Authorizes the board of cooperative educational services of Nassau county to maintain funds in an employee benefit accrued liability reserve fund.
Ayes (7): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Excused (1): Oppenheimer
Ayes (59): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Johnson, Kennedy, Klein, 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, Storobin, Valesky, Young, Zeldin
Excused (3): Espaillat, Huntley, Krueger
TITLE OF BILL: An act in relation to authorizing the board of cooperative educational services of Nassau County to maintain funds in an employee benefit accrued liability reserve fund
PURPOSE: The purpose of this bill is to authorize the Board of Cooperative Educational Services of Nassau County to maintain excess funds contained within an employee benefit accrued liability reserve fund (EBALR) provided such funds are retained for payment of other post-employment benefits.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill authorizes the BOCES of Nassau County to maintain excess EBALR funds provided they are retained to make future payments related to other post employment benefits of their employees. The bill further provides that the chief fiscal officer of BOCES shall account for these funds in a separate fund.
JUSTIFICATION: BOCES are authorized pursuant to Section 6-p of the General Municipal Law to establish employee benefit accrued liability reserve (EBALR) funds to cover unused and unpaid sick leave, personal leave, vacation time, time allowances granted in lieu of overtime compensation and any other forms of payment for accrued but unused time earned by employees. This bill authorizes BOCES to maintain excess EBALR funds so they can also pay other-post employment benefits. These funds are critically important to ensure that BOCES will have funding to pay these employee benefits in the future.
PRIOR LEGISLATIVE HISTORY: This is new legislation.
FISCAL IMPLICATIONS: There is no fiscal impact to the State.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 6622 IN SENATE March 6, 2012 ___________Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT in relation to authorizing the board of cooperative educational services of Nassau County to maintain funds in an employee benefit accrued liability reserve fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provision of law to the contra- ry, the board of cooperative educational services of Nassau county is hereby authorized to maintain funds in an employee benefit accrued liability reserve fund created pursuant to the provisions of section 6-p of the general municipal law which are in excess of the sum sufficient to pay all liabilities incurred or accrued against it for the purposes authorized pursuant to section 6-p of the general municipal law. Notwithstanding any other provision of law to the contrary, such excess funds may be retained and expended for the payment of other post-employ- ment benefits, except pensions or other benefits funded through a public retirement system, provided pursuant to state statute, local enactment, contract or other unlawful authority to former or current officers or employees or their families or beneficiaries after service at the board of cooperative educational services of Nassau county has ended such post-employment benefits shall include but not be limited to health care benefits. The chief fiscal officer of the board of cooperative educational services of Nassau county shall account for such excess funds retained pursuant to this act separate and apart from all other funds retained in the employee benefit accrued liability reserve fund. Such accounting shall show: the source, the date and amount of each sum paid into the employee benefit accrued liability reserve fund which were excess of liabilities needed to fulfill the provisions of section 6-p of the general municipal law; the interest earned by such funds; capital gains or losses resulting from the sale of investments of these funds; the order, purpose thereof, date and amount of each payment of these excess funds; a cash balance of excess funds and a schedule of investments. TheEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14928-01-2 S. 6622 2
chief fiscal officer, within sixty days of the end of each fiscal year, shall furnish a detailed report of the operation and condition of these excess funds to the governing board of the board of cooperative educa- tional services of Nassau county and the office of the state comp- troller. Any funds which have been retained by the board of cooperative educa- tional services of Nassau county for the purpose of funding other post- employment benefits as defined by this act at any point prior to the effective date of this act may continue to be retained in a manner as prescribed by this act. S 2. This act shall take effect immediately.