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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to rules
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 government service
In Assembly Committee · Governmental Employees · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7750
Title of bill
An act to amend the retirement and social security law, in relation to government service
Purpose or general idea of bill
This bill is intended to protect the pension benefits of Industrial Development Agency (IDA) employees who provided services to Local Development Corporations (LDCS).
Summary of specific provisions
Section 1: Adds a new paragraph to subdivision 11 of section 2 of the retirement and social security law. This section adds language to protect pension benefits of IDA employees who provided services to local development corporations.
Section 2: Establishes the effective date.
Justification
Last year the Office of the State Comptroller (OSC) issued an opinion that stated employees of municipal IDAs that had rendered services to an LDC were not eligible for New York State retirement credit. The
OSC applied this opinion retroactively in the case of the Jefferson County IDA, and 12 employees were stripped of their retirement credit. This bill will provide protection to other employees of IDAs who might have provided services to LDCs, and whose retirement benefits might be at risk.
Prior legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.