senate Bill S5111A

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 Senate Finance 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to finance
Jun 04, 2015 print number 5111a
Jun 04, 2015 amend and recommit to finance
May 01, 2015 referred to finance

S5111 - 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

S5111 - 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.

S5111 - Sponsor Memo

S5111 - Bill Text download pdf

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

                                  5111

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 1, 2015
                               ___________

Introduced by Sen. MARCHIONE -- (at request of the State Comptroller) --
  read  twice  and  ordered printed, and when printed to be committed to
  the Committee on Finance

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.

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

S5111A (ACTIVE) - 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

S5111A (ACTIVE) - 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.

S5111A (ACTIVE) - Sponsor Memo

S5111A (ACTIVE) - Bill Text download pdf

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

                                 5111--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 1, 2015
                               ___________

Introduced by Sen. MARCHIONE -- (at request of the State Comptroller) --
  read  twice  and  ordered printed, and when printed to be committed to
  the Committee  on  Finance  --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03005-05-5

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