Permits land bank officers and employees to participate in the New York state and local retirement system if a resolution is adopted by its board of directors.
Impact
If enacted, S09297 would effectively alter the current structure of retirement benefits available to employees of land banks. By permitting these employees to participate in the state and local retirement systems, the bill could enhance job stability and attractiveness of positions within land banks, thereby potentially improving workforce retention and recruitment. This amendment may encourage more individuals to consider careers within these public organizations, knowing they have access to state retirement benefits.
Summary
Bill S09297 was introduced to amend the not-for-profit corporation law in New York, specifically focusing on the participation of land bank officers and employees in the New York state and local retirement system. This bill permits land banks, defined as public organizations engaged in public service, to allow their officers and employees to join the retirement system upon adoption of a resolution by their board of directors. The intent behind this legislation is to strengthen the operational framework of land banks and ensure that employees are provided with adequate retirement benefits.
Contention
While no specific points of contention have been documented related to this bill in the provided materials, amendments and participation in state retirement systems can often raise discussions about fiscal responsibilities, the sustainability of pension funds, and the equity of benefits provided across different types of public service organizations. Stakeholders may debate the implications of extending retirement benefits to new groups, as well as the financial impact on state resources.
Same As
Permits land bank officers and employees to participate in the New York state and local retirement system if a resolution is adopted by its board of directors.
Permits land bank officers and employees to participate in the New York state and local retirement system if a resolution is adopted by its board of directors.
Authorizes Brian Studley, a police officer employed by the New York state university police department at SUNY Fredonia, to transition his pension from the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Directs the chair of the board of trustees of the city university of New York shall conduct an audit of such university's participation in retirement systems and issue a report thereon.
Directs the chair of the board of trustees of the city university of New York shall conduct an audit of such university's participation in retirement systems and issue a report thereon.