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Who cares
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Sponsors
2 Co-sponsors
History
- Reported and committed to finance
- Notice of committee consideration - requested
- Referred to civil service and pensions
- 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.
Authorizes establishment of school district and board of cooperative educational services reserve funds for contributions to the state teachers' retirement system
In Assembly Committee · Governmental Employees · Sponsor Sandy Galef
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to authorizing school districts and boards of cooperative educational services to establish retirement contribution reserve funds for the purposes of the New York state teachers' retirement system
Purpose
The purpose of this bill is to authorize the establishment of school district and board of cooperative educational services reserve funds for contributions to the State Teachers Retirement System.
Summary of provisions
Section one amends paragraphs b and c of subdivision 1 of section 6-r of the general municipal law, as added by chapter 260 of the laws of 2004.
Section two provides an immediate effective date.
Justification
Chapter 260 of the Laws of 2004 allowed public employers to create Retirement Contribution Reserve Funds, which basically are "rainy day funds" to defray the costs of future contributions to the Common Retirement Fund (CRF). This was a reform sought after by local governments and their advocates, in order assist localities in managing their finances. However, while the two retirements systems that make up the CRF were included in these reforms, the New York State Teachers Retirement System (NYSTRS) was not.
This bill seeks to remedy this situation, and allow public employers to create such Reserve Funds for future NYSTRS contributions on the same basis as they are currently allowed to do for their CRF contributions, thus expanding the scope of the important and necessary reforms enacted by the Legislature in 2004.
This legislative allows but does not require participant in NYSTRS to establish such reserve funds, and thus does not represent a mandate on local governments.
Legislative history
S.5501 of 08-09
Fiscal implications
None to the state.
Effective date
This act will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.