Senate Bill S6792

2015-2016 Legislative Session

Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system

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Sponsored By

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

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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) - Summary

Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system.

2015-S6792 (ACTIVE) - Sponsor Memo

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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