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Assembly Bill A11082

2017-2018 Legislative Session

Authorizes school districts to establish reserve funds for the payment of their contributions to the New York state teachers' retirement system

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2017-A11082 (ACTIVE) - Details

See Senate Version of this Bill:
S762
Law Section:
Education Law
Laws Affected:
Amd §3651, Ed L
Versions Introduced in Other Legislative Sessions:
2013-2014: S2645
2015-2016: S1912

2017-A11082 (ACTIVE) - Summary

Authorizes school districts to establish reserve funds for the payment of their contributions to the New York state teachers' retirement system.

2017-A11082 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11082
 
                           I N  A S S E M B L Y
 
                               June 4, 2018
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Jenne) --
   read once and referred to the Committee on Education
 
 AN ACT to amend the education law, in  relation  to  authorizing  school
   districts  to establish reserve funds for the payment of contributions
   to 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.  Section  3651 of the education law is amended by adding a
 new subdivision 1-c to read as follows:
   1-C.  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBDIVISION  ONE  OF  THIS
 SECTION,  ANY  SCHOOL  DISTRICT  MAY  ESTABLISH  A  RESERVE FUND FOR THE
 PAYMENT OF THE DISTRICT'S CONTRIBUTIONS TO THE NEW YORK STATE  TEACHERS'
 RETIREMENT  SYSTEM,  PURSUANT TO ARTICLE ELEVEN OF THIS CHAPTER, WITHOUT
 APPROVAL BY THE QUALIFIED VOTERS OF  THE  DISTRICT;  PROVIDED,  HOWEVER,
 THAT  THE TOTAL OF THE MONIES HELD IN SUCH RESERVE FUND SHALL NOT EXCEED
 THAT AMOUNT WHICH IS REASONABLY DEEMED NECESSARY TO MEET  SUCH  CONTRIB-
 UTIONS.
   § 2. This act shall take effect immediately.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00337-01-7

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