Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 17, 2018 |
referred to governmental employees delivered to assembly passed senate |
Mar 21, 2018 |
advanced to third reading |
Mar 20, 2018 |
2nd report cal. |
Mar 19, 2018 |
1st report cal.657 |
Jan 03, 2018 |
referred to civil service and pensions returned to senate died in assembly |
Jun 13, 2017 |
referred to governmental employees delivered to assembly passed senate |
Jun 12, 2017 |
ordered to third reading cal.1571 committee discharged and committed to rules |
Jun 02, 2017 |
print number 6431a |
Jun 02, 2017 |
amend and recommit to civil service and pensions |
May 18, 2017 |
referred to civil service and pensions |
Senate Bill S6431A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
Bill Amendments
2017-S6431 - Details
2017-S6431 - Sponsor Memo
BILL NUMBER: S6431 TITLE OF BILL : An act to amend the retirement and social security law and the banking law, in relation to pension assignments PURPOSE OR GENERAL IDEA OF BILL : Amends the retirement and social security law and the banking law, in relation to pension assignments SUMMARY OF PROVISIONS : Section 1 of the bill amends the retirement and social security law by adding a new section 110-e to prohibit pension assignees, as defined, from trying to evade provisions of the law that prohibit the execution, garnishment, attachment, or assignment of pension monies. Section 2 of the bill amends section 340 of the banking law to clarify that pension advances or agreements of their kind, are deemed to be in the business of making loans and therefore subject to the licensing and oversight of the Department of Financial Services. Section 3 of the bill provides for the effective date. JUSTIFICATION :
2017-S6431 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6431 2017-2018 Regular Sessions I N S E N A T E May 18, 2017 ___________ Introduced by Sen. SERINO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law and the banking law, in relation to pension assignments THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 110-e to read as follows: § 110-E. PENSION ASSIGNMENT. A. FOR THE PURPOSES OF THIS SECTION, THE TERM "PENSION ASSIGNEE" SHALL MEAN AN INDIVIDUAL OR ENTITY THAT HAS BEEN ASSIGNED A PLAN BENEFIT OR PORTIONS OF A PLAN BENEFIT BY THE BENEFIT RECIPIENT OR THAT OTHERWISE CLAIMS AN INTEREST IN, OR CONTROL OVER, A PLAN BENEFIT OR ACCOUNT TO WHICH A PLAN BENEFIT HAS BEEN DEPOSITED. THE TERM "PENSION ASSIGNEE" SHALL NOT INCLUDE AN INDIVIDUAL WHO IS A DESIG- NATED PAYEE UNDER A DOMESTIC RELATIONS ORDER. B. EXCEPT AS SPECIFICALLY PROVIDED IN THIS CHAPTER, A PENSION ASSIGNEE SHALL NOT USE ANY DEVICE, SCHEME, TRANSFER OR OTHER ARTIFICE TO EVADE THE APPLICABILITY AND PROHIBITION OF SUBDIVISIONS TWO AND THREE OF SECTION ONE HUNDRED TEN OF THIS TITLE, INCLUDING THE DEPOSIT OF SUCH PLAN BENEFITS INTO A JOINT ACCOUNT WITH A PENSION ASSIGNEE OR THE AUTHORIZATION TO A PENSION ASSIGNEE UNDER A POWER OF ATTORNEY OR OTHER INSTRUMENT OR DOCUMENT TO ACCESS AN ACCOUNT OR OTHERWISE OBTAIN FUNDS FROM AN ACCOUNT TO WHICH PLAN BENEFITS HAVE BEEN DEPOSITED. C. ANY CONTRACT OR AGREEMENT MADE IN VIOLATION OF THIS SECTION SHALL BE VOID. ALL SUMS PAID TO OR COLLECTED BY A PENSION ASSIGNEE IN VIOLATION OF THIS SECTION SHALL BE RETURNED BY THE PENSION ASSIGNEE TO THE BENEFIT RECIPIENT OR HIS OR HER HEIRS OR BENEFICIARIES AS RESTITU- TION. D. ANY BENEFIT RECIPIENT, HIS OR HER GUARDIAN OR CONSERVATOR, OR HEIR OR BENEFICIARY MAY BRING AN ACTION TO ENFORCE THE RESTITUTION AUTHOR- IZED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2017-S6431A (ACTIVE) - Details
2017-S6431A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6431A TITLE OF BILL : An act to amend the retirement and social security law and the banking law, in relation to pension assignments PURPOSE OR GENERAL IDEA OF BILL : Amends the retirement and social security law and the banking law, in relation to pension assignments SUMMARY OF PROVISIONS : Section 1 of the bill amends section 110 of the retirement and social security law to prohibit any person or entity from trying to evade provisions of the law that prohibit the execution, garnishment, attachment, or assignment of pension monies, except as specifically provided in this chapter. Also establishes that any contracts made in violation of this section shall be void and that any money collected in violation of this section shall be returned. Section 2 of the bill amends section 410 of the retirement and social security law to prohibit any person or entity from trying to evade provisions of the law that prohibit the execution, garnishment, attachment, or assignment of pension monies, except as specifically provided in this chapter. Also establishes that any contracts made in violation of this section shall be void and that any money collected
2017-S6431A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6431--A 2017-2018 Regular Sessions I N S E N A T E May 18, 2017 ___________ Introduced by Sen. SERINO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law and the banking law, in relation to pension assignments THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 110 of the retirement and social security law, as amended by chapter 291 of the laws of 1999, is amended to read as follows: § 110. Exemption from taxes and legal process. A. The right of a person to a pension, a pension-providing-for-increased-take-home-pay, an annuity or a retirement allowance, to the return of contributions, the pension, the pension-providing-for-increased-take-home-pay, annuity, or retirement allowance itself, any optional benefit, including any benefit or monies accruing under an optional retirement program pursuant to article eight-B or one hundred twenty-five-A of the education law, any other right accrued or accruing to any person under the provisions of this chapter and the monies in the various funds continued under this chapter: 1. Are hereby exempt from any state or municipal tax, except the estate tax, and 2. Shall not be subject to execution, garnishment, attachment, or any other process whatsoever, and 3. Shall be unassignable, except as in this chapter specifically provided. B. EXCEPT AS SPECIFICALLY PROVIDED IN THIS CHAPTER, A PERSON OR ENTITY SHALL NOT USE ANY DEVICE, SCHEME, TRANSFER OR OTHER ARTIFICE TO EVADE THE APPLICABILITY AND PROHIBITION OR PARAGRAPHS TWO AND THREE OF SUBDI- VISION A OF THIS SECTION, INCLUDING THE DEPOSIT OF SUCH BENEFITS OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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