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NY A10023
Bill
Status
6/29/2010
Primary Sponsor
Greg Ball
Click for details
AI Summary
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Extends Section 42 of the Patriot Plan (Chapter 106 of the Laws of 2003) by changing the sunset date from seven years to nine years after enactment, effectively extending the provision through July 1, 2012
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Allows members of the New York State and Local Employees' Retirement System, New York State Teachers' Retirement System, and New York City Retirement Systems to suspend loan repayments during periods of military service in the U.S. Armed Services
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Extends the loan repayment period by the same length of time as the military service suspension, with interest continuing to accrue on suspended loans
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Estimated fiscal impact is minimal to negligible for all affected retirement systems, with de minimus increases in employer costs and contributions beginning Fiscal Year 2013
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Takes effect immediately upon enactment, with operational effect as of July 1, 2010
Legislative Description
Extends the applicability of a certain provision in the Patriot Plan relating to the suspension of public retirement system loan repayment obligations.
Last Action
3RD READING CAL.1056
6/30/2010