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NY S06684

Bill

Official Source

Status

Introduced

2/27/2014

Primary Sponsor

Martin Golden

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Amends State Finance Law Section 5 to require NYC deferred compensation plan boards to include equal numbers of employer and union representatives
  • Union representatives shall be selected by the Chair of the Municipal Labor Committee as defined in NYC Administrative Code Section 12-303
  • Board actions require approval by a majority of members, with mandatory concurrence of at least one union representative and one employer representative
  • Maintains existing requirement that unionized employees cannot participate in deferred compensation plans unless authorized through collective bargaining agreements
  • Takes effect immediately upon enactment

Legislative Description

Provides that the board of any deferred compensation plan established by NYC shall include an equal number of employer and union representatives; any act of the board shall be approved by a majority of the members with concurrence of one union and one employer representative.

Last Action

RECOMMITTED TO RULES

6/20/2014

Committee Referrals

Rules6/9/2014
Finance2/27/2014

Full Bill Text

No bill text available