Relates to standardizing the overtime reporting period for tier 6 members of certain public retirement systems; changes date from April 1st to January 1st.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8092
SPONSOR: Abbate TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
standardizing the overtime reporting period for certain members of the
New York state and local employees' retirement system
PURPOSE:
The purpose of this proposed legislation is to standardize the reporting
period for which the overtime limit is calculated for certain members of
the New York State and Local Employees' Retirement System (NYSLERS).
SUMMARY OF PROVISIONS:
Section 1 of this bill amends Section 501 of the Retirement and Social
Security Law to provide that, as of January 1, 2018, the amount of over-
time earnings to be reported by a participating employer for Tier 6
members to NYSLERS be based upon calendar year rather than fiscal year.
Section 2 of this bill amends Section 601 of the Retirement and Social
Security Law to, as of January 1, 2018, have the amount of overtime
earnings that need to be reported by a participating employer for Tier 6
members to NYSLERS be for the calendar year rather than fiscal year.
Section 3 provides for an immediate effective date.
PRIOR LEGISLATIVE HISTORY:
New bill.
JUSTIFICATION:
Under current law, the overtime limit for Tier 5 members is calculated
on calendar year basis whereas the overtime limit for Tier 6 is calcu-
lated on a fiscal year basis. This means that depending upon the tier of
a member, a NYSLERS participating employer must report overtime earnings
for its employees for different time periods. Having different report-
ing periods for Tier 5 and Tier 6 members is arbitrary and burdensome on
NYSLERS participating employers. This bill will ease the burden for
participating employers to provide overtime information to NYSLERS by
standardizing the time periods for calculation of the overtime limit for
both Tiers 5 and 6 to be on a calendar year basis.
The State Comptroller urges the passage of this proposed legislation.
FISCAL IMPLICATIONS FOR STATE:
Overall, the fiscal impact of this proposal would be negligible.
EFFECTIVE DATE:
This act shall take effect immediately.
