Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 02, 2021 |
signed chap.357 |
Jul 21, 2021 |
delivered to governor |
May 25, 2021 |
returned to senate passed assembly ordered to third reading rules cal.138 substituted for a7204 |
May 19, 2021 |
referred to ways and means delivered to assembly passed senate |
May 03, 2021 |
advanced to third reading |
Apr 28, 2021 |
2nd report cal. |
Apr 27, 2021 |
1st report cal.825 |
Apr 15, 2021 |
print number 5728a |
Apr 15, 2021 |
amend and recommit to cities 1 |
Mar 17, 2021 |
referred to cities 1 |
Senate Bill S5728A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 26th Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
Bill Amendments
2021-S5728 - Details
- See Assembly Version of this Bill:
- A7204
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §13-582, NYC Ad Cd
2021-S5728 - Sponsor Memo
BILL NUMBER: S5728 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to the tax-deferred annuity program of the New York city teach- ers' retirement system PURPOSE OR GENERAL IDEA OF BILL: To reduce liability and costs for the New York City Teachers Retirement System (TRS) pension fund by sunsetting the ability of future TRS bene- ficiaries to maintain a tax-deferred annuity account within TRS SUMMARY OF PROVISIONS: Section 1 of the bill amends section 13-582 of the administrative code of the city of New York to provide that for deaths occurring on or after July 1, 2021, beneficiaries of deceased participants in TRS tax deferred annuity program will not be able to elect to maintain their funds at
2021-S5728 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5728 2021-2022 Regular Sessions I N S E N A T E March 17, 2021 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 AN ACT to amend the administrative code of the city of New York, in relation to the tax-deferred annuity program of the New York city teachers' retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subdivision g of section 13-582 of the administrative code of the city of New York, as added by chapter 677 of the laws of 2003, is amended to read as follows: 2. Notwithstanding any other provision of this chapter, any rules or regulations adopted by the retirement board, or any other provisions of law to the contrary, the beneficiary of a deceased participant in the tax-deferred annuity program who had not, prior to his or her death, selected an option governing the manner in which his or her tax-deferred account would be payable to his or her beneficiary, may, subject to paragraphs three, four, and five of this subdivision, elect, at such time and in such manner as determined by the retirement board, to defer the distribution to him or her from the participant's tax-deferred account to the extent permitted by, and in a manner consistent with, the provisions of section 403(b) of the Internal Revenue Code and the regu- lations promulgated pursuant to such section. PROVIDED, HOWEVER, THE BENEFICIARY OF A DECEASED PARTICIPANT WHO DIES ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-ONE SHALL NOT BE ALLOWED TO ESTABLISH A TAX-DEFERRED ACCOUNT AS PROVIDED IN THIS SUBDIVISION. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10516-01-1
2021-S5728A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7204
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §13-582, NYC Ad Cd
2021-S5728A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5728A SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to the tax-deferred annuity program of the New York city teach- ers' retirement system PURPOSE OR GENERAL IDEA OF BILL: To reduce liability and costs for the New York City Teachers Retirement System (TRS) pension fund by sunsetting the ability of future TRS bene- ficiaries to maintain a tax-deferred annuity account within TRS SUMMARY OF PROVISIONS: Section 1 of the bill amends section 13-582 of the administrative code of the city of New York to provide that for deaths occurring on or after July 1, 2021, beneficiaries of deceased participants in TRS tax deferred annuity program will not be able to elect to maintain their funds at
2021-S5728A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5728--A 2021-2022 Regular Sessions I N S E N A T E March 17, 2021 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the administrative code of the city of New York, in relation to the tax-deferred annuity program of the New York city teachers' retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subdivision g of section 13-582 of the administrative code of the city of New York, as added by chapter 677 of the laws of 2003, is amended to read as follows: 2. Notwithstanding any other provision of this chapter, any rules or regulations adopted by the retirement board, or any other provisions of law to the contrary, the beneficiary of a deceased participant in the tax-deferred annuity program who had not, prior to his or her death, selected an option governing the manner in which his or her tax-deferred account would be payable to his or her beneficiary, may, subject to paragraphs three, four, and five of this subdivision, elect, at such time and in such manner as determined by the retirement board, to defer the distribution to him or her from the participant's tax-deferred account to the extent permitted by, and in a manner consistent with, the provisions of section 403(b) of the Internal Revenue Code and the regu- lations promulgated pursuant to such section. PROVIDED, HOWEVER, THE BENEFICIARY OF A DECEASED PARTICIPANT WHO DIES ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-ONE SHALL NOT BE ALLOWED TO ESTABLISH A TAX-DEFERRED ACCOUNT AS PROVIDED IN THIS SUBDIVISION. § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: SUMMARY OF BILL: This proposed legislation (see Appendix), would amend EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10516-02-1
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