Bill Text: NY S07618 | 2013-2014 | General Assembly | Introduced

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Bill Title: Increases the maximum contribution under a defined contribution plan service award from $700 to $2,100.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-05-16 - REFERRED TO LOCAL GOVERNMENT [S07618 Detail]

Download: New_York-2013-S07618-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 7618                                                  A. 9705
                             S E N A T E - A S S E M B L Y
                                     May 16, 2014
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Local Govern-
         ment
       IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
         to the Committee on Local Governments
       AN ACT to amend the general municipal law, in relation to increasing the
         maximum contribution under a defined contribution plan service award
         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 452 of the laws of 2004, 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  [seven]  TWENTY-ONE  hundred dollars per year of service. The
   11  maximum number of years of service for which a participant may receive a
   12  contribution shall be forty years. The sponsor shall appropriate annual-
   13  ly an amount sufficient to pay the contributions.
   14    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15251-01-4