BILL NUMBER: S5493
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to establishing a variable supplements fund for sanitation
members of the New York city employees' retirement system
 
PURPOSE:
To provide sanitation workers of the city of New York with additional
retirement benefits in the form of a statutorily created variable
supplements fund (VSF).
 
SUMMARY OF PROVISIONS:
Section 1 adds a new subdivision 97 to section 13-101 of the Administra-
tive Code of the City of New York.
Section 2 defines the following terms, "association," "variable supple-
ments board," "beneficiary," "variable supplement," and establishes the
fund, as well as some governing rules of such. The section provides that
the VSF will not serve as a pension, retirement system or fund but
discretionary monies given to beneficiaries as determined by the vari-
able supplements board from the retirement system.
This section also establishes the board of trustees for the VSF. The
section designates positions of the board as including one represen-
tative from the New York City Mayor's office, the New York City Comp-
troller, one member of the Uniformed Sanitationmen's Association and one
member of the Sanitation Officers' Association. The section defines the
role of the board of trustees and describes those who will assist the
board in its operations.
The section establishes the authority of the board and explains the role
of the board in determining the beneficiaries of the VSF and outlines a
few general guidelines for the operation of the board and the VSF
monies. It also grants the VSF equal powers of a registered corporation
and grants the VSF Board of Trustees the power to invest and handle the
monies of the VSF in a variety of ways.
Section 2 also requires the VSF Board of Trustees to publish an annual
report of its assets accumulated and of its cash and securities of such
fund as certified by the comptroller. The comptroller is established as
the custodian of the monies and assets of the sanitation VSF. The
members of the board are prohibited from having interest in any payment
or transaction of the fund.
Section 3 amends Section 13-133 of the Administrative Code of the City
of New York to make technical corrections and to add the new section
(above) into the regulation and definition of interest.
Section 4 adds a new Section 13-198 to the Administrative Code of the
City of New York that defines the following terms: "base fiscal year,"
"current fiscal year," "transferable earnings," "amount of assets of the
retirement system," "amount of sanitation assets," and "allocation to
the sanitation variable supplements fund." The guidelines for calculat-
ing the amount obtained in any base fiscal year are also set.
Section 5 is the effective date.
 
JUSTIFICATION:
New York City sanitation workers deserve to be compensated through a
variable supplements fund the same as their city partners, the NYPD and
other city agencies are. Sanitation workers in the city of New York work
hard in grueling conditions to maintain a clean and healthy environment
for residents of the city. This bill justly compensates sanitation work-
ers through a reasonable method for their hard years of service.
 
LEGISLATIVE HISTORY:
2021-2022: S.2861 - Referred to Civil Service and Pensions/A.5429 -
Referred to Governmental Employees
2019-2020: S.6129 - Referred to Civil Service and Pensions
 
STATE AND LOCAL FISCAL IMPLICATIONS:
Click here
 
EFFECTIVE DATE:
This act shall take effect immediately.