Authorizes the city of Long Beach to amortize the cost of payments to or for the benefit of employees upon separation from employment.
Ayes (58): Adams, Addabbo, Alesi, 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
Nays (2): Avella, Krueger
Excused (2): Espaillat, Huntley
TITLE OF BILL: An act to amend the local finance law, in relation to authorizing the city of Long Beach to amortize the cost of payments
PURPOSE: The purpose of this bill is to allow the City of Long Beach to amortize the cost of payments over a five year period for voluntary early retirement incentive programs and for payment of the monetary value of accrued and accumulated but unused and unpaid leave 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.
SUMMARY OF PROVISIONS: Paragraph a of Section 11.00 of the Local Finance Law is amended by adding a new subdivision 85-e.
JUSTIFICATION: This bill will allow them the flexibility they need in amortizing the cost of payments which need to be made to former employees.
LEGISLATIVE HISTORY: New Bill.
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 7672 IN SENATE June 13, 2012 ___________Introduced by Sen. SKELOS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the local finance law, in relation to authorizing the city of Long Beach to amortize the cost of payments 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 85-e to read as follows: 85-E. PAYMENTS BY THE CITY OF LONG BEACH TO OR FOR THE BENEFIT OF EMPLOYEES UPON SEPARATION FROM EMPLOYMENT, AS HAVE BEEN OR MAY BE APPROVED BY THE CITY AND INCLUDING, BUT NOT LIMITED TO, CASH PAYMENT FOR SEPARATION INCENTIVES, VOLUNTARY EARLY RETIREMENT INCENTIVE PROGRAMS AND/OR PAYMENT OF THE MONETARY VALUE OF 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 INSUR- ANCE 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, FIVE 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. LBD15464-01-2