assembly Bill A10360

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 Via S9327 - 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 (11)
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 03, 2022 substituted by s9327
rules report cal.748
reported
Jun 01, 2022 reported referred to rules
May 27, 2022 reference changed to ways and means
May 13, 2022 referred to governmental employees

Co-Sponsors

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A10360 (ACTIVE) - Details

See Senate Version of this Bill:
S9327
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §517-c, R & SS L
Versions Introduced in 2019-2020 Legislative Session:
A7782, S5906

A10360 (ACTIVE) - Summary

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

A10360 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10360
 
                           I N  A S S E M B L Y
 
                               May 13, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Abbate) --
   read once and referred to the Committee on Governmental Employees
 
 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.