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Senate Bill S9163

2017-2018 Legislative Session

Increases the maximum contribution under a defined contribution plan service award

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2017-S9163 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
General Municipal Law
Laws Affected:
Amd §218, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7618
2015-2016: S2110
2019-2020: S4207

2017-S9163 (ACTIVE) - Summary

Increases the maximum contribution under a defined contribution plan service award from $700 to $2,100.

2017-S9163 (ACTIVE) - Sponsor Memo

2017-S9163 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9163
 
                             I N  S E N A T E
 
                            September 12, 2018
                                ___________
 
 Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the general municipal law, in relation to increasing the
   maximum contribution under a defined contribution plan service award
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision  (b)  of section 218 of the general municipal
 law, as amended by chapter 452 of the laws of 2004, is amended  to  read
 as follows:
   (b) The sponsor of a defined contribution plan shall contribute to the
 plan a fixed amount of money, as determined by the sponsor, on behalf of
 each participant who is credited with a year of service. The minimum and
 maximum  contribution  requirements  for  a defined contribution service
 award program shall be as follows. The minimum contribution shall be one
 hundred twenty dollars per year of  service.  The  maximum  contribution
 shall  be  [seven]  TWENTY-ONE  hundred dollars per year of service. The
 maximum number of years of service for which a participant may receive a
 contribution shall be forty years. The sponsor shall appropriate annual-
 ly an amount sufficient to pay the contributions.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16534-01-8

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