Bill Text: NY S06134 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Permits NYC correction officers to borrow from accumulated contributions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-08-24 - PRINT NUMBER 6134A [S06134 Detail]

Download: New_York-2017-S06134-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6134
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Cities
        AN ACT to amend the administrative code of the city of New York and  the
          retirement  and social security law, in relation to permitting certain
          New York city correction members  to  borrow  from  their  accumulated
          member  contributions; and to repeal certain provisions of the retire-
          ment and social security law relating thereto
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  8  of  subdivision  d  of section 445-a of the
     2  retirement and social security law is REPEALED and paragraphs 9  and  10
     3  are renumbered paragraphs 8 and 9.
     4    §  2. Paragraph 12 of subdivision d of section 445-c of the retirement
     5  and social security law is REPEALED and paragraphs 13,  14  and  15  are
     6  renumbered paragraphs 12, 13 and 14.
     7    §  3.  Paragraph 9 of subdivision e of section 504-a of the retirement
     8  and social security law is REPEALED.
     9    § 4. Paragraph 13 of subdivision e of section 504-b of the  retirement
    10  and social security law is REPEALED.
    11    § 5. Subdivision a of section 13-140 of the administrative code of the
    12  city  of  New  York,  as  amended by chapter 642 of the laws of 1985, is
    13  amended to read as follows:
    14    a. Any member in city service who shall have been a member continuous-
    15  ly at least three years, may borrow from the  contingent  reserve  fund,
    16  subject  to such rules and regulations as may be approved by such board,
    17  an amount not exceeding the sum of (i) seventy-five per  centum  of  the
    18  amount in his or her account in the annuity savings fund, (ii) all addi-
    19  tional  contributions,  together  with  interest  thereon,  made by such
    20  member pursuant to section four hundred forty-five-a of  the  retirement
    21  and social security law, and (iii) all additional contributions, togeth-
    22  er  with  interest thereon, made by such member pursuant to section four
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11665-01-7
        S. 6134                             2
     1  hundred forty-five-c of the retirement and social  security  law.    The
     2  rate  of  interest  payable on any loan made under this section shall be
     3  two per centum higher than the rate of regular  interest  creditable  to
     4  the  account of the member. The amount so borrowed, together with inter-
     5  est on any unpaid balance thereof shall  be  repaid  to  the  retirement
     6  system  in  equal installments by deduction from the compensation of the
     7  member at the time the compensation is paid, but such installments shall
     8  be at least five per centum of the member's earnable  compensation.  All
     9  payments of principal and interest made by such member shall be credited
    10  to the contingent reserve fund.
    11    § 6. Subdivision b of section 517-c of the retirement and social secu-
    12  rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
    13  read as follows:
    14    b. A member of the New York  state  and  local  employees'  retirement
    15  system,  the New York state and local police and fire retirement system,
    16  the New York city employees' retirement system  or  the  New  York  city
    17  board  of  education  retirement system in active service who has credit
    18  for at least one year of member service may borrow, no  more  than  once
    19  during  each  twelve  month period, an amount not exceeding seventy-five
    20  percent of the total contributions made pursuant to section five hundred
    21  four-a (including interest credited at the rate set  forth  in  subpara-
    22  graph  (ii)  of  paragraph  eight  of subdivision e of such section five
    23  hundred four-a compounded annually),  or  section  five  hundred  four-b
    24  (including  interest credited at the rate set forth in subparagraph (ii)
    25  of paragraph twelve of subdivision e of such section five hundred four-b
    26  compounded annually) or section five hundred seventeen of  this  article
    27  (including  interest  credited at the rate set forth in subdivision c of
    28  such section five hundred seventeen compounded annually)  and  not  less
    29  than  one  thousand  dollars,  provided, however, that the provisions of
    30  this  section  shall  not  apply  to   a   New   York   city   uniformed
    31  correction/sanitation  revised  plan  member  or an investigator revised
    32  plan member.
    33    § 7. This act shall take effect immediately.