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NY A10360
Bill
Status
Introduced
5/13/2022
Primary Sponsor
Peter Abbate
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AI Summary
- Permits Tier 3, Tier 3 Revised, and Tier 3 Enhanced members of the New York City Police Pension Fund to borrow from accumulated member contributions, a right previously unavailable to these tiers
- Members who joined before January 1, 2018 may borrow up to 75% of total contributions plus accumulated interest, with a minimum of $1,000 per loan
- Members who joined on or after January 1, 2018 may borrow the lesser of 50% of total contributions plus accumulated interest or $50,000, with a minimum of $1,000 per loan
- Loan interest rate is set at one percent less than the regular interest rate established for the New York City Police Pension Fund, with a floor at the basic contribution rate
- Outstanding loan balances at retirement are converted to an actuarial annuity and deducted from annual retirement benefits; retirees may repay outstanding balances at any time
Legislative Description
Relates to allowing certain members of the New York city police pension fund to borrow from contributions.
Last Action
substituted by s9327
6/3/2022
Committee Referrals
Rules6/1/2022
Ways and Means5/27/2022
Governmental Employees5/13/2022
Full Bill Text
No bill text available