STATE OF NEW YORK
________________________________________________________________________
S. 7618 A. 9705
SENATE - ASSEMBLY
May 16, 2014
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Local Govern-
ment
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Local Governments
AN ACT to amend the general municipal law, in relation to increasing the
maximum contribution under a defined contribution plan service award
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision (b) of section 218 of the general municipal
2 law, as amended by chapter 452 of the laws of 2004, is amended to read
3 as follows:
4 (b) The sponsor of a defined contribution plan shall contribute to the
5 plan a fixed amount of money, as determined by the sponsor, on behalf of
6 each participant who is credited with a year of service. The minimum and
7 maximum contribution requirements for a defined contribution service
8 award program shall be as follows. The minimum contribution shall be one
9 hundred twenty dollars per year of service. The maximum contribution
10 shall be [seven] twenty-one hundred dollars per year of service. The
11 maximum number of years of service for which a participant may receive a
12 contribution shall be forty years. The sponsor shall appropriate annual-
13 ly an amount sufficient to pay the contributions.
14 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15251-01-4
