Bill Text: NY S00762 | 2017-2018 | General Assembly | Introduced
Bill Title: Authorizes school districts to establish reserve funds for the payment of their contributions to the New York state teachers' retirement system.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S00762 Detail]
Download: New_York-2017-S00762-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 762 2017-2018 Regular Sessions IN SENATE January 4, 2017 ___________ Introduced by Sens. LITTLE, SEWARD -- 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 authorizing school districts to establish reserve funds for the payment of contributions to 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. Section 3651 of the education law is amended by adding a 2 new subdivision 1-c to read as follows: 3 1-c. Notwithstanding the provisions of subdivision one of this 4 section, any school district may establish a reserve fund for the 5 payment of the district's contributions to the New York state teachers' 6 retirement system, pursuant to article eleven of this chapter, without 7 approval by the qualified voters of the district; provided, however, 8 that the total of the monies held in such reserve fund shall not exceed 9 that amount which is reasonably deemed necessary to meet such contrib- 10 utions. 11 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00337-01-7
