NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A469
SPONSOR: Paulin TITLE OF BILL:
An act to amend the education law, in relation to adding a school busi-
ness official to the Teachers' Retirement System (TRS) Board
PURPOSE:
To add a school business official to the board of trustees of the Teach-
ers Retirement System (TRS).
SUMMARY OF PROVISIONS:
Section one amends subdivision 2 of section 504 of the education law by
adding a new paragraph g to add a school business:Official to the TRS
Board' of Trustees
Section two provides the effective date
JUSTIFICATION:.
Now that school districts and BOCES are permitted to create a Teachers
Retirement System (TRS) Reserve sub-fund within their Pension Fund
Reserve, school business officials should have a voice and input on
decisions made by the TRS Board.
School Business Officials are the point person at school districts and
BOCES for creating and managing the TRS Reserve Fund. They are also
acutely aware of the consequences of Employer Contribution. Rate (ECR)
increases and are responsible for allocating resources to fund any such
increases.
A majority of school business officials have graduate level degrees in
finance, accounting or other business related subject matter and a grow-
ing number are also Certified Public Accountants (CPAs) and are uniquely
qualified to:provide feedback on the impact on school finances of chang-
es to pension calculations
LEGISLATIVE HISTORY:
A1083, 2023 and 2024, referred to education.
A.5008, 2021 and 2022, referred to education.
A.7590, 2019 and 2020, referred to education.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
469
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. PAULIN, McDONOUGH, SAYEGH, DeSTEFANO -- read once
and referred to the Committee on Education
AN ACT to amend the education law, in relation to adding a school busi-
ness official to the Teachers' Retirement System (TRS) Board
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of subdivision 2 of section 504 of
2 the education law, as amended by chapter 873 of the laws of 1984, is
3 amended and a new paragraph g is added to read as follows:
4 The retirement board shall consist of [ten] eleven members as follows.
5 g. One member, who currently works as a duly appointed school business
6 official, who is elected by the board of regents of the university of
7 the state of New York to serve for a term of three years, from a list of
8 five or more persons having broad experience and ability in the field of
9 school finance to be presented to the regents by the board of directors
10 of the association of school business officials of New York.
11 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02029-01-5
