Bill Text: NY S01091 | 2021-2022 | General Assembly | Amended
Bill Title: Authorizes a municipality to increase the number of years of service that a participant in a defined contribution plan or defined benefit plan service award program may receive a contribution for up to an additional ten years, to a maximum of fifty years; makes related provisions.
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Passed) 2021-08-20 - SIGNED CHAP.400 [S01091 Detail]
Download: New_York-2021-S01091-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1091--A Cal. No. 158 2021-2022 Regular Sessions IN SENATE January 6, 2021 ___________ Introduced by Sens. GAUGHRAN, BROOKS, COMRIE, HINCHEY, MANNION -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- reported favorably from said commit- tee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the general municipal law, in relation to authorizing a municipality to increase the number of years of service that a partic- ipant in a defined contribution plan service award program or a defined benefit plan service award program may receive a contribution The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (b) of section 218 of the general municipal 2 law, as amended by chapter 474 of the laws of 2019, is amended to read 3 as follows: 4 (b) The sponsor of a defined contribution plan shall contribute to the 5 plan a fixed amount of money, as determined by the sponsor, on behalf of 6 each participant who is credited with a year of service. The minimum and 7 maximum contribution requirements for a defined contribution service 8 award program shall be as follows. The minimum contribution shall be one 9 hundred twenty dollars per year of service. The maximum contribution 10 shall be twelve hundred dollars per year of service. The maximum number 11 of years of service for which a participant may receive a contribution 12 shall be forty years. The sponsor shall appropriate annually an amount 13 sufficient to pay the contributions. The governing board of a political 14 subdivision may extend the maximum number of years of service for which 15 a participant may receive a contribution for up to an additional ten 16 years, to a maximum of fifty years, and such increases in the number of 17 years may be added in multiple increments or in a single action, pursu- 18 ant to the adoption of the required resolution or resolutions of the 19 governing board, receiving the affirmative vote of at least sixty EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04001-02-1S. 1091--A 2 1 percent of the governing board of the political subdivision, and the 2 approval of any mandatory referendum or referenda authorizing the exten- 3 sion of benefits under the program by eligible voters within such poli- 4 tical subdivision. 5 § 2. Subdivision (b) of section 219 of the general municipal law, as 6 amended by chapter 452 of the laws of 2004, is amended to read as 7 follows: 8 (b) The minimum and maximum retirement benefit requirements for a 9 service award program that is a defined benefit plan shall be defined as 10 follows. Each participating active volunteer firefighter shall be enti- 11 tled to a minimum service award benefit of five dollars per month for 12 each year of firefighting service completed after satisfying the 13 program's eligibility requirement and after establishment of the 14 program. The maximum benefit amount payable to a participating active 15 volunteer firefighter entitled to a benefit shall be determined on the 16 basis of an actuarial valuation. The valuation shall take into account 17 the age, and such other factors as the actuary deems appropriate, of the 18 eligible participating active volunteer firefighters and the amount of 19 available financing available per active covered volunteer firefighter. 20 The maximum service award under a service award program shall be a 21 monthly payment, payable for life, that does not exceed an amount equal 22 to thirty dollars for each year of firefighting service credited under 23 the terms of the program to a maximum of forty years of firefighting 24 service. The governing board of a political subdivision may extend the 25 maximum number of years of service for which a participant may receive a 26 contribution for up to an additional ten years, to a maximum of fifty 27 years, and such increases in the number of years may be added in multi- 28 ple increments or in a single action, pursuant to the adoption of the 29 required resolution or resolutions of the governing board, receiving the 30 affirmative vote of at least sixty percent of the governing board of the 31 political subdivision, and the approval of any mandatory referendum or 32 referenda authorizing the extension of benefits under the program by 33 eligible voters within such political subdivision. 34 § 3. This act shall take effect immediately and shall apply to all 35 current and future participants.
