Underfunded mandate definition

Underfunded mandate means (i) any legal requirement that a local government provide or un- dertake any program, project or activity, or increase spending for an existing program, project, regula- tion or activity on behalf of New York State; or (ii) any legal requirement that a local government grant a new property tax exemption or broaden the eligibility, or increase the value of an existing property tax exemption; or (iii) any legal requirement that otherwise would likely have the effect of raising property taxes, and which fails to provide sufficient funding.
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Related to Underfunded mandate

  • Underfunding the excess of the present value of all accrued benefits under a Plan (based on those assumptions used to fund such Plan), determined as of the most recent annual valuation date, over the value of the assets of such Plan allocable to such accrued benefits.

  • benefit liabilities has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

  • Foreign Plans shall have the meaning set forth in Section 3.11(d).

  • ERISA Plans means “employee benefit plans” within the meaning of Section 3(3) of ERISA.

  • Title IV Plans means all Pension Plans that are subject to Title IV of ERISA, 29 U.S.C. Section 1301 et seq., other than Multi-Employer Plans.