Bill Text: NY S06792 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to a retirement contribution reserve fund for the purposes of the New York state teachers' retirement system.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2016-02-23 - REFERRED TO CIVIL SERVICE AND PENSIONS [S06792 Detail]

Download: New_York-2015-S06792-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6792
                    IN SENATE
                                    February 23, 2016
                                       ___________
        Introduced  by  Sen.  MARCELLINO  --  (at  request of the New York State
          Teachers' Retirement System) -- read twice and  ordered  printed,  and
          when  printed  to  be  committed to the Committee on Civil Service and
          Pensions
        AN ACT to amend the education law, in relation to a retirement  contrib-
          ution  reserve  fund  for the purposes of the New York state teachers'
          retirement system
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The education law is amended by adding a new section 3653
     2  to read as follows:
     3    § 3653. Retirement contribution reserve fund. 1. The board  of  educa-
     4  tion  or trustees of a participating employer may, by resolution, estab-
     5  lish a retirement contribution reserve fund for the purpose  of  offset-
     6  ting  employer  contributions to the New York state teachers' retirement
     7  system and payable pursuant to this chapter.
     8    2. There may be paid into a retirement contribution reserve fund:
     9    a. such amounts as may be provided therefor by budgetary appropriation
    10  or raised by tax therefor;
    11    b. such revenues as are not required by law to be paid into any  other
    12  fund or account;
    13    c. such other funds as may be legally appropriated; and
    14    d.  notwithstanding  any  law  to the contrary, such amounts as may be
    15  transferred from a reserve fund established pursuant to  section  six-c,
    16  six-d,  six-e,  six-f or six-g of the general municipal law comprised of
    17  moneys raised from the same tax base as the  moneys  in  the  retirement
    18  contribution  reserve  fund,  or  a reserve fund established pursuant to
    19  section thirty-six hundred fifty-one of this article, provided that  any
    20  such transfer shall only be made by resolution of the board of education
    21  or  trustees  of such employer adopted after a public hearing held on at
    22  least fifteen days prior published notice  in  at  least  one  newspaper
    23  having general circulation in the school district of the employer.
    24    3. For purposes of this section:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09379-03-6