Senate Bill S5632A

Signed By Governor
2015-2016 Legislative Session

Relates to the SUNY optional retirement program

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Archive: Last Bill Status - Signed by Governor


  • 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

2015-S5632 - Details

See Assembly Version of this Bill:
A8252
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §613, R & SS L

2015-S5632 - Summary

Relates to the SUNY optional retirement program.

2015-S5632 - Sponsor Memo

2015-S5632 - Bill Text download pdf

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

                                  5632

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 21, 2015
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to amend the retirement and social security law, in  relation  to
  the SUNY optional retirement program

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

  Section 1. Paragraph 2 of subdivision d of section 613 of the  retire-
ment  and  social security law, as amended by chapter 746 of the laws of
1990, is amended to read as follows:
  2. Each participating employer of any employee (subject to this  arti-
cle)  who,  in  lieu of joining a public retirement system of the state,
elected an optional retirement program  to  which  their  employers  are
thereby  required  to  contribute,  INCLUDING,  BUT  NOT  LIMITED TO, AN
ELECTION UNDER THE PROVISIONS  OF  SUBDIVISION  THREE-A  OR  EIGHT-A  OF
SECTION  THREE  HUNDRED  NINETY  OF THE EDUCATION LAW, shall pick up the
employee contributions thereto which would otherwise be mandatory  under
the  provisions  of  state law and shall do so by reducing the salary of
such employee by the amount of employee contributions to  such  optional
retirement   program  which  would  otherwise  be  mandatory  under  the
provisions of state law. The contributions so picked up shall be paid by
each participating employer in lieu of the member  contributions  to  be
paid  by its employees and shall be treated as employer contributions in
determining income tax treatment under section 414 (h) of  the  internal
revenue code.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after July 1, 2013.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11288-01-5


              

2015-S5632A (ACTIVE) - Details

See Assembly Version of this Bill:
A8252
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §613, R & SS L

2015-S5632A (ACTIVE) - Summary

Relates to the SUNY optional retirement program.

2015-S5632A (ACTIVE) - Sponsor Memo

2015-S5632A (ACTIVE) - Bill Text download pdf

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

                                 5632--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 21, 2015
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT  to amend the retirement and social security law, in relation to
  the SUNY optional retirement program

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

  Section  1. Paragraph 2 of subdivision d of section 613 of the retire-
ment and social security law, as amended by chapter 746 of the  laws  of
1990, is amended to read as follows:
  2.  Each participating employer of any employee (subject to this arti-
cle) who, in lieu of joining a public retirement system  of  the  state,
elected  an  optional  retirement  program  to which their employers are
thereby required to  contribute,  INCLUDING,  BUT  NOT  LIMITED  TO,  AN
ELECTION  UNDER  THE  PROVISIONS  OF  SUBDIVISION  THREE-A OR EIGHT-A OF
SECTION THREE HUNDRED NINETY OF THE EDUCATION LAW,  shall  pick  up  the
employee  contributions thereto which would otherwise be mandatory under
the provisions of state law and shall do so by reducing  the  salary  of
such  employee  by the amount of employee contributions to such optional
retirement  program  which  would  otherwise  be  mandatory  under   the
provisions of state law. The contributions so picked up shall be paid by
each  participating  employer  in lieu of the member contributions to be
paid by its employees and shall be treated as employer contributions  in
determining  income  tax treatment under section 414 (h) of the internal
revenue code.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after July 1, 2013.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  clarifies that the State University of New York's Optional
Retirement Program (ORP) permits employee contributions to  be  "picked-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11288-02-5
              

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