Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 23, 2011 |
signed chap.525 |
Sep 12, 2011 |
delivered to governor |
Jun 23, 2011 |
returned to assembly passed senate |
Jun 22, 2011 |
3rd reading cal.1520 substituted for s5837 |
Jun 22, 2011 |
substituted by a7605a ordered to third reading cal.1520 |
Jun 21, 2011 |
referred to rules |
Senate Bill S5837
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7605 - 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
Actions
Votes
2011-S5837 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7605
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §1204-a, amd §517, R & SS L; amd §§612, 671 & 1340, Tax L
2011-S5837 (ACTIVE) - Summary
Relates to treatment of member contributions in accordance with the provisions of the Internal Revenue Code; provides that contributions made by members of the New York state and local police and fire retirement system shall be picked up by their employers and treated as employer contributions for tax purposes; provides that employee salaries shall be reduced by the amount of contributions which would be mandatory without the employer pick up.
2011-S5837 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5837 TITLE OF BILL: An act to amend the retirement and social security law and the tax law, in relation to the treatment of member contributions in accordance with the provisions of the Internal Revenue Code PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to align the contributions made by members of the New York State and Local police and Fire retirement system pursuant to Tier V with the Federal internal revenue code. SUMMARY OF SPECIFIC PROVISIONS: Sections one of this bill would treat member contributions as part of a member's salary for tax purposes. JUSTIFICATION: Similar provisions exist with regard to all other NYS retirement systems which require contributions, PRIOR LEGISLATIVE HISTORY: New Bill.
2011-S5837 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5837 2011-2012 Regular Sessions I N S E N A T E June 21, 2011 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law and the tax law, in relation to the treatment of member contributions in accordance with the provisions of the Internal Revenue Code THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 1204-a to read as follows: S 1204-A. PICK UP OF MEMBER CONTRIBUTIONS BY EMPLOYER. A. NOTWITH- STANDING ANY OTHER PROVISION OF LAW, EACH PARTICIPATING EMPLOYER SHALL PICK UP THE MEMBER CONTRIBUTIONS REQUIRED TO BE MADE UNDER SECTION TWELVE HUNDRED FOUR OF THIS ARTICLE BY ITS EMPLOYEES AND SHALL DO SO BY REDUCING THE SALARY OF EACH OF ITS EMPLOYEES TO WHICH THIS SECTION IS APPLICABLE BY THAT AMOUNT WHICH EACH SUCH EMPLOYEE IS REQUIRED TO CONTRIBUTE UNDER SECTION TWELVE HUNDRED FOUR OF THIS ARTICLE. THE CONTRIBUTIONS SO PICKED UP SHALL BE PAID BY EACH PARTICIPATING EMPLOYER IN LIEU OF THE MEMBER CONTRIBUTIONS TO BE PAID BY ITS EMPLOYEES UNDER THIS SECTION AND SHALL BE TREATED AS EMPLOYER CONTRIBUTIONS IN DETERMIN- ING INCOME TAX TREATMENT UNDER SECTION 414(H) OF THE INTERNAL REVENUE CODE. WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO THIS SUBDIVISION SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIREMENT BENEFITS AND CONTRIBUTIONS BY EMPLOYERS AND EMPLOYEES, BE DEEMED EMPLOYEE SALARY. B. ANY EMPLOYEE (SUBJECT TO THIS ARTICLE) OF A PARTICIPATING EMPLOYER 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 SHALL, IN ORDER FOR THE PROVISIONS OF THIS SUBDI- VISION TO APPLY, BE REQUIRED TO EXECUTE A SALARY REDUCTION AGREEMENT (IN ACCORDANCE WITH THE REGULATIONS PROMULGATED UNDER SECTION 403(B) OF THE INTERNAL REVENUE CODE) IN AN AMOUNT EQUAL TO THE EMPLOYEE CONTRIBUTIONS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11421-04-1
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