Senate Bill S1244

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

                                  1244

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 9, 2015
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT in relation to authorizing the board of  cooperative  educational
  services  of  Nassau  County  to maintain funds in an employee benefit
  accrued liability reserve fund

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

  Section  1.  Notwithstanding any other provision of law to the contra-
ry, the board of cooperative educational services of  Nassau  county  is
hereby  authorized  to  maintain  funds  in  an employee benefit accrued
liability reserve fund created pursuant to the provisions of section 6-p
of the general municipal law which are in excess of the  sum  sufficient
to  pay  all liabilities incurred or accrued against it for the purposes
authorized pursuant  to  section  6-p  of  the  general  municipal  law.
Notwithstanding  any other provision of law to the contrary, such excess
funds may be retained and expended for the payment of other post-employ-
ment benefits, except pensions or other benefits funded through a public
retirement system, provided pursuant to state statute, local  enactment,
contract  or  other  unlawful authority to former or current officers or
employees or their families or beneficiaries after service at the  board
of  cooperative  educational  services  of  Nassau county has ended such
post-employment benefits shall include but not be limited to health care
benefits.
  The chief fiscal officer  of  the  board  of  cooperative  educational
services  of  Nassau county shall account for such excess funds retained
pursuant to this act separate and apart from all other funds retained in
the employee benefit accrued liability  reserve  fund.  Such  accounting
shall  show:  the  source, the date and amount of each sum paid into the
employee benefit accrued liability reserve fund  which  were  excess  of
liabilities  needed  to  fulfill  the  provisions  of section 6-p of the
general municipal law; the interest earned by such funds; capital  gains

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05235-01-5
              

S. 1244                             2

or  losses  resulting  from  the sale of investments of these funds; the
order, purpose thereof, date and amount of each payment of these  excess
funds; a cash balance of excess funds and a schedule of investments. The
chief  fiscal officer, within sixty days of the end of each fiscal year,
shall furnish a detailed report of the operation and condition of  these
excess  funds  to the governing board of the board of cooperative educa-
tional services of Nassau county and  the  office  of  the  state  comp-
troller.
  Any  funds which have been retained by the board of cooperative educa-
tional services of Nassau county for the purpose of funding other  post-
employment  benefits  as  defined  by this act at any point prior to the
effective date of this act may continue to be retained in  a  manner  as
prescribed by this act.
  S 2. This act shall take effect immediately.