Bill Text: NY A06931 | 2015-2016 | General Assembly | Amended

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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 (Democrat 8-0)

Status: (Introduced - Dead) 2016-02-16 - print number 6931a [A06931 Detail]

Download: New_York-2015-A06931-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6931--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2015
                                       ___________
        Introduced  by M. of A. NOLAN, BUCHWALD, GALEF -- (at request of the New
          York State Teachers' Retirement System) -- read once and  referred  to
          the  Committee  on Education -- recommitted to the Committee on Educa-
          tion  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 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09379-02-6