senate Bill S4907

Vetoed By Governor
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

Sponsored By

Archive: Last Bill Status Via A6867 - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

do you support this bill?

Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 27, 2013 tabled
vetoed memo.216
Sep 16, 2013 delivered to governor
Jun 21, 2013 returned to assembly
passed senate
home rule request
Jun 20, 2013 3rd reading cal.1560
substituted for s4907
Jun 20, 2013 substituted by a6867
ordered to third reading cal.1560
committee discharged and committed to rules
May 01, 2013 referred to finance

Votes

view votes

S4907 - Bill Details

See Assembly Version of this Bill:
A6867
Law Section:
State Finance Law
Laws Affected:
Amd ยง5, St Fin L

S4907 - Bill Texts

view 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.

view sponsor memo
BILL NUMBER:S4907

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

SUMMARY OF 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.

CURRENT LAW: 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.

LEGISLATIVE HISTORY: A8282 of 1999

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4907

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 1, 2013
                               ___________

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.