NY A02695

Fixes spelling error in Retirement and Social Security Law section 50, subdivision e, correcting "anuuity" to "annuity."

Changes how survivor's benefits are reduced when a member with an outstanding retirement loan dies, replacing an immediate lump-sum deduction with an amortization schedule that decreases benefits over time based on principal, interest rate, and estimated payment length.

Modifies how pension amounts are reduced for benefits partially determined by annuity when a retirement loan is outstanding, replacing present value calculation with an amortization schedule prescribed by the comptroller.

Requires the comptroller to establish amortization schedules and actuarial techniques for calculating reductions to both survivor's benefits and pension payments until all loan principal and interest are repaid.

Takes effect immediately upon enactment.