Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to governmental employees |
Jan 26, 2023 |
referred to governmental employees |
Assembly Bill A2695
2023-2024 Legislative Session
Sponsored By
BLUMENCRANZ
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2023-A2695 (ACTIVE) - Details
2023-A2695 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2695 2023-2024 Regular Sessions I N A S S E M B L Y January 26, 2023 ___________ Introduced by M. of A. BLUMENCRANZ -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to the management of retirement loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions e and f of section 50 of the retirement and social security law, subdivision e as amended by chapter 705 of the laws of 1964, are amended to read as follows: e. The borrowing member's [anuuity] ANNUITY savings account shall not be reduced by the loan obtained but a subsidiary record shall be main- tained reflecting the outstanding balance on such loan, as well as the allocation of the payroll deductions to principal and interest. Upon the member's withdrawal of his accumulated contributions or retirement, the balance due on his loan shall be deducted from the amount to his credit at such time in the annuity savings fund. Upon the death of the member [prior to the loan being fully insured, that portion thereof which is uninsured, shall similarly be deducted from the amount to his credit at the time of his death in the annuity savings fund] THE CORRESPONDING SURVIVOR'S BENEFIT WILL BE DECREASED IN AN AMOUNT PRESCRIBED BY THE COMPTROLLER BASED UPON AN AMORTIZATION SCHEDULE CALCULATED USING THE AMOUNT OF PRINCIPAL OUTSTANDING, INTEREST RATE AND ESTIMATED LENGTH OF BENEFIT PAYMENT AS PRESCRIBED BY ACTUARIAL TECHNIQUES PRESCRIBED BY THE COMPTROLLER, UNTIL SUCH TIME THAT ALL OUTSTANDING PRINCIPAL AND INTEREST AMOUNTS HAVE BEEN SATISFACTORILY REPAID. f. In the case of any benefit wherein the amount of pension will be determined, in part, by the amount of annuity, such annuity shall be computed upon the basis of accumulated contributions as if there were no loan or no additional contributions. The resulting retirement allowance shall then be reduced by [the actuarial equivalent of the present value of any oustanding loan] AN AMOUNT PRESCRIBED BY THE COMPTROLLER BASED EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06885-01-3
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