STATE OF NEW YORK ________________________________________________________________________ 4207 2019-2020 Regular Sessions IN SENATE March 4, 2019 ___________ Introduced by Sen. METZGER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to increasing the maximum contribution under a defined contribution plan service award The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (b) of section 218 of the general municipal 2 law, as amended by chapter 452 of the laws of 2004, is amended to read 3 as follows: 4 (b) The sponsor of a defined contribution plan shall contribute to the 5 plan a fixed amount of money, as determined by the sponsor, on behalf of 6 each participant who is credited with a year of service. The minimum and 7 maximum contribution requirements for a defined contribution service 8 award program shall be as follows. The minimum contribution shall be one 9 hundred twenty dollars per year of service. The maximum contribution 10 shall be [seven] twenty-one hundred dollars per year of service. The 11 maximum number of years of service for which a participant may receive a 12 contribution shall be forty years. The sponsor shall appropriate annual- 13 ly an amount sufficient to pay the contributions. 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10432-01-9