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Sponsors
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History
- Referred to civil service and pensions
- Referred to civil service and pensions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5543
Title of bill
An act to amend the retirement and social security law and the administrative code of the city of New York, in relation to permitting certain New York city correction members to borrow from their accumulated member contributions and to repeal certain provisions of the retirement and social security law relating thereto
Purpose
Permits NY City correction officers to borrow from their accumulated member contributions.
Summary of provisions
This bill repeals the following provisions of the retirement and social security law: §§ 455-a(d)(8), 455-c(d)(12), 504-a(9), and 504-b(13). This bill amends the NY City Administrative Code section 13-140 to allow members to borrow against their additional contributions that were made pursuant to retirement and social security law section 445-a or 445-c. Finally, this bill amends retirement and social security law section 517-c to allow members of NYSLERS, NY'S and local police and fire retirement system, and the NYC board of education retirement system borrow against their additional contributions that were made pursuant to retirement and social security law section 504-a or 504-b.
Justification
This legislation is designed to provide New York City Correction officers with the same pension and retirement benefits as other municipal employees in New York State. It has long been a commonly administered benefit to allow a retirement system member who has contributed to his accumulated benefit account to access a portion of those funds which have been earned. This legislation seeks to level the playing field in terms of benefits and options afforded for municipal employees
Legislative history
New Bill
Fiscal implications
None
Effective date
This bill shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.