Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 20, 2011 |
signed chap.171 |
Jul 08, 2011 |
delivered to governor |
Jun 22, 2011 |
returned to assembly passed senate 3rd reading cal.1519 substituted for s5836 |
Jun 22, 2011 |
substituted by a7561b ordered to third reading cal.1519 |
Jun 21, 2011 |
referred to rules |
Senate Bill S5836
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7561 - Signed by Governor
- 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
2011-S5836 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7561
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §1207, amd §517-c, R & SS L
2011-S5836 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5836 TITLE OF BILL: An act to amend the retirement and social security law, in relation to certain employees' ability to borrow against contributions PURPOSE: To allow for loans to retirement system members, against pension contributions to the state and local police and fire retirement system JUSTIFICATION: To allow police and fire personnel to borrow against their pension contributions, as allowed for other retirement system members. FISCAL IMPLICATIONS: Contained in fiscal note. EFFECTIVE DATE: Immediately.
2011-S5836 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5836 2011-2012 Regular Sessions I N S E N A T E June 21, 2011 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to certain employees' ability to borrow against contributions 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 1207 to read as follows: S 1207. LOANS TO MEMBERS. A. NOTWITHSTANDING ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY, A MEMBER IN ACTIVE SERVICE WHO HAS CREDIT FOR AT LEAST ONE YEAR OF MEMBER SERVICE MAY BORROW, NO MORE THAN ONCE WITHIN EACH TWELVE MONTH PERIOD, AN AMOUNT NOT EXCEEDING SEVENTY-FIVE PERCENT OF THE TOTAL CONTRIBUTIONS MADE PURSUANT TO SECTION TWELVE HUNDRED FOUR OF THIS ARTICLE OR ANY OTHER ARTICLE OF THIS CHAPTER AND NOT LESS THAN ONE THOUSAND DOLLARS. B. AN AMOUNT SO BORROWED, TOGETHER WITH INTEREST ON ANY UNPAID BALANCE THEREOF, SHALL BE REPAID IN EQUAL INSTALLMENTS WHICH SHALL BE MADE BY THE BORROWER DIRECTLY TO THE RETIREMENT SYSTEM OR THROUGH REGULAR PAYROLL DEDUCTION. SUCH INSTALLMENTS SHALL BE IN SUCH AMOUNT AS THE RETIREMENT SYSTEM SHALL APPROVE; HOWEVER, THEY SHALL BE AT LEAST (A) TWO PERCENT OF THE MEMBER'S CONTRACT SALARY, AND (B) SUFFICIENT TO REPAY THE AMOUNT BORROWED, TOGETHER WITH INTEREST ON UNPAID BALANCES THEREOF, WITHIN A PERIOD NOT IN EXCESS OF FIVE YEARS. IN THE EVENT OF DEFAULT, THE RETIREMENT SYSTEM SHALL BE AUTHORIZED TO COLLECT SUCH PAYMENTS DUE FROM THE EMPLOYER OF SUCH MEMBER THROUGH PAYROLL DEDUCTION AND SUCH MEMBER SHALL FORFEIT ALL FUTURE ENTITLEMENT TO BORROW FROM THE RETIRE- MENT SYSTEM UNTIL THE UNPAID BALANCE OF THE LOAN OUTSTANDING AT THE TIME OF DEFAULT IS FULLY PAID. THE RETIREMENT SYSTEM, AT ANY TIME, MAY ACCEPT PAYMENTS ON ACCOUNT OF ANY LOAN IN ADDITION TO THE INSTALLMENTS FIXED FOR REPAYMENT THEREOF. ALL PAYMENTS OF PRINCIPAL AND INTEREST AT THE RATES SET FORTH IN SUBDIVISION C OF THIS SECTION MADE BY THE MEMBER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11397-05-1
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