Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 02, 2021 |
signed chap.370 |
Jul 21, 2021 |
delivered to governor |
Jun 07, 2021 |
returned to senate passed assembly ordered to third reading rules cal.457 substituted for a6663 |
Jun 02, 2021 |
referred to ways and means delivered to assembly passed senate |
Jun 01, 2021 |
ordered to third reading cal.1393 committee discharged and committed to rules |
May 18, 2021 |
reported and committed to finance |
May 04, 2021 |
referred to civil service and pensions |
Senate Bill S6512
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 26th 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
2021-S6512 (ACTIVE) - Details
2021-S6512 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6512 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the retirement and social security law, in relation to the maximum amount certain members of the New York state teachers' retirement system may borrow against retirement contributions and to making technical corrections thereto PURPOSE OF THE BILL: This bill proposes to amend Retirement and Social Security Law sections 517-b and 613-a to establish a cap on the amount Tier 6 members joining the New York State Teachers' Retirement System on or after July 1, 2022 may borrow against retirement contributions. The bill also proposes to amend Retirement and Social Security Law sections 613-b and 1207 to address a couple of technical corrections in the existing loan provisions. SUMMARY AND JUSTIFICATION:
2021-S6512 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6512 2021-2022 Regular Sessions I N S E N A T E May 4, 2021 ___________ Introduced by Sen. GOUNARDES -- (at request of the New York State Teach- ers' Retirement System) -- 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 the maximum amount certain members of the New York state teachers' retirement system may borrow against retirement contributions and to making technical corrections thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision a of section 517-b of the retirement and social security law, as added by chapter 919 of the laws of 1990, is amended to read as follows: a. 1. A member of a teachers' 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 seventeen of this article (including interest credited at the rate set forth in subdivision c of section five hundred seventeen compounded annually) and not less than one thousand dollars. 2. A MEMBER OF THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM WHO FIRST JOINS SUCH SYSTEM ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-TWO IN ACTIVE SERVICE AND 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 LESS THAN ONE THOUSAND DOLLARS AND WHICH WOULD NOT CAUSE THE BALANCE OWED PURSUANT TO THIS SECTION, INCLUDING ANY AMOUNTS BORROWED THEN OUTSTANDING TO EXCEED (I) FIFTY PERCENT OF THE MEMBER'S TOTAL CONTRIBUTIONS MADE PURSUANT TO SECTION FIVE HUNDRED SEVENTEEN OF THIS ARTICLE (INCLUDING INTEREST CREDITED AT THE RATE SET FORTH IN SUBDIVISION C OF THIS SECTION COMPOUNDED ANNUALLY); OR (II) FIFTY THOU- SAND DOLLARS, WHICHEVER IS LESS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10603-01-1
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