S7552-2011 Actions

• Jun 21, 2012: SUBSTITUTED BY A10552
• Jun 21, 2012: ORDERED TO THIRD READING CAL.1505
• Jun 21, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jun 21, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jun 1, 2012: REFERRED TO LOCAL GOVERNMENT

S7552-2011 Meetings

S7552-2011 Calendars

S7552-2011 Votes

S7552-2011 Memo

BILL NUMBER:S7552

TITLE OF BILL:
An act to amend the local finance law, in relation to authorizing the
town of Oyster Bay, county of Nassau to amortize the cost of payments to
employees upon separation of service from the town

PURPOSE:
This legislation would allow the Town of Oyster Bay to amortize the cost
of payments to employees upon separation of service from the town.

SUMMARY OF PROVISIONS:
Section 1 of this bill amends paragraph a of section 11.00 of local
finance law by adding a new subdivision 106 that empowers the Town of
Oyster Bay to amortize accrued and accumulated but unused and unpaid
sick leave, personal leave, holiday leave, vacation time, time allow-
ances granted in lieu of overtime compensation and any other forms of
payment for time earned by employees of the Town of Oyster Bay and paya-
ble to such employees upon separation of service from the Town. The bill
permits the town to amortize any such separation payments made by the
Town.

Section 2 authorizes this act shall take effect immediately.

JUSTIFICATION:
This legislation would allow the Town of Oyster Bay to spread the impact
of the separation payments over several years, not increase its cumula-
tive deficit in its general fund and provide the town with ability to
operate within the State's imposed tax cap.

The Town of Oyster Bay also expects to realize budgetary savings in the
future as a result of the reduction in salaries attributable to the
retirees and the replacement of such retirees with lower paid employees.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This act shall take effect immediately.

S7552-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7552
 I N  SENATE
 June 1, 2012
 
 Introduced  by COMMITTEE ON RULES -- 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  the
 town  of Oyster Bay, county of Nassau to amortize the cost of payments
 to employees upon separation of service from the town
 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 106 to read as follows:

 106. PAYMENTS BY THE TOWN OF OYSTER BAY TO EMPLOYEES  UPON  SEPARATION
 FROM  EMPLOYMENT,  AS MAY BE APPROVED BY THE TOWN AND INCLUDING, BUT NOT
 LIMITED TO, SUCH PAYMENTS, CASH PAYMENT FOR SEPARATION INCENTIVES AND/OR
 PAYMENT OF THE MONETARY VALUE OF ACCRUED AND ACCUMULATED BUT UNUSED  AND
 UNPAID  SICK  LEAVE,  VACATION  TIME,  AND  ANY  OTHER  FORMS OF PAYMENT
 REQUIRED TO BE PAID TO SUCH EMPLOYEES UPON 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.
 LBD16116-01-2

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