Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 23, 2016 |
referred to civil service and pensions |
Senate Bill S6792
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2015-S6792 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6931
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Education Law
- Laws Affected:
- Add §3653, Ed L
2015-S6792 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6792 TITLE OF BILL : An act to amend the education law, in relation to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system PURPOSE OF THE BILL : This bill would permit participating employers of the New York State Teachers' Retirement System to establish a retirement contribution reserve fund. SUMMARY AND JUSTIFICATION : The importance of local school districts and NYSTRS employers to fully fund their actuarially required contributions to the System is critical to the long term viability of the Retirement System. Beginning in 2004, downturns in the capital markets caused required employer contributions to the public employee retirement systems in the state, which had been at historically low levels, to increase, sometimes quite markedly. The New York Legislature responded in several ways, one of which was to allow employers to prepare for future contribution increases by establishing a retirement contribution reserve fund, but only with respect to contributions for the New York State and Local Employees' Retirement System ("ERS") and the New York State and Local Police and Fire Retirement System
2015-S6792 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6792 I N S E N A T E February 23, 2016 ___________ Introduced by Sen. MARCELLINO -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the education law, in relation to a retirement contrib- ution reserve fund for the purposes of 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. The education law is amended by adding a new section 3653 to read as follows: S 3653. RETIREMENT CONTRIBUTION RESERVE FUND. 1. THE BOARD OF EDUCA- TION OR TRUSTEES OF A PARTICIPATING EMPLOYER MAY, BY RESOLUTION, ESTAB- LISH A RETIREMENT CONTRIBUTION RESERVE FUND FOR THE PURPOSE OF OFFSET- TING EMPLOYER CONTRIBUTIONS TO THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM AND PAYABLE PURSUANT TO THIS CHAPTER. 2. THERE MAY BE PAID INTO A RETIREMENT CONTRIBUTION RESERVE FUND: A. SUCH AMOUNTS AS MAY BE PROVIDED THEREFOR BY BUDGETARY APPROPRIATION OR RAISED BY TAX THEREFOR; B. SUCH REVENUES AS ARE NOT REQUIRED BY LAW TO BE PAID INTO ANY OTHER FUND OR ACCOUNT; C. SUCH OTHER FUNDS AS MAY BE LEGALLY APPROPRIATED; AND D. NOTWITHSTANDING ANY LAW TO THE CONTRARY, SUCH AMOUNTS AS MAY BE TRANSFERRED FROM A RESERVE FUND ESTABLISHED PURSUANT TO SECTION SIX-C, SIX-D, SIX-E, SIX-F OR SIX-G OF THE GENERAL MUNICIPAL LAW COMPRISED OF MONEYS RAISED FROM THE SAME TAX BASE AS THE MONEYS IN THE RETIREMENT CONTRIBUTION RESERVE FUND, OR A RESERVE FUND ESTABLISHED PURSUANT TO SECTION THIRTY-SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, PROVIDED THAT ANY SUCH TRANSFER SHALL ONLY BE MADE BY RESOLUTION OF THE BOARD OF EDUCATION OR TRUSTEES OF SUCH EMPLOYER ADOPTED AFTER A PUBLIC HEARING HELD ON AT LEAST FIFTEEN DAYS PRIOR PUBLISHED NOTICE IN AT LEAST ONE NEWSPAPER HAVING GENERAL CIRCULATION IN THE SCHOOL DISTRICT OF THE EMPLOYER. 3. FOR PURPOSES OF THIS SECTION: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09379-03-6
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