Senate Bill S5895

2019-2020 Legislative Session

Increases the number of years of service that a participant in a defined contribution plan or defined benefit plan service award program may receive a contribution

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Sponsored By

Archive: Last Bill Status - In Assembly 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

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2019-S5895 (ACTIVE) - Details

See Assembly Version of this Bill:
A7276
Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Amd §§218 & 219, Gen Muni L
Versions Introduced in 2021-2022 Legislative Session:
S1091, A2239

2019-S5895 (ACTIVE) - Summary

Increases the number of years of service that a participant in a defined contribution plan service award program or defined benefit plan service award program may receive a contribution from 40 to 50 years.

2019-S5895 (ACTIVE) - Sponsor Memo

2019-S5895 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5895
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the general municipal law, in relation to increasing the
   number of years of service that a participant in  a  defined  contrib-
   ution  plan  service  award  program or a defined benefit plan service
   award program may receive a contribution
 
   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 hundred dollars per year of service. The maximum number
 of years of service for which a participant may receive  a  contribution
 shall  be [forty] FIFTY years. The sponsor shall appropriate annually an
 amount sufficient to pay the contributions.
   § 2. Subdivision (b) of section 219 of the general municipal  law,  as
 amended  by  chapter  452  of  the  laws  of 2004, is amended to read as
 follows:
   (b) The minimum and maximum  retirement  benefit  requirements  for  a
 service award program that is a defined benefit plan shall be defined as
 follows.  Each participating active volunteer firefighter shall be enti-
 tled to a minimum service award benefit of five dollars  per  month  for
 each  year  of  firefighting  service  completed  after  satisfying  the
 program's  eligibility  requirement  and  after  establishment  of   the
 program.  The  maximum  benefit amount payable to a participating active

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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