Assembly Bill A8802

2013-2014 Legislative Session

Relates to the management of retirement loans

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A8802 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §50, R & SS L
Versions Introduced in Other Legislative Sessions:
2011-2012: A5688
2015-2016: A1724
2017-2018: A2068
2019-2020: A4154
2021-2022: A4922
2023-2024: A2695

2013-A8802 (ACTIVE) - Summary

Relates to the management of retirement loans.

2013-A8802 (ACTIVE) - Bill Text download pdf 

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

                                  8802

                          I N  A S S E M B L Y

                            February 14, 2014
                               ___________

Introduced  by  M.  of  A.  MONTESANO  --  read once and referred to the
  Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  the management of retirement loans

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

  Section 1. Subdivisions e and f of section 50 of  the  retirement  and
social security law, subdivision e as amended by chapter 705 of the laws
of 1964, are amended to read as follows:
  e.  The borrowing member's [anuuity] ANNUITY savings account shall not
be reduced by the loan obtained but a subsidiary record shall  be  main-
tained  reflecting  the outstanding balance on such loan, as well as the
allocation of the payroll deductions to principal and interest. Upon the
member's withdrawal of his accumulated contributions or retirement,  the
balance  due on his loan shall be deducted from the amount to his credit
at such time in the annuity savings fund. Upon the death of  the  member
[prior  to  the  loan being fully insured, that portion thereof which is
uninsured, shall similarly be deducted from the amount to his credit  at
the  time  of  his  death in the annuity savings fund] THE CORRESPONDING
SURVIVOR'S BENEFIT WILL BE DECREASED IN  AN  AMOUNT  PRESCRIBED  BY  THE
COMPTROLLER  BASED  UPON  AN  AMORTIZATION SCHEDULE CALCULATED USING THE
AMOUNT OF PRINCIPAL OUTSTANDING, INTEREST RATE AND ESTIMATED  LENGTH  OF
BENEFIT  PAYMENT AS PRESCRIBED BY ACTUARIAL TECHNIQUES PRESCRIBED BY THE
COMPTROLLER, UNTIL SUCH TIME THAT ALL OUTSTANDING PRINCIPAL AND INTEREST
AMOUNTS HAVE BEEN SATISFACTORILY REPAID.
  f. In the case of any benefit wherein the amount of  pension  will  be
determined,  in  part,  by  the amount of annuity, such annuity shall be
computed upon the basis of accumulated contributions as if there were no
loan or no additional contributions. The resulting retirement  allowance
shall  then be reduced by [the actuarial equivalent of the present value
of any oustanding loan.] AN AMOUNT PRESCRIBED BY THE  COMPTROLLER  BASED
UPON  AN  AMORTIZATION SCHEDULE CALCULATED USING THE AMOUNT OF PRINCIPAL
OUTSTANDING, INTEREST RATE AND ESTIMATED LENGTH OF  BENEFIT  PAYMENT  AS
PRESCRIBED  BY ACTUARIAL TECHNIQUES PRESCRIBED BY THE COMPTROLLER, UNTIL
SUCH TIME THAT ALL OUTSTANDING PRINCIPAL AND INTEREST AMOUNTS HAVE  BEEN
SATISFACTORILY REPAID.
  S 2. This act shall take effect immediately.

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