include employee
representation.

JUSTIFICATION:

The New York City deferred compensation is solely comprised of

employer representatives. The function of this board is to determine
the rules and regulations regarding the standards and requirements of
the City's compensation plan, a role which includes the designation of
the financial institutions in which participants may invest, The
board's composition, does not require representatives from the parties
impacted by any board decision -- the employees.

This legislation would update the Chapter Laws of 1982 so as to
incorporate both employee and employer perspectives into the
decision-making process. The equal representation between employees
and employers on the board will ensure that the New York City Deferred
Compensation Board plan is striving to meet the needs of plan
participants. In that deferred compensation plan is Comprised of
assets held for exclusive benefit of employees, in an effort to ensure
the long-term financial security of many employees, in an effort to
ensure the employee representation on the Deferred Compensation Board
is not only justifiable, but fundamental.

PRIOR LEGISLATIVE HISTORY:

A8282 of 1999
A6867 of 2013

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None

EFFECTIVE DATE:

This act shall take effect immediately.

2013-S6684 (ACTIVE) - Bill Text download pdf

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

                                  6684

                            I N  S E N A T E

                            February 27, 2014
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state  finance  law,  in  relation  to  establishing
  employee representative participation on the city of New York deferred
  compensation plan board

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

  Section 1. Subdivision 5 of section 5  of the state  finance  law,  as
amended by chapter 768 of the laws of 1984, is amended as follows:
  5.  Should  a public employer elect to provide or elect to participate
in a deferred compensation plan  for  employees  otherwise  eligible  to
participate  in the plan, employees in a negotiating unit represented by
an employee organization which negotiates pursuant to  article  fourteen
of the civil service law shall not be permitted to participate under the
provisions  of  this  section  until  such time as such participation is
authorized pursuant to a collectively negotiated agreement  between  the
public  employer  and the employee organization; provided, however, that
the public employer need only negotiate whether or  not  such  employees
shall be included in such plan.  NOTWITHSTANDING THE OTHER PROVISIONS OF
THIS SECTION, THE BOARD OF ANY DEFERRED COMPENSATION PLAN ESTABLISHED BY
THE CITY OF NEW YORK SHALL INCLUDE AN EQUAL NUMBER OF EMPLOYER AND UNION
REPRESENTATIVES.    THE  UNION  REPRESENTATIVES SHALL BE SELECTED BY THE
CHAIR OF THE MUNICIPAL LABOR COMMITTEE AS THAT TERM IS DEFINED BY SUBDI-
VISION K OF SECTION 12-303 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW
YORK. ANY ACT OF THE BOARD SHALL  BE APPROVED BY A MAJORITY OF  MEMBERS.
THE  CONCURRENCE  OF ONE UNION REPRESENTATIVE AND ONE EMPLOYER REPRESEN-
TATIVE SHALL BE NECESSARY FOR ANY ACT OF SUCH BOARD.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10427-02-3

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