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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3601
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, with certain exceptions set forth in the bill, 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. For the purposes of this section retroactive increases in compensation pursuant to a collective bargaining agreement, or incentives based upon a written agreement adopted in advance by the governing board of the authority is not considered a bonus.
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
2013-14 - S.2500 - CORPORATIONS 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.