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Sponsors
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History
- Signed chap.41
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.465
- Substituted for A5151
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.120
Show 1 earlier action
- Referred to civil service and pensions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to transfers of a pension reserve
Assembly Floor Calendar · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law and the retirement and social security law, in relation to transfers of a pension reserve
Purpose or general idea of bill
Creates a mechanism for the calculation and payment of the Increased Take Home Payment (ITHP) as enacted by subdivision 4 of section 522 of the Education Law.
Summary of specific provisions
§1 - Amends subdivision 5 of Section 522 of the Education Law.
§2 - Amends subdivision k of Section 43 of the Retirement and Social Security Law.
§3 - Amends subdivision 1 of Section 43 of the Retirement and Social Security Law.
§4 - Effective Date.
Justification
Subdivision 4 of Section 522 of the Education Law, provided for the creation of a supplemental pension reserve, popularly referred to as the Increased Take Home Pay (ITHP). When the legislature enacted subdivision 5 of section 522 in 2004, there was a notwithstanding clause which voided the mechanism for the calculation and payout of the ITHP. Since then monies have been accruing in the New York City Teachers' Retirement System and the benefit has not been paid out to the plan's members due to it being accidentally repealed in 2004. This legislation will provide for a mechanism for the ITHP to be paid out and correct the accidental interruption of the calculation and payout of this benefit.
Prior legislative history
2008 Session: A11109 - Passed Assembly
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall be deemed to be in full force and effect on and after October 26, 2004.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.