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Senate Bill S2110

2015-2016 Legislative Session

Increases the maximum contribution under a defined contribution plan service award

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2015-S2110 (ACTIVE) - Details

See Assembly Version of this Bill:
A3040
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd ยง218, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7618, A9705
2017-2018: S9163
2019-2020: S4207

2015-S2110 (ACTIVE) - Summary

Increases the maximum contribution under a defined contribution plan service award from $700 to $2,100.

2015-S2110 (ACTIVE) - Sponsor Memo

2015-S2110 (ACTIVE) - Bill Text download pdf 

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

    S. 2110                                                  A. 3040

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 21, 2015
                               ___________

IN  SENATE  --  Introduced  by  Sens.  LAVALLE,  CROCI -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local Government

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Local Governments

AN ACT to amend the general municipal law, in relation to increasing the
  maximum contribution under a defined contribution plan service award

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

  Section  1.  Subdivision  (b)  of section 218 of the general municipal
law, as amended by chapter 452 of the laws of 2004, is amended  to  read
as follows:
  (b) The sponsor of a defined contribution plan shall contribute to the
plan a fixed amount of money, as determined by the sponsor, on behalf of
each participant who is credited with a year of service. The minimum and
maximum  contribution  requirements  for  a defined contribution service
award program shall be as follows. The minimum contribution shall be one
hundred twenty dollars per year of  service.  The  maximum  contribution
shall  be  [seven]  TWENTY-ONE  hundred dollars per year of service. The
maximum number of years of service for which a participant may receive a
contribution shall be forty years. The sponsor shall appropriate annual-
ly an amount sufficient to pay the contributions.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02403-01-5

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