NY S08122

Allows New York City correction officers and sanitation workers in 20-year retirement plans to borrow up to 75% of their Additional Member Contributions (AMC) plus interest

Permits members of the Uniformed Sanitation Force and Uniformed Correction Force 22-year plans to borrow up to 75% of their Basic Member Contributions (BMC) plus interest

Repeals existing provisions in the retirement and social security law that previously restricted these borrowing options for approximately 13,728 active members

Loans will be repaid with interest at 6% per annum through payroll deductions of at least 5% of earnable compensation

Expected to increase employer contributions by approximately $8-9 million annually from 2026-2036, decreasing to approximately $1.7-1.8 million annually thereafter, with total present value cost of $64.2 million to New York City