§ 25 — Appropriations in retirement bills

New York § 25

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 3: Funds of the System; Members' Contributions and Employers' Contributions
• Art. 2: New York State Employees' Retirement System

Text

§ 25. Appropriations in retirement bills. The state shall make a\npayment to the retirement system in an amount equal to the value of the\nbenefits associated with prior service upon the enactment of a bill\nwhich enacts or amends any provision of law relating to a retirement\nsystem or plan of the state of New York or of any of its political\nsubdivisions. The state may amortize such payment over a five year\nperiod at a rate of interest to be determined by the retirement system.\nSuch bill shall contain an itemized appropriation from the state's\ngeneral fund beginning for the fiscal year in which such amendment\nbecomes effective and which shall not be used for any other purpose,\nsufficient to disburse a minimum of the first of five such amortization\npayments plus the present value of the benefits provided to employees of\nthe state or its political subdivisions by the bill for the current\nfiscal year. The state shall continue to pay for the cost of the\nbenefits as provided by the bill to the state and its political\nsubdivisions on an ongoing basis. Such appropriation from the state's\ngeneral fund shall only be required when a bill is enacted on a\nstatewide basis. In addition, such appropriation from the state's\ngeneral fund shall not be required when the benefits provided by a\nparticular bill must be elected by a participating employer, local\ngovernment, or school district.\n