Senate Bill S5543

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

                                  5543

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- 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  adminis-
  trative  code  of  the  city  of  New  York, in relation to permitting
  certain New York city correction members to borrow from their  accumu-
  lated  member  contributions  and  to repeal certain provisions of the
  retirement and social security law relating thereto

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

  Section  1.  Paragraph  8  of  subdivision  d  of section 445-a of the
retirement and social security law is REPEALED and paragraphs 9  and  10
are renumbered paragraphs 8 and 9.
  S  2. Paragraph 12 of subdivision d of section 445-c of the retirement
and social security law is REPEALED and paragraphs 13,  14  and  15  are
renumbered paragraphs 12, 13 and 14.
  S  3.  Paragraph 9 of subdivision e of section 504-a of the retirement
and social security law is REPEALED.
  S 4. Paragraph 13 of subdivision e of section 504-b of the  retirement
and social security law is REPEALED.
  S 5. Subdivision a of section 13-140 of the administrative code of the
city  of  New  York,  as  amended by chapter 642 of the laws of 1985, is
amended to read as follows:
  a. Any member in city service who shall have been a member continuous-
ly at least three years, may borrow from the  contingent  reserve  fund,
subject  to such rules and regulations as may be approved by such board,
an amount not exceeding THE SUM OF (I) seventy-five per  centum  of  the
amount in his or her account in the annuity savings fund, (II) ALL ADDI-
TIONAL  CONTRIBUTIONS,  TOGETHER  WITH  INTEREST  THEREON,  MADE BY SUCH
MEMBER PURSUANT TO SECTION FOUR HUNDRED FORTY-FIVE-A OF  THE  RETIREMENT
AND SOCIAL SECURITY LAW, AND (III) ALL ADDITIONAL CONTRIBUTIONS, TOGETH-
ER  WITH  INTEREST THEREON, MADE BY SUCH MEMBER PURSUANT TO SECTION FOUR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09243-01-3
              

S. 5543                             2

HUNDRED FORTY-FIVE-C OF THE RETIREMENT AND SOCIAL  SECURITY  LAW.    The
rate  of  interest  payable on any loan made under this section shall be
two per centum higher than the rate of regular  interest  creditable  to
the  account of the member. The amount so borrowed, together with inter-
est on any unpaid balance thereof shall  be  repaid  to  the  retirement
system  in  equal installments by deduction from the compensation of the
member at the time the compensation is paid, but such installments shall
be at least five per centum of the member's earnable  compensation.  All
payments of principal and interest made by such member shall be credited
to the contingent reserve fund.
  S 6. Subdivision b of section 517-c of the retirement and social secu-
rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
read as follows:
  b. A member of the New York  state  and  local  employees'  retirement
system,  the New York state and local police and fire retirement system,
the New York city employees' retirement system  or  the  New  York  city
board  of  education  retirement system in active service who has credit
for at least one year of member service may borrow, no  more  than  once
during  each  twelve  month period, an amount not exceeding seventy-five
percent of the total contributions made pursuant to section FIVE HUNDRED
FOUR-A (INCLUDING INTEREST CREDITED AT THE RATE SET  FORTH  IN  SUBPARA-
GRAPH  (II)  OF  PARAGRAPH  EIGHT  OF SUBDIVISION E OF SUCH SECTION FIVE
HUNDRED FOUR-A COMPOUNDED ANNUALLY),  OR  SECTION  FIVE  HUNDRED  FOUR-B
(INCLUDING  INTEREST CREDITED AT THE RATE SET FORTH IN SUBPARAGRAPH (II)
OF PARAGRAPH TWELVE OF SUBDIVISION E OF SUCH SECTION FIVE HUNDRED FOUR-B
COMPOUNDED ANNUALLY) OR SECTION five hundred seventeen of  this  article
(including  interest  credited at the rate set forth in subdivision c of
such section five hundred seventeen compounded annually)  and  not  less
than  one  thousand  dollars,  provided, however, that the provisions of
this  section  shall  not  apply  to   a   New   York   city   uniformed
correction/sanitation  revised  plan  member  or an investigator revised
plan member.
  S 7. This act shall take effect immediately.