Authorizes the town of Stony Point to amortize the cost of payments to or for the benefit of employees upon separation of service from such town.
Ayes (62): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Huntley, Johnson, Kennedy, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin
TITLE OF BILL: An act to amend the local finance law, in relation to authorizing and empowering the town of Stony Point to amortize the cost of payments to or for the benefit of employees upon separation of service from the town of Stony Point
PURPOSE OR GENERAL IDEA OF BILL: This legislation would allow the town of Stony Point to amortize the cost of payments to employees upon separation of service from the town.
SUMMARY OF SPECIFIC PROVISIONS: Section 1 of this bill amends paragraph a of section 11.00 of local finance law by adding a new subdivision 105 that empowers the town of Stony Point to amortize accrued and accumulated but unused and unpaid sick leave, personal leave, holiday leave, vacation time, time allowances granted in lieu of overtime compensation, premiums or contributions with respect to health, dental and vision care insurance plans for the fiscal year in which the separation occurs and any other forms of payment required to be paid to or for the benefit of such employees in connection with the separation of employment.
Section 2 authorizes this act shall take effect immediately.
JUSTIFICATION: Due to the recent economic downturn, the town of Stony Point has found it necessary to reduce its payroll. One way the town will do this is through a targeted retirement incentive. It is therefore anticipated that a significantly higher number of town employees will be eligible to receive payments for various forms of compensation, including accrued sick, personal and/or holiday leave. This will create an unusual expense and this legislation will allow the town to prepare properly for such events.
PRIOR LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: None to the State.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 5362 2011-2012 Regular Sessions IN SENATE May 11, 2011 ___________Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the local finance law, in relation to authorizing and empowering the town of Stony Point to amortize the cost of payments to or for the benefit of employees upon separation of service from the town of Stony Point THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph a of section 11.00 of the local finance law is amended by adding a new subdivision 105 to read as follows: 105. PAYMENTS BY THE TOWN OF STONY POINT TO OR FOR THE BENEFIT OF EMPLOYEES UPON SEPARATION FROM EMPLOYMENT, AS MAY BE APPROVED BY THE TOWN AND INCLUDING, BUT NOT LIMITED TO, CASH PAYMENT FOR SEPARATION INCENTIVES AND/OR PAYMENT OF THE MONETARY VALUE OF ACCRUED AND ACCUMU- LATED BUT UNUSED AND UNPAID SICK LEAVE, PERSONAL LEAVE, HOLIDAY LEAVE, VACATION TIME, TIME ALLOWANCES GRANTED IN LIEU OF OVERTIME COMPENSATION, PREMIUMS OR CONTRIBUTIONS WITH RESPECT TO HEALTH, DENTAL AND VISION CARE INSURANCE PLANS FOR THE FISCAL YEAR IN WHICH SUCH SEPARATION OCCURS, AND ANY OTHER FORMS OF PAYMENT REQUIRED TO BE PAID TO OR FOR THE BENEFIT OF SUCH EMPLOYEES IN CONNECTION WITH THE SEPARATION FROM EMPLOYMENT, TEN YEARS. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10987-01-1