Bill Text: NY S05895 | 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: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2019-06-19 - referred to local governments [S05895 Detail]

Download: New_York-2019-S05895-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          5895

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 16, 2019
                                       ___________

        Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        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
    23  program.  The  maximum  benefit amount payable to a participating active

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10562-02-9

        S. 5895                             2

     1  volunteer firefighter entitled to a benefit shall be determined  on  the
     2  basis  of  an actuarial valuation. The valuation shall take into account
     3  the age, and such other factors as the actuary deems appropriate, of the
     4  eligible  participating  active volunteer firefighters and the amount of
     5  available financing available per active covered volunteer  firefighter.
     6  The  maximum  service  award  under  a  service award program shall be a
     7  monthly payment, payable for life, that does not exceed an amount  equal
     8  to  thirty  dollars for each year of firefighting service credited under
     9  the terms of the program to a maximum of [forty] fifty  years  of  fire-
    10  fighting service.
    11    § 3. This act shall take effect immediately.
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