Senate Bill S5593

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 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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Votes

Bill Amendments

co-Sponsors

2017-S5593 - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517-c & 613-b, R & SS L

2017-S5593 - Summary

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

2017-S5593 - Sponsor Memo

2017-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

2017-S5593A (ACTIVE) - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517-c & 613-b, R & SS L

2017-S5593A (ACTIVE) - Summary

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

2017-S5593A (ACTIVE) - Sponsor Memo

2017-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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