NY A10448

Repeals restrictions prohibiting New York City Correction Officers in Tier 2 and Tier 3 of the CO-20 and CC-20 Plans from borrowing against accumulated Additional Member Contributions (AMC).

Allows eligible correction members to borrow up to 75% of their AMC balance plus all contributions made under sections 445-a and 445-c of the retirement and social security law, with interest charged at 2% above the regular credit rate.

Permits loans to be repaid through payroll deductions in equal installments of at least 5% of the member's earnable compensation, with principal and interest credited to the contingent reserve fund.

Projected to increase New York City's employer contributions by $3.5 million annually in 2025-2026, with minimal costs thereafter, based on assumption that 50% of eligible AMC balances would be borrowed.

Takes effect immediately upon enactment.