BILL NUMBER: S9254
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the education law, in relation to mandatory contrib-
utions for members in the optional retirement program
 
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend subdivision 2 of section 392 of the
education law, to require that the state contribute an additional three
percent contribution to the tier 6 members of the optional retirement
program of the State University of New York.
Section 2 of this bill would amend subdivision 2 of section 6252 of the
education law, to require that New York City contribute an additional
three percent contribution to the tier 6 members of the optional retire-
ment program of the City University of New York.
Section 3 of this bill outlines that the cost for these increases shall
be provided outside the operating budgets for SUNY, CUNY and the commu-
nity colleges.
Section 4 of this bill establishes the effective date.
 
JUSTIFICATION:
Several changes have been made to enhance the benefits made under Tier 6
of the public pension plan, but no enhancements have been made to
address the retirement needs of the tier 6 members in the optional
retirement plans available to the employees at SUNY and CUNY. This
legislation will provide those members of the ORP with an additional
three percent contribution from their employer to offset rising costs
that eat away at their retirement security.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
Fiscal Implications:
No fiscal implications.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9254: 392 education law, 392(2) education law, 6252 education law, 6252(2) education law