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History
- Referred to local government
- 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.
Creates other post-employment benefit reserve funds; repealer
In Assembly Committee · Education · Sponsor Ellen C. Jaffee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5354
Title of bill
An act to amend the general municipal law and the education law, in relation to the creation and funding of other post-employment benefit reserve funds; and to repeal certain provisions of the general municipal law relating thereto
Purpose
This bill authorizes boards of cooperative educational services (BOCES) to establish other-post employment benefit (OPEB) reserve funds.
Summary of provisions
Section 1: Adds a new section 6-t to the general municipal law for the establishment of other post-employment benefit (OPEB) reserve funds.
Section 2: Provides the authority for the transfer of funds into the other post-employment benefit reserve fund.
Section 3: Repeals subdivisions 10 and 11 of section 6-p of the general municipal law.
Section 4: Amends paragraph b of subdivision 5 of section 1950 of the education law.
Section 5: Sets forth an immediate effective date.
Existing law
None.
Justification
Despite the large and increasing costs that BOCES continue to incur each year related to employee other post-employment benefits, they do not have the legal authority to set-aside funds for these purposes. As a result, BOCES continue to accrue very significant long-term financial liabilities that may reach hundreds of millions of dollars. However, there is no statutory mechanism for BOCES to responsibly save funds to meet these long-term costs. Recent estimates for the cost of these long-term liabilities for municipalities, public authorities, and school districts reach nearly 5250 billion. This bill is limited to providing the authority to BOCES to plan for and address the looming financial liabilities of other post-employment benefits by establishing a reserve fund.
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.