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History
- Substituted by A10023A
- Amended on third reading 7936a
- Vote reconsidered - restored to third reading
- Returned to senate
- Recalled from assembly
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 58–0
- Ordered to third reading cal.1056
- Reported and committed to rules
- Reported and committed to finance
- Referred to civil service and pensions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends the applicability of a certain provision in the Patriot Plan relating to the suspension of public retirement system loan repayment obligations
Senate Floor Calendar · Sponsor Adriano Espaillat
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7936A
Title of bill
An act to amend chapter 106 of the laws of 2003, constituting the Patri- ot Plan, in relation to extending the applicability of a provision ther- eof for the suspension of public retirement system loan repayment obli- gations
Purpose or general idea of bill
This legislation would extend from July 1, 2010, the ability of members of the military service to suspend their repayment of a loan to a retirement system while engaged in active service to the military.
Summary of specific provisions
This bill would amend Section 43 of Chapter 106 of the laws of 2003, constituting the Patriot Plan to extend the seven year sunset provision to nine years, effectively changing the date that this provision would expire from July 1, 2010 to July 1, 2012.
As a result, this bill would permit military personnel engaged in active service to stop replaying any loan from a retirement system until they return from active duty for two additional years. The period of repay- ment is increased correspondingly with the amount of time missed due to military service.
Justification
The law that allows military personnel to stop repaying loans from a retirement system while on active duty is set to expire on July 15 of this year. This bill would prevent that expiration from occurring until July 1, 2012.
This law provides a benefit to military personnel allowing them to halt payments for a loan to a retirement plan when engaged in active military service. Such allows military personnel more financial freedom when preparing to be deployed.
This bill would continue to provide such assistance to families of mili- tary personnel as well as provide additional peace of mind to soldiers, sailors, airmen while they are away. By providing the proper support to our troops we are allowing them to do their difficult work without the distraction of problems as home.
Prior legislative history
This is a new bill.
Fiscal implications for state and local governments
According to the New York State and Local Employees' Retirement System, if this bill was enacted there will be a minimal cost. The New York State Teachers' Retirement System estimates the cost to be negligible. (see attached fiscal notes)
Effective date
Immediately, except that if this act shall become a law after July 1, 2010, it shall be deemed to have been in full effect since July 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.