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 07, 2021 |
substituted by s6512 rules report cal.457 reported |
May 19, 2021 |
reported referred to rules |
May 04, 2021 |
reported referred to ways and means |
Mar 23, 2021 |
referred to governmental employees |
Assembly Bill A6663
Signed By Governor2021-2022 Legislative Session
Sponsored By
ABBATE
Archive: Last Bill Status Via S6512 - 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-A6663 (ACTIVE) - Details
2021-A6663 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6663 2021-2022 Regular Sessions I N A S S E M B L Y March 23, 2021 ___________ Introduced by M. of A. ABBATE -- (at request of the New York State Teachers' Retirement System) -- read once and referred to the Commit- tee on Governmental Employees 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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