Bill Text: NY A05455 | 2015-2016 | General Assembly | Amended
Bill Title: Limits the amount of employer contributions to the state retirement system; authorizes an annual increase in employer contribution of the lesser of two percent or an inflation factor.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-02-03 - print number 5455a [A05455 Detail]
Download: New_York-2015-A05455-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5455--A 2015-2016 Regular Sessions IN ASSEMBLY February 23, 2015 ___________ Introduced by M. of A. ABINANTI -- read once and referred to the Commit- tee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law and the education law, in relation to imposing a cap on the amount of contributions paid by employers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 17 of the retirement and social security law, as 2 amended by chapter 33 of the laws of 1986, subdivision a as amended by 3 chapter 62 of the laws of 1989, subdivision c as amended by chapter 260 4 of the laws of 2004, is amended to read as follows: 5 § 17. Annual appropriation by participating employers. a. On or before 6 the fifteenth day of November, nineteen hundred eighty-nine and of each 7 succeeding calendar year, the comptroller shall determine the amount 8 which each participating employer is required to pay to the retirement 9 system to discharge its obligations thereto for the fiscal year of the 10 retirement system which ends on March thirty-first of nineteen hundred 11 ninety and of each succeeding calendar year on account of its employees 12 who are members of this system. The comptroller shall submit to the 13 fiscal officer of each such employer a statement of the amount so paya- 14 ble. 15 This amount shall consist of the amount deemed necessary to provide 16 for payment in full of (i) all estimated obligations of each participat- 17 ing employer for the current fiscal year of the retirement systems and 18 (ii) any additional obligation, plus interest on such amount, for fiscal 19 years preceding the current fiscal year. Such amount shall, however, be 20 subject to the limitation set forth in subdivision f of this section. If 21 as a result of the amount determined to be paid for any fiscal year, a EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03902-07-6
