NY A02854

Establishes a new "other post-employment benefit reserve fund" that school districts (except those in cities with populations of 125,000 or more) and boards of cooperative educational services may create by resolution to finance post-employment benefits such as healthcare.

Allows funds to be deposited through budgetary appropriations, taxes, legal transfers from other specified reserve funds, and other legally appropriated sources, with interest and capital gains accruing to the reserve.

Permits transfers into the reserve fund from other reserve funds (sections 6-c through 6-p of General Municipal Law or Education Law section 3651) only after a public hearing with at least 15 days' notice in a newspaper.

Authorizes expenditures from the reserve fund only for financing other post-employment benefits and allows transfers back to other specified reserve funds by resolution after public hearing.

Repeals subdivisions 10 and 11 of section 6-p of General Municipal Law and modifies Education Law section 1950 to remove provisions regarding BOCES payments related to other post-employment benefit reserves.