What's happening
This bill allows school districts to create reserve funds for paying contributions to the New York State Teachers' Retirement System without voter approval.
Why it matters
Gives school districts greater financial flexibility. by allowing them to set aside money in advance to cover future contributions to the Teachers' Retirement System, potentially smoothing out budget volatility from year to year.
Removes the requirement for direct voter approval. to create these specific reserve funds, which could expedite financial planning and reduce administrative burdens for school officials.
Places a limit on the size of these reserve funds. they can't exceed the amount "reasonably deemed necessary" for retirement contributions—helping ensure funds are not over-allocated and that taxpayer money is not unnecessarily tied up.
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Who cares
Headline styles
Let Schools Save for Pensions
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Enacting clause stricken
- Referred to education
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.
Let Schools Save for Pensions
In Senate Committee · Rules · Sponsor Betty Little
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
11082
IN ASSEMBLY
June 4, 2018
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jenne) -read once and referred to the Committee on Education
AN ACT to amend the education law, in relation to authorizing school districts to establish reserve funds for the payment of contributions to the New York state teachers' retirement system
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3651 of the education law is amended by adding a new subdivision 1-c to read as follows:
1-c. Notwithstanding the provisions of subdivision one of this section, any school district may establish a reserve fund for the payment of the district's contributions to the New York state teachers' retirement system, pursuant to article eleven of this chapter, without approval by the qualified voters of the district; provided, however, that the total of the monies held in such reserve fund shall not exceed that amount which is reasonably deemed necessary to meet such contributions.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00337-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.