Bill Text: NY S02898 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes a defined contribution plan for all non-civil service appointees and elected officials of the New York state and local employees' retirement system who are not yet vested in a state retirement system or who are hired after the effective date of this section; authorizes elected officials to join such defined contribution plan; defines terms; provides for contributions to such defined contribution plan; authorizes the promulgation of any necessary rules and regulations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-02-11 - PRINT NUMBER 2898A [S02898 Detail]
Download: New_York-2015-S02898-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2898--A 2015-2016 Regular Sessions IN SENATE January 30, 2015 ___________ Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the retirement and social security law, in relation to establishing a defined contribution plan 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 618 to read as follows: 3 § 618. Defined contribution plan. 1. The defined contribution plan is 4 hereby established. The comptroller shall adopt rules and regulations 5 regarding the standards and requirements of the defined contribution 6 plan established pursuant to this section, including selection of finan- 7 cial organizations for investment purposes. 8 2. a. Notwithstanding any other provision of law, the defined 9 contribution plan shall be established for all non-civil service 10 appointed employees and elected officials employed by the state of New 11 York or any public employer which has elected to participate in the New 12 York state and local employees' retirement system. 13 b. The comptroller shall enter into written agreements with one or 14 more financial organizations to administer the defined contribution plan 15 for members and to invest funds held pursuant to such plan. 16 c. The rules and regulations promulgated by the comptroller shall 17 establish standards for the selection of financial organizations, 18 authorized to do business in this state, to participate in such plans, 19 including, but not limited to, the following criteria: (i) rates of 20 commission, brokerage and other fees, administrative expenses and 21 related service charges imposed by the financial organization; (ii) EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03899-05-6
