Assembly Bill A6931A

2015-2016 Legislative Session

Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2015-A6931 - Details

See Senate Version of this Bill:
S6792
Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Add §3653, Ed L

2015-A6931 - Summary

Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system.

2015-A6931 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6931

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 10, 2015
                               ___________

Introduced by M. of A. NOLAN -- (at request of the New York State Teach-
  ers'  Retirement System) -- read once and referred to the Committee on
  Education

AN ACT to amend the education law, in relation to a retirement  contrib-
  ution  reserve  fund  for the purposes of the New York state teachers'
  retirement system

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The education law is amended by adding a new section 3653
to read as follows:
  S 3653. RETIREMENT CONTRIBUTION RESERVE FUND. 1. THE BOARD  OF  EDUCA-
TION  OR TRUSTEES OF A PARTICIPATING EMPLOYER MAY, BY RESOLUTION, ESTAB-
LISH A RETIREMENT CONTRIBUTION RESERVE FUND FOR THE PURPOSE  OF  OFFSET-
TING  EMPLOYER  CONTRIBUTIONS TO THE NEW YORK STATE TEACHERS' RETIREMENT
SYSTEM AND PAYABLE PURSUANT TO THIS CHAPTER.
  2. THERE MAY BE PAID INTO A RETIREMENT CONTRIBUTION RESERVE FUND:
  A. SUCH AMOUNTS AS MAY BE PROVIDED THEREFOR BY BUDGETARY APPROPRIATION
OR RAISED BY TAX THEREFOR;
  B. SUCH REVENUES AS ARE NOT REQUIRED BY LAW TO BE PAID INTO ANY  OTHER
FUND OR ACCOUNT;
  C. SUCH OTHER FUNDS AS MAY BE LEGALLY APPROPRIATED; AND
  D.  NOTWITHSTANDING  ANY  LAW  TO THE CONTRARY, SUCH AMOUNTS AS MAY BE
TRANSFERRED FROM A RESERVE FUND ESTABLISHED PURSUANT TO  SECTION  SIX-C,
SIX-D,  SIX-E,  SIX-F OR SIX-G OF THE GENERAL MUNICIPAL LAW COMPRISED OF
MONEYS RAISED FROM THE SAME TAX BASE AS THE  MONEYS  IN  THE  RETIREMENT
CONTRIBUTION  RESERVE  FUND,  OR  A RESERVE FUND ESTABLISHED PURSUANT TO
SECTION THIRTY-SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, PROVIDED THAT  ANY
SUCH TRANSFER SHALL ONLY BE MADE BY RESOLUTION OF THE BOARD OF EDUCATION
OR  TRUSTEES  OF SUCH EMPLOYER ADOPTED AFTER A PUBLIC HEARING HELD ON AT
LEAST FIFTEEN DAYS PRIOR PUBLISHED NOTICE  IN  AT  LEAST  ONE  NEWSPAPER
HAVING GENERAL CIRCULATION IN THE SCHOOL DISTRICT OF THE EMPLOYER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09379-01-5
              

co-Sponsors

2015-A6931A (ACTIVE) - Details

See Senate Version of this Bill:
S6792
Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Add §3653, Ed L

2015-A6931A (ACTIVE) - Summary

Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system.

2015-A6931A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6931--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 10, 2015
                               ___________

Introduced  by M. of A. NOLAN, BUCHWALD, GALEF -- (at request of the New
  York State Teachers' Retirement System) -- read once and  referred  to
  the  Committee  on Education -- recommitted to the Committee on Educa-
  tion  in  accordance  with  Assembly  Rule  3,  sec.  2  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the education law, in relation to a retirement contrib-
  ution reserve fund for the purposes of the New  York  state  teachers'
  retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The education law is amended by adding a new  section  3653
to read as follows:
  S  3653.  RETIREMENT CONTRIBUTION RESERVE FUND. 1. THE BOARD OF EDUCA-
TION OR TRUSTEES OF A PARTICIPATING EMPLOYER MAY, BY RESOLUTION,  ESTAB-
LISH  A  RETIREMENT CONTRIBUTION RESERVE FUND FOR THE PURPOSE OF OFFSET-
TING EMPLOYER CONTRIBUTIONS TO THE NEW YORK STATE  TEACHERS'  RETIREMENT
SYSTEM AND PAYABLE PURSUANT TO THIS CHAPTER.
  2. THERE MAY BE PAID INTO A RETIREMENT CONTRIBUTION RESERVE FUND:
  A. SUCH AMOUNTS AS MAY BE PROVIDED THEREFOR BY BUDGETARY APPROPRIATION
OR RAISED BY TAX THEREFOR;
  B.  SUCH REVENUES AS ARE NOT REQUIRED BY LAW TO BE PAID INTO ANY OTHER
FUND OR ACCOUNT;
  C. SUCH OTHER FUNDS AS MAY BE LEGALLY APPROPRIATED; AND
  D. NOTWITHSTANDING ANY LAW TO THE CONTRARY, SUCH  AMOUNTS  AS  MAY  BE
TRANSFERRED  FROM  A RESERVE FUND ESTABLISHED PURSUANT TO SECTION SIX-C,
SIX-D, SIX-E, SIX-F OR SIX-G OF THE GENERAL MUNICIPAL LAW  COMPRISED  OF
MONEYS  RAISED  FROM  THE  SAME TAX BASE AS THE MONEYS IN THE RETIREMENT
CONTRIBUTION RESERVE FUND, OR A RESERVE  FUND  ESTABLISHED  PURSUANT  TO
SECTION  THIRTY-SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, PROVIDED THAT ANY
SUCH TRANSFER SHALL ONLY BE MADE BY RESOLUTION OF THE BOARD OF EDUCATION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09379-02-6
              

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