senate Bill S9327

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate & Assembly


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 03, 2022 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.748
substituted for a10360
Jun 02, 2022 referred to ways and means
delivered to assembly
passed senate
home rule request
May 31, 2022 ordered to third reading cal.1721
committee discharged and committed to rules
May 17, 2022 referred to civil service and pensions

Co-Sponsors

S9327 (ACTIVE) - Details

See Assembly Version of this Bill:
A10360
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §517-c, R & SS L
Versions Introduced in 2019-2020 Legislative Session:
S5906, A7782

S9327 (ACTIVE) - Summary

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

S9327 (ACTIVE) - Sponsor Memo

S9327 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9327
 
                             I N  S E N A T E
 
                               May 17, 2022
                                ___________
 
 Introduced  by  Sen.  BAILEY -- 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
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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