NY State Assembly Bill 2017-A7353A

Assembly Bill A7353A

2017-2018 Legislative Session

Relates to allowing certain school districts and BOCES to establish a retirement contribution reserve fund for the purposes of the NYS teachers' retirement system

download bill text pdf

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 16, 2018	referred to civil service and pensions delivered to senate passed assembly
May 10, 2018	advanced to third reading cal.871
May 08, 2018	reported
Apr 25, 2018	reported referred to ways and means
Feb 14, 2018	print number 7353b
Feb 14, 2018	amend and recommit to education
Jan 03, 2018	referred to education returned to assembly died in senate
Jun 20, 2017	referred to rules delivered to senate passed assembly ordered to third reading rules cal.545 rules report cal.545 reported
Jun 13, 2017	reported referred to rules
Jun 06, 2017	reported referred to ways and means
Apr 27, 2017	print number 7353a
Apr 27, 2017	amend and recommit to education
Apr 24, 2017	referred to education

Bill Amendments

Original

B (Active)

co-Sponsors

2017-A7353 - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: General Municipal Law
Laws Affected:: Amd §6-r, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:: A5759

2017-A7353 - Summary

Relates to allowing certain school districts and BOCES to establish a retirement contribution reserve fund for the purposes of the NYS teachers' retirement system.

2017-A7353 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7353
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by  M.  of A. BUCHWALD, NOLAN -- (at request of the New York
   State Teachers' Retirement System) -- read once and  referred  to  the
   Committee on Education
 
 AN  ACT  to  amend  the  general  municipal law, in relation to allowing
   certain  school  districts  and  boards  of  cooperative   educational
   services  to  establish a retirement contribution 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.  Paragraphs b and c of subdivision 1 of section 6-r of the
 general municipal law, as added by chapter 260 of the laws of 2004,  are
 amended to read as follows:
   b.  "Participating  employer"  means  (I)  a participating employer as
 defined in subdivision twenty of  section  two  of  the  retirement  and
 social  security  law  or in subdivision twenty of section three hundred
 two of such law; OR (II) A PARTICIPATING EMPLOYER AS DEFINED IN SUBDIVI-
 SION THREE OF SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   c. "Retirement contribution" shall mean all  or  any  portion  of  the
 amount  payable  by  a municipal corporation to: (I) either the New York
 state and local employees' retirement system or the New York  state  and
 local police and fire retirement system pursuant to section seventeen or
 three  hundred  seventeen  of the retirement and social security law; OR
 (II) THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO  SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
   §  2.  Subdivision  2  of section 6-r of the general municipal law, as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   2. The governing board of any municipal corporation which  is  also  a
 participating employer by resolution may establish a retirement contrib-
 ution  reserve  fund for the purpose of A. financing retirement contrib-
 utions, AND/OR B. IN THE CASE OF A  MUNICIPAL  CORPORATION  WHICH  IS  A
 PARTICIPATING  EMPLOYER  AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11188-01-7

 A. 7353                             2
 
 HUNDRED ONE OF THE EDUCATION LAW, FINANCING APPROPRIATIONS AUTHORIZED BY
 LAW IN ORDER TO OFFSET ALL OR A PORTION OF THE AMOUNT DEDUCTED FROM  THE
 MONEYS  APPORTIONED  TO THE MUNICIPAL CORPORATION FROM THE STATE FOR THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE EDUCATION LAW.
   §  3.  Section 6-r of the general municipal law is amended by adding a
 new subdivision 2-a to read as follows:
   2-A. WITH RESPECT TO A MUNICIPAL CORPORATION WHICH IS A  PARTICIPATING
 EMPLOYER  AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED ONE OF
 THE EDUCATION LAW, WHICH ELECTS TO  UTILIZE  A  RETIREMENT  CONTRIBUTION
 RESERVE  FUND  A.  TO  FINANCE  RETIREMENT CONTRIBUTIONS TO THE NEW YORK
 STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION FIVE HUNDRED TWEN-
 TY-ONE OF THE EDUCATION LAW AND/OR B. TO OFFSET ALL OR A PORTION OF  THE
 AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNICIPAL CORPORATION
 FROM  THE  STATE  FOR  THE SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW, SUCH MUNICIPAL CORPORATION
 SHALL ESTABLISH A SUB-FUND WITHIN THE  RETIREMENT  CONTRIBUTION  RESERVE
 FUND,  WHICH  SHALL  BE  SEPARATELY  ADMINISTERED  CONSISTENT  WITH  THE
 PROVISIONS OF THIS SECTION.   SUCH MUNICIPAL CORPORATION  MAY  PAY  INTO
 SUCH  SUB-FUND DURING ANY PARTICULAR FISCAL YEAR AN AMOUNT NOT TO EXCEED
 TWO PER CENTUM OF THE TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS  IN
 THE EMPLOY OF SAID MUNICIPAL CORPORATION WHO ARE MEMBERS OF THE NEW YORK
 STATE  TEACHERS' RETIREMENT SYSTEM PAID DURING THE IMMEDIATELY PRECEDING
 FISCAL YEAR. THE BALANCE OF SUCH SUB-FUND MAY NOT EXCEED TEN PER  CENTUM
 OF  THE  TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS IN THE EMPLOY OF
 THE MUNICIPAL CORPORATION WHO ARE MEMBERS OF THE NEW YORK  STATE  TEACH-
 ERS'  RETIREMENT  SYSTEM  PAID  DURING  THE IMMEDIATELY PRECEDING FISCAL
 YEAR. FOR THE PURPOSES OF THIS SUBDIVISION,  THE  TERM  "TEACHER"  SHALL
 HAVE  THE SAME MEANING AS SUCH TERM IS DEFINED UNDER SUBDIVISION FOUR OF
 SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   § 4. Subdivision 5 of section 6-r of the  general  municipal  law,  as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   5. The governing board of such municipal corporation by resolution may
 authorize  expenditures  from  a  retirement  contribution reserve fund.
 Except as otherwise provided by law, moneys in a retirement contribution
 reserve  fund  may  only  be   expended   A.   to   finance   retirement
 contributions, AND/OR B. IN THE CASE OF A MUNICIPAL CORPORATION WHICH IS
 A  PARTICIPATING  EMPLOYER,  AS  DEFINED IN SUBDIVISION THREE OF SECTION
 FIVE HUNDRED ONE OF THE EDUCATION LAW, FOR APPROPRIATIONS AUTHORIZED  BY
 LAW  IN ORDER TO OFFSET ALL OR A PORTION OF THE AMOUNT DEDUCTED FROM THE
 MONEYS APPORTIONED TO THE PARTICIPATING EMPLOYER FROM THE STATE FOR  THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE  EDUCATION  LAW.  WITH RESPECT TO A MUNICIPAL CORPORATION WHICH IS A
 PARTICIPATING EMPLOYER AS DEFINED IN SUBDIVISION THREE OF  SECTION  FIVE
 HUNDRED  ONE  OF  THE  EDUCATION  LAW,  EXPENDITURES FROM THE RETIREMENT
 CONTRIBUTION RESERVE FUND TO FINANCE RETIREMENT CONTRIBUTIONS TO THE NEW
 YORK STATE TEACHERS' RETIREMENT  SYSTEM  TO  PURSUANT  TO  SECTION  FIVE
 HUNDRED  TWENTY-ONE  OF  THE  EDUCATION  LAW  AND/OR  TO OFFSET ALL OR A
 PORTION OF THE AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNIC-
 IPAL CORPORATION FROM THE STATE FOR THE SUPPORT OF COMMON SCHOOLS PURSU-
 ANT TO SECTION FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW MAY ONLY  BE
 MADE FROM THE SUB-FUND ESTABLISHED PURSUANT TO SUBDIVISION TWO-A OF THIS
 SECTION.
   §  5.  Section 6-r of the general municipal law is amended by adding a
 new subdivision 11 to read as follows:

 A. 7353                             3

   11. THE GOVERNING BOARD OF A MUNICIPAL CORPORATION WHICH IS A  PARTIC-
 IPATING EMPLOYER AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED
 ONE  OF THE EDUCATION LAW BY RESOLUTION MAY A. AUTHORIZE THE TRANSFER OF
 ALL OR A PORTION OF THE MONIES IN THE SEPARATELY  ADMINISTERED  SUB-FUND
 AS ESTABLISHED UNDER SUBDIVISION TWO-A OF THIS SECTION TO THE RETIREMENT
 CONTRIBUTION RESERVE FUND, AND/OR B.  AUTHORIZE THE TRANSFER OF ALL OR A
 PORTION OF THE MONIES IN THE RETIREMENT CONTRIBUTION RESERVE FUND TO THE
 SEPARATELY  ADMINISTERED  SUB-FUND  AS  PROVIDED IN SUBDIVISION TWO-A OF
 THIS SECTION, SUBJECT TO THE LIMITS ON ANNUAL PAYMENTS INTO THE SUB-FUND
 AND THE BALANCE OF THE SUB-FUND SPECIFIED BY SUBDIVISION TWO-A  OF  THIS
 SECTION.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend  Section  6-r of the General Municipal Law to
 allow eligible participating employers of the New York  State  Teachers'
 Retirement  System  (NYSTRS)  to establish a reserve sub-fund within the
 retirement contribution reserve fund for the purpose of reserving  money
 to  offset  future required contributions to NYSTRS. An employer may pay
 into such sub-fund during any particular fiscal year an  amount  not  to
 exceed two percent of the total compensation or salaries of all teachers
 employed by the employer who are members of NYSTRS paid during the imme-
 diately  preceding  fiscal  year. Additionally, the total balance in the
 sub-fund shall not exceed ten percent of the total compensation or sala-
 ries of all teachers employed by the employer who are members of  NYSTRS
 paid during the immediately preceding fiscal year.
   The  governing  board  of  the  employer  may  by resolution authorize
 expenditures from the retirement contribution reserve fund. The  govern-
 ing  board of the employer may also by resolution authorize the transfer
 of money between the separately administered sub-fund and the retirement
 contribution reserve fund subject to the limits on annual payments  into
 the sub-fund and the balance of the sub-fund as provided in this bill.
   It  is estimated that there will be no annual cost to the employers of
 members of the New York State Teachers' Retirement System if  this  bill
 is enacted.
   Employee  data  is  from  the System's most recent actuarial valuation
 files, consisting of data provided by the employers  to  the  Retirement
 System.   Data distributions and statistics can be found in the System's
 Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
 reported  in the System's financial statements, and can also be found in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The source of this estimate is Fiscal Note 2017-2  dated  January  17,
 2017  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2017 Legislative Session.
 I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
 Retirement  System.  I  am a member of the American Academy of Actuaries
 and I meet the Qualification Standards of the American Academy of  Actu-
 aries to render the actuarial opinion contained herein.

co-Sponsors

View additional co-sponsors

multi-Sponsors

View additional multi-sponsors

2017-A7353A - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: General Municipal Law
Laws Affected:: Amd §6-r, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:: A5759

2017-A7353A - Summary

Relates to allowing certain school districts and BOCES to establish a retirement contribution reserve fund for the purposes of the NYS teachers' retirement system.

2017-A7353A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7353--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by  M.  of A. BUCHWALD, NOLAN -- (at request of the New York
   State Teachers' Retirement System) -- read once and  referred  to  the
   Committee  on Education -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the general  municipal  law,  in  relation  to  allowing
   certain   school  districts  and  boards  of  cooperative  educational
   services to establish a retirement contribution 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. Paragraphs b and c of subdivision 1 of section 6-r  of  the
 general  municipal law, as added by chapter 260 of the laws of 2004, are
 amended to read as follows:
   b. "Participating employer" means: (I)  a  participating  employer  as
 defined  in  subdivision  twenty  of  section  two of the retirement and
 social security law or in subdivision twenty of  section  three  hundred
 two of such law; OR (II) A PARTICIPATING EMPLOYER AS DEFINED IN SUBDIVI-
 SION THREE OF SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   c.  "Retirement  contribution"  shall  mean  all or any portion of the
 amount payable by a municipal corporation to:(I)  either  the  New  York
 state  and  local employees' retirement system or the New York state and
 local police and fire retirement system pursuant to section seventeen or
 three hundred seventeen of the retirement and social  security  law;  OR
 (II)  THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
   § 2. Subdivision 2 of section 6-r of the  general  municipal  law,  as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   2.  The  governing  board of any municipal corporation which is also a
 participating employer by resolution may establish a retirement contrib-
 ution reserve fund for the purpose of (A) financing retirement  contrib-
 utions,  AND/OR  (B)  IN  THE CASE OF A MUNICIPAL CORPORATION WHICH IS A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11188-02-7

 A. 7353--A                          2
 
 PARTICIPATING EMPLOYER AS DEFINED IN SUBDIVISION THREE OF  SECTION  FIVE
 HUNDRED ONE OF THE EDUCATION LAW, FINANCING APPROPRIATIONS AUTHORIZED BY
 LAW  IN ORDER TO OFFSET ALL OR A PORTION OF THE AMOUNT DEDUCTED FROM THE
 MONEYS  APPORTIONED  TO THE MUNICIPAL CORPORATION FROM THE STATE FOR THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE EDUCATION LAW.
   § 3. Section 6-r of the general municipal law is amended by  adding  a
 new subdivision 2-a to read as follows:
   2-A.  WITH RESPECT TO A MUNICIPAL CORPORATION WHICH IS A PARTICIPATING
 EMPLOYER AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED ONE  OF
 THE  EDUCATION  LAW,  WHICH  ELECTS TO UTILIZE A RETIREMENT CONTRIBUTION
 RESERVE FUND (A) TO FINANCE RETIREMENT CONTRIBUTIONS  TO  THE  NEW  YORK
 STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION FIVE HUNDRED TWEN-
 TY-ONE OF THE EDUCATION LAW AND/OR (B) TO OFFSET ALL OR A PORTION OF THE
 AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNICIPAL CORPORATION
 FROM  THE  STATE  FOR  THE SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW, SUCH MUNICIPAL CORPORATION
 SHALL ESTABLISH A SUB-FUND WITHIN THE  RETIREMENT  CONTRIBUTION  RESERVE
 FUND,  WHICH  SHALL  BE  SEPARATELY  ADMINISTERED  CONSISTENT  WITH  THE
 PROVISIONS OF THIS SECTION. SUCH MUNICIPAL CORPORATION MAY PAY INTO SUCH
 SUB-FUND DURING ANY PARTICULAR FISCAL YEAR AN AMOUNT NOT TO  EXCEED  TWO
 PER  CENTUM OF THE TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS IN THE
 EMPLOY OF SAID MUNICIPAL CORPORATION WHO ARE MEMBERS  OF  THE  NEW  YORK
 STATE  TEACHERS' RETIREMENT SYSTEM PAID DURING THE IMMEDIATELY PRECEDING
 FISCAL YEAR. THE BALANCE OF SUCH SUB-FUND MAY NOT EXCEED TEN PER  CENTUM
 OF  THE  TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS IN THE EMPLOY OF
 THE MUNICIPAL CORPORATION WHO ARE MEMBERS OF THE NEW YORK  STATE  TEACH-
 ERS'  RETIREMENT  SYSTEM  PAID  DURING  THE IMMEDIATELY PRECEDING FISCAL
 YEAR. FOR THE PURPOSES OF THIS SUBDIVISION,  THE  TERM  "TEACHER"  SHALL
 HAVE  THE SAME MEANING AS SUCH TERM IS DEFINED UNDER SUBDIVISION FOUR OF
 SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   § 4. Subdivision 5 of section 6-r of the  general  municipal  law,  as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   5. The governing board of such municipal corporation by resolution may
 authorize  expenditures  from  a  retirement  contribution reserve fund.
 Except as otherwise provided by law, moneys in a retirement contribution
 reserve fund may only be expended (A)  to  finance  retirement  contrib-
 utions,  AND/OR  (B)  IN  THE CASE OF A MUNICIPAL CORPORATION WHICH IS A
 PARTICIPATING EMPLOYER, AS DEFINED IN SUBDIVISION THREE OF SECTION  FIVE
 HUNDRED  ONE  OF THE EDUCATION LAW, FOR APPROPRIATIONS AUTHORIZED BY LAW
 IN ORDER TO OFFSET ALL OR A PORTION OF  THE  AMOUNT  DEDUCTED  FROM  THE
 MONEYS  APPORTIONED TO THE PARTICIPATING EMPLOYER FROM THE STATE FOR THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE EDUCATION LAW. WITH RESPECT TO A MUNICIPAL CORPORATION  WHICH  IS  A
 PARTICIPATING  EMPLOYER  AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE
 HUNDRED ONE OF THE  EDUCATION  LAW,  EXPENDITURES  FROM  THE  RETIREMENT
 CONTRIBUTION RESERVE FUND TO FINANCE RETIREMENT CONTRIBUTIONS TO THE NEW
 YORK  STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION FIVE HUNDRED
 TWENTY-ONE OF THE EDUCATION LAW AND/OR TO OFFSET ALL OR A PORTION OF THE
 AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNICIPAL CORPORATION
 FROM THE STATE FOR THE SUPPORT OF COMMON  SCHOOLS  PURSUANT  TO  SECTION
 FIVE  HUNDRED  TWENTY-ONE OF THE EDUCATION LAW MAY ONLY BE MADE FROM THE
 SUB-FUND ESTABLISHED PURSUANT TO SUBDIVISION TWO-A OF THIS SECTION.
   § 5. Section 6-r of the general municipal law is amended by  adding  a
 new subdivision 11 to read as follows:

 A. 7353--A                          3
 
   11.  THE GOVERNING BOARD OF A MUNICIPAL CORPORATION WHICH IS A PARTIC-
 IPATING EMPLOYER AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED
 ONE OF THE EDUCATION LAW BY RESOLUTION MAY (A) AUTHORIZE THE TRANSFER OF
 ALL OR A PORTION OF THE MONIES IN THE SEPARATELY  ADMINISTERED  SUB-FUND
 AS ESTABLISHED UNDER SUBDIVISION TWO-A OF THIS SECTION TO THE RETIREMENT
 CONTRIBUTION RESERVE FUND, AND/OR (B) AUTHORIZE THE TRANSFER OF ALL OR A
 PORTION OF THE MONIES IN THE RETIREMENT CONTRIBUTION RESERVE FUND TO THE
 SEPARATELY  ADMINISTERED  SUB-FUND  AS  PROVIDED IN SUBDIVISION TWO-A OF
 THIS SECTION, SUBJECT TO THE LIMITS ON ANNUAL PAYMENTS INTO THE SUB-FUND
 AND THE BALANCE OF THE SUB-FUND SPECIFIED BY THE  SUBDIVISION  TWO-A  OF
 THIS SECTION.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This  bill  would  amend  Section  6-r of the General Municipal Law to
 allow eligible participating employers of the New York  State  Teachers'
 Retirement  System  (NYSTRS)  to establish a reserve sub-fund within the
 retirement contribution reserve fund for the purpose of reserving  money
 to  offset  future required contributions to NYSTRS. An employer may pay
 into such sub-fund during any particular fiscal year an  amount  not  to
 exceed two percent of the total compensation or salaries of all teachers
 employed by the employer who are members of NYSTRS paid during the imme-
 diately  preceding  fiscal  year. Additionally, the total balance in the
 sub-fund shall not exceed ten percent of the total compensation or sala-
 ries of all teachers employed by the employer who are members of  NYSTRS
 paid during the immediately preceding fiscal year.
   The  governing  board  of  the  employer  may  by resolution authorize
 expenditures from the retirement contribution reserve fund. The  govern-
 ing  board of the employer may also by resolution authorize the transfer
 of money between the separately administered sub-fund and the retirement
 contribution reserve fund subject to the limits on annual payments  into
 the sub-fund and the balance of the sub-fund as provided in this bill.
   It  is estimated that there will be no annual cost to the employers of
 members of the New York State Teachers' Retirement System if  this  bill
 is enacted.
   Employee  data  is  from  the System's most recent actuarial valuation
 files, consisting of data provided by the employers  to  the  Retirement
 System.  Data  distributions and statistics can be found in the System's
 Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
 reported  in the System's financial statements, and can also be found in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The source of this estimate is Fiscal Note 2017-2  dated  January  17,
 2017  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2017 Legislative Session.
 I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
 Retirement  System.  I  am a member of the American Academy of Actuaries
 and I meet the Qualification Standards of the American Academy of  Actu-
 aries to render the actuarial opinion contained herein.

co-Sponsors

View additional co-sponsors

multi-Sponsors

View additional multi-sponsors

2017-A7353B (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: General Municipal Law
Laws Affected:: Amd §6-r, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:: A5759

2017-A7353B (ACTIVE) - Summary

Relates to allowing certain school districts and BOCES to establish a retirement contribution reserve fund for the purposes of the NYS teachers' retirement system.

2017-A7353B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7353--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by M. of A. BUCHWALD, NOLAN, McDONALD, ABINANTI, M. G. MILL-
   ER, LUPARDO, DICKENS, WILLIAMS,  GUNTHER,  BRINDISI,  SKOUFIS,  JENNE,
   JONES,  D'URSO,  JAFFEE, ORTIZ, DiPIETRO, McDONOUGH, MONTESANO, BRABE-
   NEC, GIGLIO, MORINELLO, CROUCH, LAWRENCE,  STECK,  GOTTFRIED,  LIFTON,
   CAHILL, FAHY, HAWLEY, PAULIN, WOERNER, FINCH, MOSLEY, B. MILLER, RAIA,
   OTIS,  NORRIS, GALEF, BLANKENBUSH, WALLACE -- Multi-Sponsored by -- M.
   of A. FRIEND, MAGEE, RA, SIMON, THIELE -- (at request of the New  York
   State  Teachers'  Retirement  System) -- read once and referred to the
   Committee on Education -- committee discharged, bill amended,  ordered
   reprinted  as amended and recommitted to said committee -- recommitted
   to the Committee on Education in accordance with Assembly Rule 3, sec.
   2 -- committee discharged, bill amended, ordered reprinted as  amended
   and recommitted to said committee
 
 AN  ACT  to  amend  the  general  municipal law, in relation to allowing
   certain  school  districts  and  boards  of  cooperative   educational
   services  to  establish a retirement contribution 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.  Paragraphs b and c of subdivision 1 of section 6-r of the
 general municipal law, as added by chapter 260 of the laws of 2004,  are
 amended to read as follows:
   b.  "Participating  employer"  means:  (I) a participating employer as
 defined in subdivision twenty of  section  two  of  the  retirement  and
 social  security  law  or in subdivision twenty of section three hundred
 two of such law; OR (II) A PARTICIPATING EMPLOYER AS DEFINED IN SUBDIVI-
 SION THREE OF SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   c. "Retirement contribution" shall mean all  or  any  portion  of  the
 amount  payable  by  a  municipal corporation to:(I) either the New York
 state and local employees' retirement system or the New York  state  and
 local police and fire retirement system pursuant to section seventeen or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11188-03-8

 A. 7353--B                          2
 
 three  hundred  seventeen  of the retirement and social security law; OR
 (II) THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO  SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW.
   §  2.  Subdivision  2  of section 6-r of the general municipal law, as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   2. The governing board of any municipal corporation which  is  also  a
 participating employer by resolution may establish a retirement contrib-
 ution  reserve fund for the purpose of (A) financing retirement contrib-
 utions, AND/OR (B) IN THE CASE OF A MUNICIPAL  CORPORATION  WHICH  IS  A
 PARTICIPATING  EMPLOYER  AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE
 HUNDRED ONE OF THE EDUCATION LAW, FINANCING APPROPRIATIONS AUTHORIZED BY
 LAW IN ORDER TO OFFSET ALL OR A PORTION OF THE AMOUNT DEDUCTED FROM  THE
 MONEYS  APPORTIONED  TO THE MUNICIPAL CORPORATION FROM THE STATE FOR THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE EDUCATION LAW.
   § 3. Section 6-r of the general municipal law is amended by  adding  a
 new subdivision 2-a to read as follows:
   2-A.  WITH RESPECT TO A MUNICIPAL CORPORATION WHICH IS A PARTICIPATING
 EMPLOYER AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED ONE  OF
 THE  EDUCATION  LAW,  WHICH  ELECTS TO UTILIZE A RETIREMENT CONTRIBUTION
 RESERVE FUND (A) TO FINANCE RETIREMENT CONTRIBUTIONS  TO  THE  NEW  YORK
 STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION FIVE HUNDRED TWEN-
 TY-ONE OF THE EDUCATION LAW AND/OR (B) TO OFFSET ALL OR A PORTION OF THE
 AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNICIPAL CORPORATION
 FROM  THE  STATE  FOR  THE SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW, SUCH MUNICIPAL CORPORATION
 SHALL ESTABLISH A SUB-FUND WITHIN THE  RETIREMENT  CONTRIBUTION  RESERVE
 FUND,  WHICH  SHALL  BE  SEPARATELY  ADMINISTERED  CONSISTENT  WITH  THE
 PROVISIONS OF THIS SECTION. SUCH MUNICIPAL CORPORATION MAY PAY INTO SUCH
 SUB-FUND DURING ANY PARTICULAR FISCAL YEAR AN AMOUNT NOT TO  EXCEED  TWO
 PER  CENTUM OF THE TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS IN THE
 EMPLOY OF SAID MUNICIPAL CORPORATION WHO ARE MEMBERS  OF  THE  NEW  YORK
 STATE  TEACHERS' RETIREMENT SYSTEM PAID DURING THE IMMEDIATELY PRECEDING
 FISCAL YEAR. THE BALANCE OF SUCH SUB-FUND MAY NOT EXCEED TEN PER  CENTUM
 OF  THE  TOTAL COMPENSATION OR SALARIES OF ALL TEACHERS IN THE EMPLOY OF
 THE MUNICIPAL CORPORATION WHO ARE MEMBERS OF THE NEW YORK  STATE  TEACH-
 ERS'  RETIREMENT  SYSTEM  PAID  DURING  THE IMMEDIATELY PRECEDING FISCAL
 YEAR. FOR THE PURPOSES OF THIS SUBDIVISION,  THE  TERM  "TEACHER"  SHALL
 HAVE  THE SAME MEANING AS SUCH TERM IS DEFINED UNDER SUBDIVISION FOUR OF
 SECTION FIVE HUNDRED ONE OF THE EDUCATION LAW.
   § 4. Subdivision 5 of section 6-r of the  general  municipal  law,  as
 added by chapter 260 of the laws of 2004, is amended to read as follows:
   5. The governing board of such municipal corporation by resolution may
 authorize  expenditures  from  a  retirement  contribution reserve fund.
 Except as otherwise provided by law, moneys in a retirement contribution
 reserve fund may only be expended (A)  to  finance  retirement  contrib-
 utions,  AND/OR  (B)  IN  THE CASE OF A MUNICIPAL CORPORATION WHICH IS A
 PARTICIPATING EMPLOYER, AS DEFINED IN SUBDIVISION THREE OF SECTION  FIVE
 HUNDRED  ONE  OF THE EDUCATION LAW, FOR APPROPRIATIONS AUTHORIZED BY LAW
 IN ORDER TO OFFSET ALL OR A PORTION OF  THE  AMOUNT  DEDUCTED  FROM  THE
 MONEYS  APPORTIONED TO THE PARTICIPATING EMPLOYER FROM THE STATE FOR THE
 SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION FIVE HUNDRED TWENTY-ONE OF
 THE EDUCATION LAW. WITH RESPECT TO A MUNICIPAL CORPORATION  WHICH  IS  A
 PARTICIPATING  EMPLOYER  AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE
 HUNDRED ONE OF THE  EDUCATION  LAW,  EXPENDITURES  FROM  THE  RETIREMENT
 CONTRIBUTION RESERVE FUND TO FINANCE RETIREMENT CONTRIBUTIONS TO THE NEW

 A. 7353--B                          3
 
 YORK  STATE TEACHERS' RETIREMENT SYSTEM PURSUANT TO SECTION FIVE HUNDRED
 TWENTY-ONE OF THE EDUCATION LAW AND/OR TO OFFSET ALL OR A PORTION OF THE
 AMOUNT DEDUCTED FROM THE MONEYS APPORTIONED TO THE MUNICIPAL CORPORATION
 FROM  THE  STATE  FOR  THE SUPPORT OF COMMON SCHOOLS PURSUANT TO SECTION
 FIVE HUNDRED TWENTY-ONE OF THE EDUCATION LAW MAY ONLY BE MADE  FROM  THE
 SUB-FUND ESTABLISHED PURSUANT TO SUBDIVISION TWO-A OF THIS SECTION.
   §  5.  Section 6-r of the general municipal law is amended by adding a
 new subdivision 11 to read as follows:
   11. THE GOVERNING BOARD OF A MUNICIPAL CORPORATION WHICH IS A  PARTIC-
 IPATING EMPLOYER AS DEFINED IN SUBDIVISION THREE OF SECTION FIVE HUNDRED
 ONE OF THE EDUCATION LAW BY RESOLUTION MAY (A) AUTHORIZE THE TRANSFER OF
 ALL  OR  A PORTION OF THE MONIES IN THE SEPARATELY ADMINISTERED SUB-FUND
 AS ESTABLISHED UNDER SUBDIVISION TWO-A OF THIS SECTION TO THE RETIREMENT
 CONTRIBUTION RESERVE FUND, AND/OR (B) AUTHORIZE THE TRANSFER OF ALL OR A
 PORTION OF THE MONIES IN THE RETIREMENT CONTRIBUTION RESERVE FUND TO THE
 SEPARATELY ADMINISTERED SUB-FUND AS PROVIDED  IN  SUBDIVISION  TWO-A  OF
 THIS SECTION, SUBJECT TO THE LIMITS ON ANNUAL PAYMENTS INTO THE SUB-FUND
 AND  THE  BALANCE  OF THE SUB-FUND SPECIFIED BY THE SUBDIVISION TWO-A OF
 THIS SECTION.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This bill would amend Section 6-r of  the  General  Municipal  Law  to
 allow  eligible  participating employers of the New York State Teachers'
 Retirement System (NYSTRS) to establish a reserve  sub-fund  within  the
 retirement  contribution reserve fund for the purpose of reserving money
 to offset future required contributions to NYSTRS. An employer  may  pay
 into  such  sub-fund  during any particular fiscal year an amount not to
 exceed two percent of the total compensation or salaries of all teachers
 employed by the employer who are members of NYSTRS paid during the imme-
 diately preceding fiscal year. Additionally, the total  balance  in  the
 sub-fund shall not exceed ten percent of the total compensation or sala-
 ries  of all teachers employed by the employer who are members of NYSTRS
 paid during the immediately preceding final year.
   The governing board  of  the  employer  may  by  resolution  authorize
 expenditures  from the retirement contribution reserve fund. The govern-
 ing board of the employer may also by resolution authorize the  transfer
 of money between the separately administered sub-fund and the retirement
 contribution  reserve fund subject to the limits on annual payments into
 the sub-fund and the balance of the sub-fund as provided in this bill.
   It is estimated that there will be no annual cost to the employers  of
 members  of  the New York State Teachers' Retirement System if this bill
 is enacted.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System.  Data distributions and statistics can be found in the  System's
 Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
 reported in the System's financial statements, and can also be found  in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The  source  of  this  estimate is Fiscal Note 2018-2 dated October 6,
 2017 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2018 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Assembly Bill A7353A

Share this bill

Sponsored By

BUCHWALD

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Bill Amendments

co-Sponsors

Catherine Nolan

2017-A7353 - Details

2017-A7353 - Summary

2017-A7353 - Bill Text download pdf

co-Sponsors

Catherine Nolan

John T. McDonald III

Thomas Abinanti

Michael G. Miller

multi-Sponsors

Christopher Friend

William Magee

Edward Ra

Jo Anne Simon

2017-A7353A - Details

2017-A7353A - Summary

2017-A7353A - Bill Text download pdf

co-Sponsors

Catherine Nolan

John T. McDonald III

Thomas Abinanti

Michael G. Miller

multi-Sponsors

Christopher Friend

William Magee

Edward Ra

Jo Anne Simon

2017-A7353B (ACTIVE) - Details

2017-A7353B (ACTIVE) - Summary

2017-A7353B (ACTIVE) - Bill Text download pdf

Comments