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an election to provide the retirement incentive authorized by this act
to the employees of a participating, employer, the chief executive of-
ficer, or other comparable official, shall specify whether such program
is to be targeted or untargeted in a filing to the clerk, or other com-
parable official, of the legislative body or the governing body of such
employer, and in filing (together with a copy of the local law or
resolution) to the appropriate retirement system, which filing in the

of the New York state and local employees' retirement system shall
be on a form provided by the state comptroller.

b. The local law or resolution shall be accompanied by the affidavit of the chief executive officer, or other comparable official, certifying to (i) the receipt from the appropriate retirement system or systems) an estimate of the total number of employees who may be eligible for such incentive, and an estimate of the cost of the benefit, and (ii) the information required pursuant to the provisions of section six of this act.

$ 4. Any eligible employee who (i) was in the active service of a participating employer on May 1, 1992, (ii) has been continuously in the active

of such participating employer from May 1, 1992 to the date immediately prior to the commencement date, (iii) otherwise eligible for a service retirement and has attained age 55 on or before the effective date of retirement and (iv) files an application for service retirement that is effective during the open period shall be entitled to the retirement incentive set forth in section five of this act. For the purposes of item (iii) of this section, members subject to article 15 of the retirement and social security law shall be eligible to retire at age 55, if otherwise so eligible to retire, subject to the reductions contained in section five of this act.

§ 5. An eligible employee who is a member of a retirement system and who is entitled to a retirement incentive pursuant to section four of this act shall receive additional retirement service credit, not to exceed 3 years credit, at the time of retirement calculated follows: one-twelfth of year for each year of pension service credited as of the date of retirement. Such members who retire prior to the age permitted to retire without reduction shall have their pensions, including the incentive, reduced as follows for members, subject to: (i) article 15 of the retirement and social security law (notwithstanding chapter 881 of the laws of 1990), by one-fifteenth for each of the first 2 years by which retirement precedes age 62, plus a further reduction of onethirtieth for each year prior to age 60; or (ii) article 11, by 6 percent of each of the first 2 years by which retirement precedes age 62, plus a further reduction of 3 percent for each year by which retirement precedes age 60. Such reductions shall be prorated for partial years. An eligible employee who is covered by the provisions of article 15 of the retirement and social security law shall retire under the provisions of such article 15.

§ 6. Notwithstanding any other provision of law, the benefits provided
by this act may not be made available to (i) persons who received any
retirement incentive provided by chapter 210, 447 or 935 of the laws of
1990, or (ii) any person who receives, has received or is eligible to
receive à payment in a lump sum or in another form a retirement incen-
tive pursuant to the provisions of a collective bargaining, agreement or
by other arrangement with his or her employer, unless such person files
a written statement with his or her employer, a copy of which shall be
forwarded to the appropriate retirement system, that he or she agrees to
waive any right to such payment. A participating employer who makes
election pursuant to section three of this act and who offers or has of-
fered a retirement incentive pursuant to the provisions of a collective
bargaining agreement by other arrangement shall prepare, and file
with each retirement system, a list containing the

and social
security numbers of all persons described in item (ii).
§ 7. With respect

to employees receiving the retirement incentive
provided by this act under a targeted plan, it is the intent of this act
for each participating employer to achieve a compensation savings goal
such that the total amount of base salary paid for the 2-year period
subsequent to

to the effective date of retirement for such eligible employees in eligible titles to those new hires, if any, who otherwise would not have been hired by such employer after the effective date of this act but for the retirement incentive provided herein shall be

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than one-half of the total amount of base salary that would have been paid to such targeted incentive retirees from date of retirement for such two-year period. Each participating employer who has elected a targeted plan shall* make available such plans for achieving these savings.

§ 8. 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.

§ 9. Any eligible employee who retires pursuant to the provisions 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 joins or rejoins any public retirement system of the state as defined in subdivision 6

of section 152 of the retirement and social security law or elects to participate in an optional retirement program shall forfeit the additional benefit authorized by this act at the time of his or her subsequent retirement.

§ 10. Notwithstanding any other provision of law, if the service retirement benefit of a member is subject to a maximum retirement bene

the additional benefit authorized by this act will be computed by multiplying the final average salary times the number of years

of vice "credit granted by section five of this act times the benefit fraction of the plan under which the member retires.

$ 11. The provisions of section 430 of the retirement and social security law shall not apply to any benefit or benefit improvement provided by this act. For participating employers: the actuarial present value of the additional benefits payable pursuant

to

section five of this act shall be funded over a 5-year period commencing subsequent to July 1, 1993 during the state fiscal year ending March 31, 1994; the amount of the annual payment in each of the 5 years shall be determined by the appropriate retirement system actuary and it shall be paid by each of the electing employers for each employee who receives the incentive benefit payable under section five of this act.

§ 12. This act shall take effect immediately.

FISCAL NOTE. -This bill would provide a retirement incentive for certain persons who are members of specified public retirement systems. The cost for each member who receives this benefit will vary depending on the members' age, years of service,, plan and final average salary. We anticipate the per-member cost of the benefit will range between 50% and 80% of a member's final average salary.

The above cost shall be funded over a five-year period as provided in section eleven of this act.

The source of this fiscal note is the Assembly Ways & Means Committee.

fit,

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CHAPTER 644

(See FISCAL NOTE at end of Chapter.)

AN ACT to amend a chapter of the laws of 1992 as proposed in legislative
bili number A. 12296 relating to providing a retirement incentive for
certain public employees, in relation to the open period of such
retirement incentive program
Became a law July 24, 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 Assen-
bly, do enact as follows:

Section 1. Subdivision g of section 1 of a chapter of the laws of 1992 relating to providing a retirement incentive for certain public em

ould bare etirenent elected a ng these

ployees, as proposed in legislative bill number A. 12296, is amended to read as follows:

8. "Open period" shall mean the period beginning with the commencement date and shall not be more than 90 days nor less than 30 days in length as specified by, a participating employer pursuant to section three of this act, provided however, that such period shall not continue beyond December 31, [1991] 1992.

§ 2. This act shall take effect on the same date as a chapter of the laws of 1992 relating to providing a retirement incentive for certain public employees, as proposed in legislative bill number A. 12296, takes effect.

That sa ni de code n reduced 1

Teren: lisits in for cost enefit in

isions of division joins or SUDBITE:

FISCAL NOTE. - This bill would amend the open period for a retirement incentive program provided by bill number A. 12296. The expected permember cost of the benefit granted by bill number 4. 12296 would range between 50% and 80% of the member's final average salary.

This amendment will not alter this cost.
The source of this fiscal note is the Assembly

ways and means Committee.

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CHAPTER 645

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AN ACT to amend the environmental conservation law, in relation to the

general powers of the New York state environmental facilities corporation

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Became a law July 24, 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 Assenbly, do enact as follows:

Section 1. Paragraph a of subdivision 3 of section 17-1909 of the environmental conservation law, as amended by chapter 55 of the laws of 1992, is amended to read as follows:

The corporation is authorized to promulgate regulations, developed in consultation with the commissioner and the director of the division of the budget, for the purpose of carrying out its responsibilities under this section, including establishing criteria and standards for determining the amount of financial assistance to a municipality for an eligible project. To the extent financial assistance to a municipality for an eligible project is provided as a loan from the proceeds of bonds of notes of the corporation, the amount of a corpus allocation applicable to the portion of such eligible project financed with such loan shall be, subject to such maximum financịal limitations as may otherwise be necessary and prescribed by the commissioner and the director of the division of the budget, thirty-three and one-third percent of the principal amount of such

outstanding, at any time for such eligible project, to the extent reasonably practicable, and subject to such deviation as may be necessary, in connection with the administration and investment of moneys in the fund, unless corpus allocations in differing amounts are necessary to preclude a determination by the commissioner or the corporation pursuant to paragraph e of subdivision eight section or unless a corpus allocation in a differing amount is required for an innovative technology demonstration project; provided, however, that in the case of any municipality which has, during the period commencing on June first, nineteen hundred ninety-two and ending on December thirty-first, nineteen hundred ninety-four,(i) submitted an application for financial assistance in the form of such a loan for eligible, project, which application has been accepted by the corporation, (ii) closed' on such loan, and (iii), commenced construction of such

the corpus allocation applicable to the portion of such project financed with such loan shall be, subject to maximum finanEXPLANATION-Matter in italics is new; matter

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cial limitations may otherwise be necessary and prescribed by the commissioner and the director of the division of the budget, fifty percent of the principal balance outstanding on such loan at any time for such eligible project, to the extent reasonably practicable, and subject to

such deviation as may be necessary, in connection with the administration and investment of moneys in the fund, unless corpus allocations in differing amounts are necessary to preclude a determination by the commissioner or the corporation pursuant to paragraph e of subdivision eight of this section unless a corpus allocation in a differing amount is required for an innovative technology demonstration project.

S 2. Subdivision 8 of section 17-1909 of the environmental conservation law, as amended by chapter 55 of the laws of 1992, is amended read as follows:

8. The corporation may, or, if so directed by the commissioner, the corporation shall provide financial assistance to municipalities as a loan pursuant to paragraph (a) of subdivision four of section twelve hundred eighty-five-j of the public authorities law from any available moneys in the fund other than the proceeds of the corporation's bonds or notes or moneys needed to comply with subdivision five of section twelve hundred eighty-five-j of the public authorities lawl, provided that the interest charged on such loan shall be no more than two-thirds of the market rate of interest otherwise applicable thereto,] if and to the extent any of the following conditions are met:

The corporation determines that it is unable to, or that it is impracticable to, finance all or a portion of the costs of an eligible project from the proceeds of bonds or notes that are special obligations of the corporation; or

b. The total cost of the eligible project and related segments does not exceed four million dollars where such project and related segments service a municipality with a population of three thousand five hundred or less; or

The commissioner or the corporation determines that failure to do so would jeopardize the receipt or maintenance of federal capitalization grant moneys, awards or assistance; or

d. A determination is made by the corporation that the issuance of and use of the proceeds of the corporation's bonds to provide financial assistance to municipalities would cause the loss of the tax-exempt status of any bonds or other obligations of New York state, all or

a portion of the proceeds of which are appropriated or otherwise' transferred into the fund; or

Federal capitalization grants are provided in the form of a letter of credit or draws under capitalization grant agreements and the commissioner

the

corporation determines, consistent with the purposes of the fund, that providing financial assistance from the proceeds of poration bonds or notes would delay receipt of moneys from the federal government under the Federal Water Pollution Control Act.

The interest rate charged on any loan made by the corporation pursuant to this subdivision shall be no more than two-thirds of the market rate of interest otherwise applicable thereto, provided, however, that in the case of any municipality, which has, during the period commencing on June first, nineteen hundred ninety-two and ending on December thirty-first; nineteen hundred ninety-four, (1) submitted an application for financial assistance in the form of a loan from the corporation pursuant to this subdivision, for an eligible project, which application has been cepted by the corporat ion,, (ii) closed on such loan, and (iii) commenced construction of such eligible project, the interest rate charged on such loan shall be no more than one-half of the market rate otherwise applicable thereto.

၌ 3. Section 17-1909 of the environmental conservation law is amended by adding a new subdivision 10 to read as follows:

10. Notwithstanding the provisions of any other law, general, special or local, the following determinations shall be made by the in its sole and absolute discretion :

(a) in connection with any application for financial assistance from the fund in the form of a loan from the proceeds of bonds

or notes of the corporation, the determination to whether the municipality receiving such loan has qualified for a corpus allocation of fifty percent of the principal amount of such loan outstanding at any time, pursuant to subdivision three of this section; and

(b) In connection with any application for financial assistance from the fund in the form of a loan from the corporation pursuant to subdivision eight of this section, where the municipality receiving such loan

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to whether such municipality has qualified for an interest rate of one-half of the market rate otherwise applicable thereto, pursuant to subdivision eight of this section.

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CHAPTER 646

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AN ACT to amend the education law, in relation to the transportation of

certain pupils with handicapping conditions
Became a law July 24, 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. Paragraph d of subdivision 4 of section 4402 of the educa-
tion law, as amended by a chapter of the laws of 1992 amending the edu-
cation law relating to the transportation of certain pupils with handi-
capping conditions, as proposed in legislative bill number A. 9409-A, is
amended to read as follows:

d. Notwithstanding any other provision of law, such board shall provide suitable transportation up to a distance of fifty miles to and from a nonpublic school which a child with a handicapping condition attends if such child has been so identified by the local committee special education and such child attends such school for the purpose of receiving services or programs similar to special educational

programs recommended for such child by the local committee on special education.

§ 2. This act shall take effect on the same date as a chapter of the laws of 1992 amending the education law relating to the transportation of certain pupils with handicapping conditions, as proposed in legislative bill number A. 9409-A takes effect.

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CHAPTER 647

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AN ACT to amend the insurance law, in relation to extending provisions

regulating the cancellation and nonrenewal of private passenger auto-
mobile insurance and other personal lines insurance policies
Became a law July 24, 1992, with the approval of the Governor. Passed on
message of necessity pursuant to Article III, section 14 of

the Con-
stitution 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. Paragraphs 1 and 2 and the opening paragraph of paragraph 3
of subsection (m) of section 3425 of the insurance law, amended by
chapter 207 of the laws of 1991, are amended to read as follows:

(1) Paragraphs eight and nine of subsection (a), subsection (f) and
subparagraphs (B) and (E) of paragraph one of subsection (j) of this
section shall not apply to any new covered policy of automobile in-
surance voluntarily written on or after August first, nineteen hundred
eighty-five and prior to January first, nineteen hundred eighty-six, and
on or after August first, nineteen hundred (ninety-two] ninety-six, but
the legal rights granted to insurers or policyholders under such provi-
sions shall not be extinguished or impaired thereby.
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