Senate Bill S8497

Signed By Governor
2017-2018 Legislative Session

Relates to using excess basic or additional member contributions to offset any deficits in such other contribution account

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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2017-S8497 (ACTIVE) - Details

See Assembly Version of this Bill:
A10696
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd R & SS L, generally

2017-S8497 (ACTIVE) - Summary

Relates to amending the contribution provisions applicable to certain special plans to allow using any excess basic or additional member contributions to offset any deficits in such other contribution account prior to the date of retirement.

2017-S8497 (ACTIVE) - Sponsor Memo

2017-S8497 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8497
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security law, in  relation  to
   amending  the  contribution  provisions applicable to certain New York
   City Employees' Retirement System (NYCERS) Special  Plans  subject  to
   Retirement  and Social Security Law (RSSL) Articles 14 and 15 to allow
   using any excess basic or additional member  contributions  to  offset
   any  deficits  in  such  other  contribution  account prior to date of
   retirement
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (i) of paragraph 8 of subdivision e of section
 504-a  of  the retirement and social security law, as amended by chapter
 467 of the laws of 2017, is amended to read as follows:
   (i) Such additional member contributions (and  any  interest  thereon)
 shall  be paid into the contingent reserve fund of the retirement system
 of which the participant is a member and shall not for  any  purpose  be
 deemed  to  be  member  contributions  or accumulated contributions of a
 member under section five hundred seventeen of this article or otherwise
 while he or she is a participant in the twenty-year  retirement  program
 or  otherwise, except that, [upon the participant's separation from city
 service as a result of retirement,] a surplus of such additional  member
 contributions  that  are  paid  into  the retirement system's contingent
 reserve fund may be used for the sole purpose of offsetting a deficit of
 basic member contributions.
   § 2. Subparagraph (i) of paragraph 12  of  subdivision  e  of  section
 504-b  of  the retirement and social security law, as amended by chapter
 467 of the laws of 2017, is amended to read as follows:
   (i) All additional member contributions required by  this  subdivision
 (and  any  interest thereon) which are received by the retirement system
 of which the participant is a member shall be paid into  its  contingent
 reserve  fund  and  shall  not  for  any  purpose be deemed to be member
 contributions or accumulated contributions of  a  member  under  section
 five hundred seventeen of this article or otherwise while he or she is a
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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