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

                                  1989

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 13, 2015
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee 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 4 to read as follows:
  4. 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 FIFTEEN THROUGH JUNE  THIRTIETH,  TWO  THOUSAND
SIXTEEN AND JULY FIRST, TWO THOUSAND SIXTEEN THROUGH JUNE THIRTIETH, TWO
THOUSAND SEVENTEEN 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 FOURTEEN THROUGH JUNE THIRTIETH, TWO
THOUSAND FIFTEEN.  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.
                                                           LBD05483-01-5

              

A. 1989                             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  FIFTEEN  THROUGH JUNE THIRTIETH, TWO THOUSAND SIXTEEN AND JULY
FIRST, TWO THOUSAND SIXTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND  SEVEN-
TEEN  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
FIFTEEN  THROUGH  JUNE  THIRTIETH,  TWO THOUSAND SIXTEEN 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  PENSIONA-
BLE  COMPENSATION PAID BY SUCH EMPLOYER DURING THE PLAN YEAR JULY FIRST,
TWO THOUSAND SIXTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND SEVENTEEN  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  PENSIONA-
BLE 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 SEVENTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND
EIGHTEEN, 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 FOUR  OF  SECTION  FIVE

A. 1989                             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 29 to read as follows:
  29.  TO ENTER INTO A CONTRACT OR CONTRACTS 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 FOUR
OF SECTION FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
  S 5. This act shall take effect immediately.