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History
- Approval memo.7
- Signed chap.482
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.554
- Substituted for A7273
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Home rule request
Show 3 earlier actions
- Ordered to third reading cal.1289
- Committee discharged and committed to rules
- Referred to local government
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 the town of Stony Point to amortize the cost of payments to or for the benefit of employees upon separation of service from such town
Assembly Floor Calendar · Sponsor Nancy Calhoun
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5362
Title of bill
An act to amend the local finance law, in relation to authorizing and empowering the town of Stony Point to amortize the cost of payments to or for the benefit of employees upon separation of service from the town of Stony Point
Purpose or general idea of bill
This legislation would allow the town of Stony Point to amortize the cost of payments to employees upon separation of service from the town.
Summary of specific provisions
Section 1 of this bill amends paragraph a of section 11.00 of local finance law by adding a new subdivision 105 that empowers the town of Stony Point to amortize accrued and accumulated but unused and unpaid sick leave, personal leave, holiday leave, vacation time, time allowances granted in lieu of overtime compensation, premiums or contributions with respect to health, dental and vision care insurance plans for the fiscal year in which the separation occurs and any other forms of payment required to be paid to or for the benefit of such employees in connection with the separation of employment.
Section 2 authorizes this act shall take effect immediately.
Justification
Due to the recent economic downturn, the town of Stony Point has found it necessary to reduce its payroll. One way the town will do this is through a targeted retirement incentive. It is therefore anticipated that a significantly higher number of town employees will be eligible to receive payments for various forms of compensation, including accrued sick, personal and/or holiday leave. This will create an unusual expense and this legislation will allow the town to prepare properly for such events.
Prior legislative history
New bill.
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.