Bill Text: NY A10201 | 2011-2012 | General Assembly | Introduced

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Bill Title: Changes the effective date for certain employee contribution rate schedules to coincide with the NYSTRS's fiscal year of July 1st to June 30th.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-14 - reported referred to rules [A10201 Detail]

Download: New_York-2011-A10201-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10201
                                 I N  A S S E M B L Y
                                     May 10, 2012
                                      ___________
       Introduced  by  M.  of  A.  ABBATE  -- (at request of the New York State
         Teachers' Retirement System) -- read once and referred to the  Commit-
         tee on Governmental Employees
       AN  ACT  to amend the retirement and social security law, in relation to
         making a technical change to reflect  the  New  York  state  teachers'
         retirement system plan year
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The opening paragraph of subdivision g of  section  613  of
    2  the  retirement and social security law, as amended by chapter 18 of the
    3  laws of 2012, is amended to read as follows:
    4    Members who first join the New York state teachers' retirement  system
    5  on  or  after January first, two thousand ten shall contribute three and
    6  one-half percent of annual wages to the New York state teachers' retire-
    7  ment system, except that beginning  [April]  JULY  first,  two  thousand
    8  thirteen  for  members  who  first  become members of the New York state
    9  teachers' retirement system  on  or  after  April  first,  two  thousand
   10  twelve,  the  rate  at  which  each  such member shall contribute in any
   11  current plan year (July first to June thirtieth) shall be determined  by
   12  reference  to  the  wages  of  such member in the second plan year (July
   13  first to June thirtieth) preceding such current plan year as follows:
   14    S 2. This act shall take effect immediately and  shall  be  deemed  to
   15  have been in full force and effect on and after April 1, 2012.
         FISCAL  NOTE.--Pursuant to Legislative Law Section 50, the fiscal note
       that must be appended in its entirely to this bill is:
         This bill would amend subdivision g of section 613 of  the  Retirement
       and  Social  Security Law, as amended by Chapter 18 of the Laws of 2012,
       to change the effective date of the new  Tier  6  employee  contribution
       rate  schedule from April 1, 2013 to July 1, 2013, to agree with the New
       York State Teachers' Retirement System's fiscal year of July 1st to June
       30th.
         It is  estimated that there will be no annual cost to the employers of
       members of the New York State Teachers' Retirement System if  this  bill
       is enacted.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15831-01-2
       A. 10201                            2
         The  source  of this estimate is Fiscal Note 2012-30 dated May 2, 2012
       prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
       System and is intended for use only during the 2012 Legislative Session.
       I,  Richard  A.  Young,  an the Actuary for the New York State Teachers'
       Retirement  System.  I  am a member of the American Academy of Actuaries
       and I meet the Qualification Standards of the American Academy of  Actu-
       aries to render the actuarial opinion contained herein.