assembly Bill A5525

2015-2016 Legislative Session

Authorizes the state and certain local governments to establish other post employment benefits (OPEB) trusts

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to governmental employees
May 19, 2015 reported referred to ways and means
Feb 26, 2015 referred to governmental employees

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Multi-Sponsors

A5525 - Details

Law Section:
State Finance Law
Laws Affected:
Add §97-llll, St Fin L; add §169, Civ Serv L; add §6-t, amd §6-p, Gen Muni L

A5525 - Summary

Authorizes the state and certain local governments to establish other post employment benefits (OPEB) trusts; establishes the other post employment benefits (OPEB) investment fund.

A5525 - Bill Text download pdf

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

                                  5525

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 26, 2015
                               ___________

Introduced  by  M. of A. ABBATE -- (at request of the State Comptroller)
  -- read once and referred to the Committee on Governmental Employees

AN ACT to amend the state finance law, the civil  service  law  and  the
  general  municipal  law,  in  relation  to  authorizing  the state and
  certain local governments to establish other post employment  benefits
  (OPEB)  trusts  and  establishing  the  other post employment benefits
  (OPEB) investment fund

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

  Section  1.  The  state finance law is amended by adding a new section
97-llll to read as follows:
  S 97-LLLL. OTHER POST EMPLOYMENT BENEFITS ("OPEB") INVESTMENT FUND. 1.
THERE IS HEREBY ESTABLISHED IN THE SOLE CUSTODY OF THE STATE COMPTROLLER
A SPECIAL INVESTMENT FUND TO BE KNOWN AS THE OTHER POST EMPLOYMENT BENE-
FITS INVESTMENT FUND.
  2. FOR PURPOSES OF THIS SECTION:
  (A) "FUND" SHALL MEAN THE OTHER POST  EMPLOYMENT  BENEFITS  INVESTMENT
FUND CREATED BY THIS SECTION;
  (B) "COMPTROLLER" SHALL MEAN THE STATE COMPTROLLER;
  (C) "STATE" SHALL MEAN THE STATE OF NEW YORK;
  (D)  "LOCAL  GOVERNMENT"  SHALL  HAVE THE SAME MEANING AS SET FORTH IN
PARAGRAPH (A) OF SUBDIVISION ONE OF SECTION SIX-T OF THE GENERAL MUNICI-
PAL LAW;
  (E) "OTHER PUBLIC CORPORATION" SHALL MEAN ANY PUBLIC CORPORATION OTHER
THAN A LOCAL GOVERNMENT THAT IS AUTHORIZED TO ESTABLISH  AN  IRREVOCABLE
TRUST; AND
  (F)  "PARTICIPATING TRUSTEE" SHALL MEAN THE TRUSTEE FOR THE STATE, AND
THE TRUSTEE FOR ANY LOCAL GOVERNMENT OR  ANY  OTHER  PUBLIC  CORPORATION
THAT INVESTS MONEYS IN THE FUND PURSUANT TO THIS SECTION.
  3. THE FUND SHALL CONSIST OF ALL MONEYS PAID TO THE COMPTROLLER BY THE
STATE  PURSUANT  TO  SECTION ONE HUNDRED SIXTY-NINE OF THE CIVIL SERVICE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03005-02-5

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