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S2500Senate2013-2014 Session

Prohibits bonuses for employees, officers and members of governing boards of state authorities who are members of the New York State retirement system

Sponsor Michael H. RanzenhoferSD-61+3 co-sponsorsAffects Economy
Status
In Senate Committee
Corporations, Authorities And Commissions
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Corporations, Authorities And Commissions

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Sponsors

Primary sponsor
Michael H. Ranzenhofer

Senator · Senate District 61

Chair, Corporations, Authorities And Commissions

History

  1. Referred to corporations, authorities and commissions
  2. Referred to corporations, authorities and commissions

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S2500

Title of bill

An act to amend the public authorities law, in relation to prohibiting bonuses for employees, officers and members of governing boards of state authorities who are members of the New York State retirement system

Purpose or general idea of bill

The purpose of the bill is to remove the ability of public authorities to pay bonuses to employees, officers or members of governing boards who participate in the New York State retirement system as a result of their association with such public authority.

Summary of specific provisions

Section One - adds a section 2854 of the Public Authorities Law that prohibit the payment of bonuses of any nature to any employee, officer or member of a governing board of a state agency who is a member of the New York State retirement system as a result or by virtue of employment or membership in the state authority.

Section Two - Effective date.

Justification

Recent articles have reported New York State Public Authorities paying bonuses on top of lucrative salaries and other benefits, including participation in the state retirement system. While bonuses may be appropriate in the private sector, taking into account the state retirement benefits that are not available to employees in the private sector, in times of fiscal crisis, state authorities should not be authorizing bonuses.

Prior legislative history

2011-12 - S.4484 -- CORPORATIONS

Fiscal implications

This bill would lead to cost savings for the state and state agencies.

Effective date

This act shall take effect immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.