senate Bill S6512

Signed By Governor
2021-2022 Legislative Session

Relates 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

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Sponsored By

Current 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 (13)
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

Votes

view votes

Jun 1, 2021 - Rules committee Vote

S6512
19
0
committee
19
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 18, 2021 - Civil Service and Pensions committee Vote

S6512
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: May 18, 2021

aye wr (1)

S6512 (ACTIVE) - Details

See Assembly Version of this Bill:
A6663
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517-b, 613-a, 613-b & 1207, R & SS L
Versions Introduced in 2019-2020 Legislative Session:
A7117

S6512 (ACTIVE) - Summary

Relates to the maximum amount certain members of the New York state teachers' retirement system may borrow against retirement contributions and makes technical corrections related thereto.

S6512 (ACTIVE) - Sponsor Memo

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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