Bill Text: NY A07276 | 2019-2020 | General Assembly | Introduced
Bill Title: Increases the number of years of service that a participant in a defined contribution plan service award program or defined benefit plan service award program may receive a contribution from 40 to 50 years.
Spectrum: Slight Partisan Bill (Republican 5-3)
Status: (Introduced - Dead) 2020-01-08 - referred to local governments [A07276 Detail]
Download: New_York-2019-A07276-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7276 2019-2020 Regular Sessions IN ASSEMBLY April 18, 2019 ___________ Introduced by M. of A. STERN, JEAN-PIERRE, THIELE, RAIA, DeSTEFANO, SMULLEN -- read once and referred to the Committee on Local Govern- ments AN ACT to amend the general municipal law, in relation to increasing the number of years of service that a participant in a defined contrib- ution 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 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 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] fifty years. The sponsor shall appropriate annually an 13 amount sufficient to pay the contributions. 14 § 2. Subdivision (b) of section 219 of the general municipal law, as 15 amended by chapter 452 of the laws of 2004, is amended to read as 16 follows: 17 (b) The minimum and maximum retirement benefit requirements for a 18 service award program that is a defined benefit plan shall be defined as 19 follows. Each participating active volunteer firefighter shall be enti- 20 tled to a minimum service award benefit of five dollars per month for 21 each year of firefighting service completed after satisfying the 22 program's eligibility requirement and after establishment of the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10562-02-9A. 7276 2 1 program. The maximum benefit amount payable to a participating active 2 volunteer firefighter entitled to a benefit shall be determined on the 3 basis of an actuarial valuation. The valuation shall take into account 4 the age, and such other factors as the actuary deems appropriate, of the 5 eligible participating active volunteer firefighters and the amount of 6 available financing available per active covered volunteer firefighter. 7 The maximum service award under a service award program shall be a 8 monthly payment, payable for life, that does not exceed an amount equal 9 to thirty dollars for each year of firefighting service credited under 10 the terms of the program to a maximum of [forty] fifty years of fire- 11 fighting service. 12 § 3. This act shall take effect immediately.