Bill Text: NY S09163 | 2017-2018 | General Assembly | Introduced

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) 2018-09-12 - REFERRED TO RULES [S09163 Detail]

Download: New_York-2017-S09163-Introduced.html

                STATE OF NEW YORK
                    IN SENATE
                                   September 12, 2018
        Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        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    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.