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 |
Senate Bill S5593
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
2017-S5593 - Details
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §§517-c & 613-b, R & SS L
2017-S5593 - Sponsor Memo
BILL NUMBER: S5593 TITLE OF BILL : An act to amend the retirement and social security law, in relation to loans to members of certain retirement systems PURPOSE OR GENERAL IDEA OF BILL : This bill would permit retiree members of New York State and Local Employees Retirement System to repay the outstanding balance of a loan at any time. SUMMARY OF PROVISIONS : Section one amends subdivision i of section 517-c of the retirement and social security law by suspending the actuarial reduction obligation for members if the outstanding balance of the loan is repaid. Section two amends subdivision i of section 613-b of the retirement and social security law by suspending the actuarial reduction if the outstanding balance of the loan is repaid. Section three of this bill provides that this act shall take effect immediately.
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
(D) Senate District
(R, C, IP) 54th Senate District
2017-S5593A (ACTIVE) - Details
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §§517-c & 613-b, R & SS L
2017-S5593A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5593A SPONSOR: GOLDEN TITLE OF BILL: An act to amend the retirement and social security law, in relation to loans to members of certain retirement systems PURPOSE OR GENERAL IDEA OF BILL: This bill would permit retiree members of New York State and Local Employees Retirement System to repay the outstanding balance of a loan at any time. SUMMARY OF PROVISIONS: Section one amends subdivision i of section 517-c of the retirement and social security law by suspending the actuarial reduction obligation for members if the outstanding balance of the loan is repaid. Section two amends subdivision i of section 613-b of the retirement and
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
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.