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NY S07454

Bill

Official Source

Status

Passed

7/18/2012

Primary Sponsor

Carl Marcellino

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Amends Local Finance Law section 11.00 to allow Glen Cove, Nassau County to amortize employee separation payments over 10 years.

  • Applies to payments made after January 1, 2012 for separation incentives, unused sick leave, personal leave, holiday leave, vacation time, and other accrued time or compensation upon employee separation.

  • Authorizes amortization only for payments approved by the City of Glen Cove.

  • Takes effect immediately upon enactment.

Legislative Description

Authorizes the city of Glen Cove to amortize the cost of payments to employees upon separation of service from the city.

Last Action

SIGNED CHAP.250

7/18/2012

Committee Referrals

Ways and Means6/18/2012
Local Government5/21/2012

Full Bill Text

No bill text available