senate Bill S1873

Extends the applicability of a certain provision in the Patriot Plan relating to the suspension of public retirement system loan repayment obligations

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 13 / Jan / 2011
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 04 / Jan / 2012
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Summary

Extends the applicability of a certain provision in the Patriot Plan relating to the suspension of public retirement system loan repayment obligations.

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Bill Details

Versions:
S1873
Legislative Cycle:
2011-2012
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Veterans
Laws Affected:
Amd ยง43, Chap 106 of 2003
Versions Introduced in 2009-2010 Legislative Cycle:
S7936A

Sponsor Memo

BILL NUMBER:S1873

TITLE OF BILL:
An act
to amend chapter 106 of the laws of 2003, constituting the Patriot Plan,
in relation to extending the applicability of a provision thereof for
the suspension of public retirement system loan repayment obligations

PURPOSE OR GENERAL IDEA OF BILL:
This legislation would extend from
July 1, 2010, the ability of members of the military service to
suspend their repayment if loan to a retirement system while
engaged in active service to the military.

SUMMARY OF SPECIFIC PROVISIONS:
This bill would amend Section 43 of
Chapter 106 of the laws of 2003, constituting the Patriot Plan
to extend the seven year sunset provision to nine years,
effectively changing the date that this provision would
expire from July 1, 2010 to July 1, 2012.

As a result this bill would permit military service personnel
engaged in active service to stop replaying any loan from a
retirement system until they return from active duty for two
additional years. The period of repayment is increased
correspondingly with the amount of time missed due to
military service.

JUSTIFICATION:
The law that allows military personnel to stop repaying loans from a
retirement system while on active duty is set to expire on July 15 of
this year. This bill would prevent that expiration from occurring
until July 1, 2012.

This law provides a benefit to military personnel allowing them to
halt payments for a loan to a retirement plan when engaged in active
military service. Such allows military personnel more financial
freedom when preparing to be deployed.

This bill would continue to provide such assistance to families of
military personnel as well as provide additional peace of mind to
soldiers, sailors, airmen while they are away. By providing the
proper support to our troops we are allowing them to do their
difficult work without the distraction of problems as home.

PRIOR LEGISLATIVE HISTORY:
This is a new bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
According to the New York State and Local Employees' Retirement
System, if this bill was enacted there will be a minimal cost. The
New York State Teachers' Retirement System estimates the cost to be
negligible.

EFFECTIVE DATE:


Immediately, except that if this act shall become a law after July 1,
2010, it shall be deemed to have been in full effect since July 1,
2010.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1873

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 13, 2011
                               ___________

Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend chapter 106 of the laws of 2003, constituting the Patri-
  ot  Plan,  in  relation  to extending the applicability of a provision
  thereof for the suspension of public retirement system loan  repayment
  obligations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The opening paragraph of section 43 of chapter 106  of  the
laws  of  2003, constituting the Patriot Plan, as amended by chapter 133
of the laws of 2008, is amended to read as follows:
  This act  shall  take  effect  immediately;  provided,  however,  that
section  forty-two  of  this  act  shall be deemed repealed [seven] NINE
years after it shall have become a law; provided further that:
  S 2. This act shall take effect immediately, except that if  this  act
shall  become  a law on or after July 1, 2010 this act shall take effect
immediately and shall be deemed to have been in full force and effect on
and after July 1, 2010.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06300-01-1

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