Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers retirement system's fiscal year.
Impact
Adopting this bill is expected to enhance the administrative efficiency within the NYSTRS by eliminating the need for the preparation of both a preliminary draft report, which includes estimated figures, and a final report later in the year. The amendment could lead to a reduction in administrative costs for participating employers in the retirement system. Additionally, the new reporting deadline aligns better with the fiscal processes of NYSTRS, potentially allowing for a more thorough and reflective analysis of the status and participation of MWBEs in the system's transactions.
Summary
Bill S08234 aims to amend subdivision 2(b) of section 508-a of the Education Law regarding the New York State Teachers' Retirement System's (NYSTRS) annual report on the participation of Minority and Women-owned Business Enterprises (MWBE) in various transactions. The bill proposes to shift the due date for this report to December 31st following the end of the NYSTRS fiscal year, rather than the current requirement of submission within sixty days of fiscal year end. This change is intended to provide the retirement system with more time to compile accurate data, improving the quality of the report that is submitted.
Contention
While the bill mainly aims to streamline reporting processes, there could be perspectives regarding the sufficiency of existing oversight on MWBE participation. Proponents of the bill highlight its positive implications for reporting accuracy and financial management, while opponents might argue that the shift in deadlines could delay necessary transparency regarding MWBE engagement with NYSTRS. Therefore, there may be discussions within legislative circles on whether the extended timeline impacts the accountability mechanisms currently in place.
Same As
Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers' retirement system's fiscal year.
Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers' retirement system's fiscal year.
Recalibrates the final average salary retirement calculations in the New York state teachers' retirement system for Joanne Halverson by including certain earnings from the 2020-2021 year.