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NY S09163

Bill

Official Source

Status

Introduced

9/12/2018

Primary Sponsor

John Bonacic

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Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends General Municipal Law Section 218 to increase the maximum annual contribution for defined contribution plan service awards from $700 to $2,100 per year of service
  • Maintains the minimum contribution requirement of $120 per year of service
  • Keeps the maximum number of years of service for which a participant may receive contributions at 40 years
  • Requires sponsors to appropriately fund the contributions annually
  • Takes effect immediately upon enactment

Legislative Description

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

Last Action

REFERRED TO RULES

9/12/2018

Committee Referrals

Rules9/12/2018

Full Bill Text

No bill text available