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

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 21, 2018 signed chap.448
Dec 12, 2018 delivered to governor
Jun 18, 2018 returned to senate
passed assembly
ordered to third reading rules cal.191
substituted for a10696
Jun 11, 2018 referred to ways and means
delivered to assembly
passed senate
Jun 04, 2018 advanced to third reading
May 31, 2018 2nd report cal.
May 30, 2018 1st report cal.1396
May 09, 2018 referred to civil service and pensions

Votes

view votes

May 30, 2018 - Civil Service and Pensions committee Vote

S8497
10
0
committee
10
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: May 30, 2018

excused (1)

S8497 (ACTIVE) - Details

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

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.

S8497 (ACTIVE) - Sponsor Memo

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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