Bill Text: NY S01760 | 2009-2010 | General Assembly | Introduced
Bill Title: Relates to participation by free association public libraries in the New York state and local employees' retirement system.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S01760 Detail]
Download: New_York-2009-S01760-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1760
2009-2010 Regular Sessions
I N S E N A T E
February 6, 2009
___________
Introduced by Sen. FARLEY -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to amend the retirement and social security law, in relation to
participation by free association libraries in the New York state and
local employees' retirement system
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The retirement and social security law is amended by adding
2 a new section 31-g to read as follows:
3 S 31-G. PARTICIPATION BY FREE ASSOCIATION LIBRARIES. A FREE ASSOCI-
4 ATION LIBRARY AS DEFINED IN SECTION TWO HUNDRED FIFTY-THREE OF THE
5 EDUCATION LAW AND WHICH MEETS THE CRITERIA SET FORTH IN THIS SECTION,
6 MAY BY RESOLUTION ADOPTED AS PROVIDED IN SECTION SEVEN HUNDRED EIGHT OF
7 THE NOT-FOR-PROFIT CORPORATION LAW BY ITS BOARD OF TRUSTEES AND SUBJECT
8 TO THE APPROVAL OF THE COMPTROLLER, ELECT TO PARTICIPATE IN THE RETIRE-
9 MENT SYSTEM. ACCEPTANCE OF ITS EMPLOYEES FOR MEMBERSHIP IN THE RETIRE-
10 MENT SYSTEM SHALL BE MANDATORY WITH THE COMPTROLLER, WHO SHALL DETERMINE
11 THE AMOUNTS OF CONTRIBUTION PAYABLE BY SUCH LIBRARY AND ITS EMPLOYEES,
12 SHALL RESOLVE QUESTIONS OF CREDIT FOR PRIOR SERVICE, AND SHALL IN ALL
13 OTHER RESPECTS ASSURE THAT SUCH EMPLOYEES SHARE THE SAME RIGHTS, OBLI-
14 GATIONS AND BENEFITS AS OTHER MEMBERS OF THE RETIREMENT SYSTEM. A FREE
15 ASSOCIATION LIBRARY SHALL BE ELIGIBLE TO JOIN THE RETIREMENT SYSTEM
16 UNDER THE FOLLOWING CONDITIONS:
17 (A) SUCH LIBRARY SHALL BE CHARTERED BY THE STATE BOARD OF REGENTS;
18 (B) SUCH LIBRARY SHALL SERVE THE ENTIRE POPULATION OF ITS CHARTERED
19 SERVICE AREA;
20 (C) THE BOARD OF TRUSTEES OF SUCH LIBRARY SHALL BE ELECTED BY THE
21 VOTERS OF ITS CHARTERED SERVICE AREA;
22 (D) SUCH LIBRARY'S BUDGET SHALL BE APPROVED BY THE VOTERS OF ITS CHAR-
23 TERED SERVICE AREA;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04141-02-9
S. 1760 2
1 (E) AT LEAST FIFTY-ONE PERCENT OF SUCH LIBRARY'S BUDGET SHALL DERIVE
2 FROM PUBLIC SOURCES; AND
3 (F) SUCH LIBRARY SHALL FILE THE ANNUAL REPORT WITH THE COMPTROLLER AS
4 REQUIRED OF PUBLIC LIBRARIES BY SECTION THIRTY OF THE GENERAL MUNICIPAL
5 LAW.
6 S 2. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would permit any free association public library which meets
certain specific criteria to elect participation in the New York State
and Local Employees' Retirement System.
If this bill is enacted and an eligible corporation elects partic-
ipation, the future annual cost would depend on the retirement plan
adopted.
As a percentage of payroll, we anticipate that the annual contrib-
utions of the affected corporation for the fiscal year ending March 31,
2010, will be as follows:
Tier 1 4.7% to 9.2%
Tier 2 4.5% to 8.5%
Tier 3 6.9%
Tier 4 6.9%
In addition to the annual contributions discussed above, there will be
a deficiency cost to the affected corporation which will be payable for
a 25 year period. These costs will depend on the age, service, salary,
tier status and plan of the affected employees.
This estimate, dated January 27, 2009, and intended for use only
during the 2009 Legislative Session, is Fiscal Note No. 2009-116,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.
