senate Bill S5593A

Signed By Governor
2017-2018 Legislative Session

Relates to repayment of loans by members of the New York state and local employees' retirement system

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (29)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 21, 2018 signed chap.426
Dec 12, 2018 delivered to governor
Jun 12, 2018 returned to senate
passed assembly
ordered to third reading rules cal.102
substituted for a7602a
May 14, 2018 referred to ways and means
returned to assembly
repassed senate
Apr 23, 2018 amended on third reading 5593a
Apr 23, 2018 vote reconsidered - restored to third reading
returned to senate
recalled from assembly
Mar 06, 2018 referred to ways and means
delivered to assembly
passed senate
Feb 05, 2018 advanced to third reading
Jan 30, 2018 2nd report cal.
Jan 29, 2018 1st report cal.301
Jan 03, 2018 referred to civil service and pensions
returned to senate
died in assembly
Jun 14, 2017 referred to ways and means
delivered to assembly
passed senate
Jun 05, 2017 advanced to third reading
May 24, 2017 2nd report cal.
May 23, 2017 1st report cal.1336
Apr 19, 2017 referred to civil service and pensions

Votes

view votes

Jan 29, 2018 - Civil Service and Pensions committee Vote

S5593
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jan 29, 2018

aye wr (1)

May 23, 2017 - Civil Service and Pensions committee Vote

S5593
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 23, 2017

Co-Sponsors

S5593 - Details

See Assembly Version of this Bill:
A7602
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517-c & 613-b, R & SS L

S5593 - Summary

Authorizes members of the New York state and local employees' retirement system to repay the loan balance at any time.

S5593 - Sponsor Memo

S5593 - Bill Text download pdf


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

                                  5593

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             April 19, 2017
                               ___________

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, in  relation  to
  loans to members of certain retirement systems

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

  Section 1. Subdivision i of section 517-c of the retirement and social
security law, as amended by chapter 511 of the laws of 2005, is  amended
to read as follows:
  i.  Notwithstanding  the provisions of section five hundred sixteen of
this article, whenever a member of such a retirement system, for whom  a
loan  is  outstanding, retires, the retirement allowance payable without
optional modification shall be reduced by a life annuity which is  actu-
arially  equivalent to the amount of the outstanding loan (all outstand-
ing loans shall continue to accrue interest charges  until  retirement),
such life annuity being calculated utilizing the interest rate on thirty
year  United  States  treasury bonds as of January first of the calendar
year of the effective date of retirement and the  mortality  tables  for
options available under section five hundred fourteen of this article. A
retiree of the New York city employees' retirement system [or], board of
education  retirement  system  of  the city of New York, OR THE NEW YORK
STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM whose benefit has  been  so
reduced may repay the outstanding balance of the loan at any time. Bene-
fits payable after the repayment of the loan shall not be subject to the
actuarial reduction required by this subdivision.
  § 2. Subdivision i of section 613-b of the retirement and social secu-
rity  law,  as amended by chapter 511 of the laws of 2005, is amended to
read as follows:
  i. Notwithstanding the provisions of  subdivision  b  of  section  six
hundred  twelve  of this article, whenever a member of such a retirement
system, for whom a loan is outstanding, retires, the  retirement  allow-

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

Co-Sponsors

S5593A (ACTIVE) - Details

See Assembly Version of this Bill:
A7602
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517-c & 613-b, R & SS L

S5593A (ACTIVE) - Summary

Authorizes members of the New York state and local employees' retirement system to repay the loan balance at any time.

S5593A (ACTIVE) - Sponsor Memo

S5593A (ACTIVE) - Bill Text download pdf


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

                                 5593--A
    Cal. No. 301

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             April 19, 2017
                               ___________

Introduced  by  Sens.  GOLDEN, AVELLA -- read twice and ordered printed,
  and when printed to be committed to the Committee on Civil Service and
  Pensions -- recommitted to the Committee on Civil Service and Pensions
  in accordance with Senate Rule 6, sec. 8 --  reported  favorably  from
  said committee, ordered to first and second report, ordered to a third
  reading,  passed  by  Senate  and delivered to the Assembly, recalled,
  vote reconsidered, restored to  third  reading,  amended  and  ordered
  reprinted, retaining its place in the order of third reading

AN  ACT  to amend the retirement and social security law, in relation to
  loans to members of certain retirement systems

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

  Section 1. Subdivision i of section 517-c of the retirement and social
security  law, as amended by chapter 511 of the laws of 2005, is amended
to read as follows:
  i. Notwithstanding the provisions of section five hundred  sixteen  of
this  article, whenever a member of such a retirement system, for whom a
loan is outstanding, retires, the retirement allowance  payable  without
optional  modification shall be reduced by a life annuity which is actu-
arially equivalent to the amount of the outstanding loan (all  outstand-
ing  loans  shall continue to accrue interest charges until retirement),
such life annuity being calculated utilizing the interest rate on thirty
year United States treasury bonds as of January first  of  the  calendar
year  of  the  effective date of retirement and the mortality tables for
options available under section five hundred fourteen of this article. A
retiree of the New York city employees' retirement system [or], board of
education retirement system of the city of New York,  OR  THE  NEW  YORK
STATE  AND  LOCAL EMPLOYEES' RETIREMENT SYSTEM whose benefit has been so
reduced may repay the outstanding balance of the loan at any time. Bene-
fits payable after the repayment of the loan shall not be subject to the
actuarial reduction required by this subdivision.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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