Senate Bill S7618

2013-2014 Legislative Session

Increases the maximum contribution under a defined contribution plan service award

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S7618 (ACTIVE) - Details

See Assembly Version of this Bill:
A9705
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd ยง218, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2015-2016: S2110, A3040
2017-2018: S9163
2019-2020: S4207

2013-S7618 (ACTIVE) - Summary

Increases the maximum contribution under a defined contribution plan service award from $700 to $2,100.

2013-S7618 (ACTIVE) - Sponsor Memo

2013-S7618 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 7618                                                  A. 9705

                      S E N A T E - A S S E M B L Y

                              May 16, 2014
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Local Govern-
  ment

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Local Governments

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:

  Section  1.  Subdivision  (b)  of section 218 of the general municipal
law, as amended by chapter 452 of the laws of 2004, is amended  to  read
as follows:
  (b) The sponsor of a defined contribution plan shall contribute to the
plan a fixed amount of money, as determined by the sponsor, on behalf of
each participant who is credited with a year of service. The minimum and
maximum  contribution  requirements  for  a defined contribution service
award program shall be as follows. The minimum contribution shall be one
hundred twenty dollars per year of  service.  The  maximum  contribution
shall  be  [seven]  TWENTY-ONE  hundred dollars per year of service. The
maximum number of years of service for which a participant may receive a
contribution shall be forty years. The sponsor shall appropriate annual-
ly an amount sufficient to pay the contributions.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15251-01-4

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