senate Bill S5906B

2019-2020 Legislative Session

Relates to allowing certain members of the New York city police pension fund to borrow from contributions

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Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 08, 2020 print number 5906b
Apr 08, 2020 amend and recommit to civil service and pensions
Jan 08, 2020 referred to civil service and pensions
Jun 03, 2019 print number 5906a
Jun 03, 2019 amend and recommit to civil service and pensions
May 16, 2019 referred to civil service and pensions

Co-Sponsors

S5906 - Details

See Assembly Version of this Bill:
A7782
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §517-c, R & SS L
Versions Introduced in 2021-2022 Legislative Session:
S9327, A10360

S5906 - Summary

Relates to allowing certain members of the New York city police pension fund to borrow from contributions.

S5906 - Sponsor Memo

S5906 - Bill Text download pdf


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

                                  5906

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced by Sen. GOUNARDES -- 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
  allowing certain members of the New York city police pension  fund  to
  borrow from contributions

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

  Section 1. Paragraphs 1 and 2 of subdivision b of section 517-c of the
retirement and social security law, paragraph 1 as amended and paragraph
2 as added by chapter 303 of the laws of 2017, are amended  to  read  as
follows:
  1.  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 OR THE NEW YORK CITY POLICE PENSION
FUND 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 seventeen of this article (includ-
ing  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.
  2. A member of the New York  state  and  local  employees'  retirement
system  who first joins such system on or after January first, two thou-
sand eighteen, OR A MEMBER OF THE NEW YORK CITY POLICE PENSION FUND  WHO
FIRST JOINS SUCH SYSTEM ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN
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

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

Co-Sponsors

view additional co-sponsors

S5906A - Details

See Assembly Version of this Bill:
A7782
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §517-c, R & SS L
Versions Introduced in 2021-2022 Legislative Session:
S9327, A10360

S5906A - Summary

Relates to allowing certain members of the New York city police pension fund to borrow from contributions.

S5906A - Sponsor Memo

S5906A - Bill Text download pdf


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

                                 5906--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sens.  GOUNARDES,  COMRIE,  KAMINSKY  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Civil  Service  and  Pensions  --  committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the retirement and social security law, in  relation  to
  allowing  certain  members of the New York city police pension fund to
  borrow from contributions

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

  Section 1. Paragraphs 1 and 2 of subdivision b of section 517-c of the
retirement and social security law, paragraph 1 as amended and paragraph
2  as  added  by chapter 303 of the laws of 2017, are amended to read as
follows:
  1. 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 OR THE NEW YORK CITY POLICE PENSION
FUND  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 seventeen of this article (includ-
ing 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.
  2.  A  member  of  the  New York state and local employees' retirement
system who first joins such system on or after January first, two  thou-
sand  eighteen, OR A MEMBER OF THE NEW YORK CITY POLICE PENSION FUND WHO
FIRST JOINS SUCH SYSTEM ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN

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

Co-Sponsors

view additional co-sponsors

S5906B (ACTIVE) - Details

See Assembly Version of this Bill:
A7782
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §517-c, R & SS L
Versions Introduced in 2021-2022 Legislative Session:
S9327, A10360

S5906B (ACTIVE) - Summary

Relates to allowing certain members of the New York city police pension fund to borrow from contributions.

S5906B (ACTIVE) - Sponsor Memo

S5906B (ACTIVE) - Bill Text download pdf


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

                                 5906--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sens.  GOUNARDES,  COMRIE,  FUNKE,  GAUGHRAN,  KAMINSKY,
  KAPLAN, SAVINO -- read twice and ordered printed, and when printed  to
  be committed to the Committee on Civil Service and Pensions -- commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee -- recommitted  to  the  Committee  on  Civil
  Service  and  Pensions  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to amend the retirement and social security law, in relation to
  allowing certain members of the New York city police pension  fund  to
  borrow from contributions

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

  Section 1. Paragraphs 1 and 2 of subdivision b of section 517-c of the
retirement and social security law, paragraph 1 as amended and paragraph
2 as added by chapter 303 of the laws of 2017, are amended  to  read  as
follows:
  1.  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 OR THE NEW YORK CITY POLICE PENSION
FUND 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 seventeen of this article (includ-
ing  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.

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

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