senate Bill S9163

2017-2018 Legislative Session

Increases the maximum contribution under a defined contribution plan service award

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 12, 2018 referred to rules

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

S9163 (ACTIVE) - Summary

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

S9163 (ACTIVE) - Sponsor Memo

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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