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NY S07534
Bill
Status
6/23/2010
Primary Sponsor
Craig Johnson
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AI Summary
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Establishes the Other Post Employment Benefits (OPEB) Investment Fund under custody of the State Comptroller to receive and invest contributions from the state, local governments, and public corporations for funding post-employment benefits.
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Authorizes the State President of the Civil Service Commission to establish an OPEB trust funded by state appropriations, with assets invested through the Comptroller's fund and managed according to a written investment policy prioritizing timely disbursements, principal safety, and market returns.
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Authorizes local governments (municipalities, school districts, BOCES, colleges, libraries) to establish OPEB trusts by resolution, with assets held by the chief fiscal officer or designated trustee and invested through the Comptroller's fund.
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Permits the Comptroller to establish separate investment sub-funds with various investment objectives, commingling participating trustee assets while maintaining separate accounting; investment earnings prorated based on each trustee's holdings.
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Requires annual financial reports and independent audits for all trusts; limits liability of the Comptroller, state, and local government trustees to cases of bad faith, willful misconduct, or intentional wrongdoing; clarifies that the law does not create obligations to provide benefits or restrict authority to modify or eliminate them.
Legislative Description
Authorizes the state and certain local governments to establish other post employment benefits (OPEB) trusts; establishes the other post employment benefits investment fund; defines terms; further authorizes the president of the civil service commission to establish a trust for the purpose of accumulating assets to fund the cost of providing other post employment benefits and authorizes the governing body of a local government to establish a trust in the custody of the chief fiscal officer of the local government, for the purpose of accumulating assets to fund the cost to the local government of providing other post employment benefits.
Last Action
referred to governmental employees
6/23/2010