Imágenes de páginas
PDF
EPUB
[merged small][merged small][merged small][merged small][ocr errors][merged small]

salary salary

[blocks in formation]

law.

ginning

EN fringe ali be

ate of

PF

state d the

AN ACT in relation to providing a retirement incentive for certain em

ployees of the state university of New York and the state university
community colleges, and the city university of New York and the city
university community colleges
Became a law July 17, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. Sections one through fourteen of this act shall be known and may be cited as the state university of New York and the city university of New York retirement incentive act of 1992.

§ 2. As used in this act: a. "Retirement system" shall mean the New York state teachers' retirement system, and the New York city teachers' retirement system.

b. "Optional retirement program" shall mean the programs established pursuant to the provisions of sections 392 and 6251 of the education

C. "Covered employer" shall be any of the following employers: (i) the state-operated institutions of the state university of New York; (ii) the statutory or contract colleges of the state university operated pursuant to the provisions of section 357 of the education law (hereinafter "statutory college"); (iii) a community college operating under the program of state university which on or before the sixtieth day after the effective date of this act by resolution of its trustees subject to the approval of its sponsor elects to provide the

retirement incentive provided by this act to its employees (hereinafter "participating employer") and with notice filed immediately upon approval with appropriate retirement system; (iv) the city university of New York; (v) the state university construction fund (hereinafter "fund"); or (vi) à cooperative extension association (hereinafter "association").

d. "Eligible employee" shall mean a person who is an employee of a covered employer on an annual salary basis who meets the criteria stipulated in section three of this act and who meets either of the following criteria: (i) is a Tier 1 or Tier 2 member of optional retirement program or of a retirement system who last, joined or rejoined such program or system prior to July 27, 1976 and who has completed a minimum of five consecutive years of credited service on an annual salary basis with the covered employer, or (ii) is a Tier 3 or Tier 4 member of optional retirement program

or a retirement system who last joined or rejoined such program or system subsequent to July 26, 1976 and who

has completed a minimum of fifteen consecutive years of credited service on an annual salary basis with the covered employer. e. "Commencement date" shall be the effective date of this act which shall be the earliest date upon which the retirement incentive

program authorized by this act shall be made available to eligible employees or the date specified by resolution of the board of trustees of a participating employer. f. "Open period" shall mean the period beginning with the commencement date and ending on (i) August 7, 1992 for the city university of New York, (ii) October 15, 1992' for a state-operated institution of the state university, the statutory colleges, the fund, and the association, and (iii) a date for a participating employer not more than 90 days nor fewer than 30 days from the commencement date specified by resolution of the board of trustees provided that such period shall in no event continue beyond December 31, 1992.

8. "Retirement date" shall mean the effective date of retirement of an eligible employee who files during the open period for retirement

under the provisions of this act which date shall be (i) September 1, 1992 for the city university of New York, and no later than January 15, '1993 for the state-operated institutions of state university, the statutory colleges, the fund, the association, or (ii) a date or dates selected by EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

an

an

[merged small][ocr errors][merged small][ocr errors]

ed

ents 17 "

ance

a

on

an

one

a.

resolution

of

participating employer which shall be no later than December 31, 1992. The president of a constituent college of the state university of New York, a constituent college of the city university of New York, a statutory college, a participating employer, and the chief executive officers of the fund or the association, with the consent of an eligible employee, may delay the retirement date for essential programmatic

reasons to no later than January 15, 1993 subject to procedures established by the chancellor of the state university of New York or the chancellor of the city university of New York. h. "Trigger" shall

shall mean the minimum number of eligible employees who must file an irrevocable election for the incentive during the open period

in order for the incentive to become operative at certain of the covered employers, in accordance with the provisions of section nine of this act.

§ 3. Notwithstanding any other provision of law, an eligible employee who is in the paid continuing employment service of a covered employer

January 1, 1992, who files an irrevocable election for the incentive and any authorized forms required with the covered employer and application for service retirement with the appropriate retirement system or optional retirement program during the open period and who remains in continuous paid service until the retirement date shall be entitled to the retirement incentive set forth in section four of this act provided that the covered employer has met the trigger requirements specified in section nine of this act and

he or
she meets

of the following conditions;

a. Is a member as described in paragraph (i) of subdivision d of section two of this act of a retirement system or of an optional retirement program and who is otherwise eligible for service retirement and attains age fifty-five on or before the effective date of retirement;

b. Is a member as described in paragraph (ii) of subdivision d of section two of this act of a retirement system or of an optional retirement program and who is otherwise eligible for service retirement and attains age sixty-two on or before the effective date of retirement. § 4. An eligible employee who is:

A member of a retirement system as described in paragraph (i) of subdivision d of section two of this act as further limited by section three of this act and who is otherwise eligible for a service retirement benefit as of the effective date of retirement, notwithstanding any provision of law to the contrary, shall be entitled to a retirement incentive of one-twelfth of a year of additional retirement service credit for each year of pension service for the first fifteen years of service plus two months additional retirement service credit for each year of such service in

of fifteen years as credited at the time of retirement, up to a maximum of three years of retirement service credit at the time of retirement. For the New York city teachers' retirement system, such incentive shall be available for all purposes, including fulfilling the qualifying service requirements of plan A and C if applicable.

member of a retirement system as described in paragraph (ii) of subdivision d of section two of this act as further limited by section three of this act shall be entitled to a retirement incentive of onetwelfth of a year of additional retirement service credit for each year of pension service for the first fifteen years of service plus two months additional retirement service credit for each

year of pension service in

of fifteen years as credited of the date of retirement, up to a maximum of three years of retirement service credit at the time of retirement.

C. A participant in an optional retirement program as described in paragraph (i) of subdivision d of section two of this act entitled to a retirement incentive pursuant to section three of this act shall receive a cash payment in three equal installments payable two months

fourteen months

and twenty-six months following the retirement date. The payment shall be calculated as follows: (one twelfth) for each month of

such service multiplied by (two percent) multiplied by (the employee's earnable annual salary rate in effect on January 1, 1992), such amount not to exceed forty-five percent of such January 1, 1992 salary rate.

d. A participant in an optional retirement program as described in paragraph (ii) of subdivision d.of section two of this act who is titled to a retirement incentive pursuant to section three of this act shall receive a cash payment in three equal installments payable two months, fourteen months, and twenty-six months following the retirement date, which payment shall be calculated as follows:

(one twelfth) for

excess

[ocr errors]

excess

en

[ocr errors]

a

а

[ocr errors]

to

an

[ocr errors][ocr errors][ocr errors][ocr errors]

each month of such service multiplied by (one percent) for the first fifteen years of service plus (one twelfth) for each month of such service in excess of fifteen years multiplied by (two percent) multiplied by (the employee's earnable annual salary rate in effect on January 1, 1992), such amount not to exceed forty-five percent of such January 1, 1992 salary rate.

§ 5. An éligible employee shall elect the retirement incentive by filing during the open period duly acknowledged retirement incentive election form with (a) the employee's campus personnel office for stateoperated institutions of state university, statutory colleges, or a participating employer, (b) the office of the vice chancellor for faculty and staff relations for the city university of New York, (c) the fund central office for the fund, or (d) the association office for the association. The employee must also file the appropriate retirement application with retirement system or an optional retirement program during the open period. An employee who has duly filed the election form and the appropriate retirement application will not be allowed to revoke the retirement application or the election after 5 P. M. on the last date of the open period.

§ 6. An employee of the city university of New York who retires under the provisions of this act who is eligible for terminal leave pursuant

an applicable collective bargaining agreement or retirement leave pursuant to section 3107 of the education law or who has an accrued nual leave balance on the retirement date, shall be paid such leave in three equal cash installments payable two months, fourteen months, and twenty-six months following the retirement date.

s ? Nothing in this act shall be used to provide benefits that shall exceed the limits contained in section 415 of the internal revenue code. Provided, however, any service retirement benefit which has been reduced because of the dollar' limitations of section 415 of the internal revenue code shall be increased when (and consistent with) the dollar limits in such section 415 are adjusted by the internal revenue service for cost of living increases. Such increases shall not increase the benefit in excess of the service retirement benefit otherwise payable.

§ 8. Any eligible employee who retires pursuant to the provisions of section four or five of this act and enters or reenters public

service as defined in subdivision e of section 210 of the retirement and social security law and rejoins any optional retirement program or any public retirement system of the state as defined in subdivision 6 of section 152 of the retirement and social security law shall forfeit the additional benefit authorized by section four of this act at the time of his or her subsequent retirement.

§ 9. Notwithstanding any other provision of law, the retirement incentive established by this act shall only become operative at covered employers: (a) listed in paragraphs (i), (ii), (v) and (vi) of subdivision c of section two of this act if à trigger premised on a

figure

of five hundred is attained, as determined in accordance with a plan submitted by such covered employers within ten days after the end of the open period and subject to approval by the director of the budget, among the combined total of eligible employees at such employers;

and (b) listed in paragraph (iv) of subdivision ç of section two of this act if & trigger premised on a figure of two hundred twenty-five is

attained, as determined in accordance with a plan submitted by such covered employer within ten days after the end of the open period and subject to approval by the director of the budget, among the combined total of eligible employees at such employer. If the respective , trigger is not attained, as determined in such plan subject to approval by the director of the budget, then such incentive shall not be made available to the respective employees at such employer or employers and, notwithstanding any provision of law to the contrary, any irrevocable election for the incentive shall be voided. The director of the budget shall notify the appropriate retirement system and covered employers specified in this section of his action upon such plan within five days of receipt of such plan from such covered employers.

§ 10. The provisions of section 430 of the retirement and social security law shall not apply, to the retirement incentive benefits provided by sections one through fourteen of this act. The actuarial present value of the additional benefits payable pursuant to the provisions of subdivisions

and b of section four of this act shall be EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

a

sec

em

no

funded over a three year period. The amount of the annual

payment

in each of the three years shall be determined by the actuary of the appropriate retirement system, and it shall be paid by the covered employer on behalf of each employee who receives the incentive benefit payable under section four of this act.

૬ 11. The state university of New York and the city university of New York shall report two months, fourteen months, and

twenty-six months following the retirement date to the chairman of the New York state senate finance committee, the chairman of the New York state assembly ways and means committee and the New York state director of the budget regarding the implementation of the retirement incentive program including information on the total number of participants, total costs and the reallocation of funds in amounts sufficient to cover the cost of the incentive.

§ 12. Notwithstanding any other provision of law, if the retirement incentive benefit payable under subdivision a or subdivision b of tion four of this act is subject to a maximum retirement benefit, the additional benefit authorized by this act will be

computed by multiplying the final average salary times the number of years of service credit granted under subdivision a' or subdivision b of section four of this act times the benefits fraction of the retirement system plan under which the employee retires.

§ 13. Notwithstanding any other provision of sections one through eleven of this act, the mayor of the city of New York may declare ployees of the community colleges of the city, university of New York ineligible for the retirement incentive provided by this act by filing such notification with the chancellor of the city university of New York, with copies to the chairman of the New York ştate senate finance committee, the chairman of New York state assembly ways and means committee and the New York state director of the budget, in writing, later than thirty days after the effective date of this act.

§ 14. This act shall take effect immediately.

FISCAL NOTE. This bill would provide additional benefits to certain eligible employees of the City University of New York who irrevocably elect the incentive and retire on September 1, 1992. The nature of the benefit would depend upon the retirement system of the

employee. For eligible members of the optional retirement program, it would take the form of a cash payout not to exceed 45% of the January 1,

1992,

annual salary. For eligible members of the other retirement program, “it would take the form of up to three years service credit. The intent of this act is to enable the University in the light of the budget crisis which it is facing for the 1992-93 fiscal year, to reduce personnel costs substantially while maintaining greater number of positions at the authorized expenditure level, avoid the disruption that would be caused by sizeable retrenchment and layoffs, preserve the affirmative action gains made during recent years, and foster, through controlled hiring, reinvigoration of the City University faculty;

City University estimates that 319 of the 1,800 senior college employees eligible for this program will participate, of whom 190 retirement system members expected to elect to receive additional service credit and 129 are optional retirement program participants who will receive a cash payment. In the case of retirement system members electing for service credit, the cost to the State of this

program, projected to be $5.1, million, would be payable in equal installments over a three year period. In the case of the 129 senior college

employees who are participants in the optional retirement program who will receive a cash payment, the cost to the State of the program, projected to be $3.5 million, would be payable in equal installments over a three year period. In addition, 94 employees from the community colleges expected to participate, 'the costs for whom will be borne by the City of New York.

This program is financed through salary and fringe benefit savings produced by the restricted hiring in non-teaching positions and phased-in hiring of faculty, at Iower salaries, since most of the retiring employees would be in senior positions at or near the

top of the salary schedule. Over the course of the five year period, cumulative net savings are projected to total $32.3 million for the state and, assuming the participation of the community colleges, $9.6 million for the City of New York.

FISCAL NOTE. -For the State University of New York, including community colleges, portion of 1992-1993 early retirement incentive bill

pre

a

a

are

a

are

the

cover

or

as

an

pared by State University of New York. The State University of New York expects to fund any costs of the retirement incentive program for the State-operated campuses from current and future revenues without supplementation by the State. Salary savings will first be used to

the cost of the incentive and later to support the hiring of replacement faculty and professional employees. As the number of students enrolled or expected to enroll in SUNY institutions is not shrinking, we must be able to fill vacancies created by the retirement incentive program increase the likelihood of students unable to et the academic courses and the support services necessary to complete degree requirements. We intend to meet the student demands as best we can during this period of financial structure. The retirement incentive program is viewed additional management tool to be used to lessen the need to retrench existing employees.

Of the total pool of approximately 3,350 eligible employees based on the specifics of the proposed guidelines, if SUNY reaches the target of 500 retirees receiving the incentive, the total cost of the incentive is projected to be approximately $13.8 million. Amortizing the self financing cost of the program over three years as presently proposed in the legislation; the yearly cost would be $4.9 million per year. Any resulting savings will be internally reallocated to ameliorate the $ 60 million lump-sum cut in the 1992-93 State purpose budget bill and will permit the restructuring of faculty positions desperately needed to meet changing student program demands and faculty assignments in the SUNY system.

Approximately 1,000 community college staff will be eligible for the early retirement program with an estimated participation by 120 individuals. The total cost of the incentive for these employees will be borne by the local sponsors and colleges.

CHAPTER 495

AN ACT to amend the public housing law, in relation to creating the town

of Tully housing authority Became a law July 17, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The public housing law is amended by adding a new title 164 to read as follows:

TITLE 164

Town of Tully Housing Authority

Section 569. Town of Tully Housing Authority.

$. 569. Town of Tully Housing Authority. A municipal housing authority, to be known as the Town of Tully Housing Authority, is hereby created and established for the town of Tully in the county of Onondaga for the accomplishment of any or all of the purposes specified

in article eighteen of the constitution of the state of New York. It shall constitute & body corporate and politic, be perpetual in duration and consist of five members; provided, however, that if, at the expiration of three years subsequent to the time this section takes effect, there shall be outstanding no bonds or other obligations of such authority, theretofore issued for any of the purposes authorized in this chapter, then its corporate existence shall 'thereupon terminate and such authority shall thereupon be deemed to be and shall be dissolved. It shall have the powers and duties now or hereafter conferred by this chapter upon municipal housing authorities. It shall be organized in the manner prescribed by and subject to the provisions of this chapter, and the authority, it's dembers, officers and employees and its operations and activities shall EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

« AnteriorContinuar »