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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A7586
- Ordered to third reading cal.1567
- Committee discharged and committed to rules
- 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.
Relates to authorizing former employees of the state university of New York NY Network to retain membership in the optional retirement program
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5767
Title of bill
An act in relation to authorizing former employees of the State University of New York NY Network to retain membership in the optional retirement program
Purpose
This legislation will allow former employees of the soon to be defunct SUNY NYNetwork an opportunity to elect to be reinstated as members of the SUNY Optional Retirement Plan (ORP). The provisions of this legislation will impact less than 15 employees.
Summary of provisions
This legislation amends the retirement and social security law by adding a new section 120, and the education law, section 393 by adding a new subdivision 6 law to allow for the effected members to elect to be reinstated as members of the SUNY Optional. Retirement Plan (ORP).
Justification
The SUNY NY Network will cease final operations as of June 7, 2013. Some of the employees of the SUNY NY Network (less than 15) will be or have been moved into positions in the Office of General Services and therefore are required to become members of the New York State & Local Employees' Retirement System (NYSLERS) and end their membership in the Optional Retirement Program (ORP).
The majority of these employees have over ten years of credited service In the ORP and will see a dramatic loss in retirement security going forward through no fault of their own if they are not allowed to rejoin such program. The enactment of this legislation is needed to rectify this unfair and problematic situation.
Legislative history
New bill.
Fiscal implications
Minimal given that proposed changes will impact less than fifteen members of NYSLERS.
Effective date
Thirty days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.