BILL NUMBER: S8122B
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York and the
retirement and social security law, in relation to permitting certain
New York city correction and sanitation members to borrow from their
accumulated member contributions; and to repeal certain provisions of
the retirement and social security law relating thereto
 
PURPOSE:
This bill permits New York City correction officers to borrow from their
accumulated member contributions.
 
SUMMARY OF PROVISIONS:
Section 1 repeals paragraph 8 of subdivision d of Section 445-a of the
Retirement and Social Security Law.
Section 2 repeals paragraph 12 of subdivision d of section 445-c of the
Retirement and Social Security Law.
Section 3 repeals paragraph 9 of subdivision e of section 504-a of the
Retirement and Social Security Law.
Section 4 repeals paragraph 13 of subdivision e of section 504-b of the
Retirement and Social Security Law.
Section 5 amends the New York City Administrative Code Section 13-140 to
allow members to borrow against their additional contributions that were
made pursuant to Retirement and Social Security Law Section 445-a or
445-c.
Section 6 amends Section 517-c of the Retirement and Social Security Law
Section 517-c to allow members of NYSLRS, PiRS, and NYCBERS to borrow
against their additional contributions that were made pursuant to
Retirement and Social SeCurity Law Sections 504-a or 504-b.
Section 7 is the effective date.
 
JUSTIFICATION:
This legislation is designed to provide New York City Correction offi-
cers with the same pension and retirement benefits as other municipal
employees in New York State. It has long been a commonly administered
benefit to allow a retirement system member who has contributed to his
accumulated benefit account to access a portion of those funds which
have been earned. This legislation seeks to level the playing field
regarding benefits and options afforded to municipal employees.
 
LEGISLATIVE HISTORY:
2025: S.8122A - Amended and recommitted to Civil Service and Pensions
2024: S.9592 - Referred to Civil Service and Pensions/A.10448 Referred
to Governmental Employees
2023: S.6416 - Vetoed memo.94
2021-2022: S.6987-B - Amend and Recommit to Civil Service and Pensions
2019-2020: S.5851-A - Referred to Civil Service and Pensions/A.8180
Referred to Governmental Employees
2017-2018: S.6134-A - Amend and Recommit to Cities
 
STATE AND LOCAL FISCAL IMPLICATIONS:
See fiscal note.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8122: 445-a retirement and social security law, 445-a(d) retirement and social security law, 445-b retirement and social security law, 445-b(d) retirement and social security law, 445-c retirement and social security law, 445-c(d) retirement and social security law, 504-a retirement and social security law, 504-a(e) retirement and social security law, 504-b retirement and social security law, 504-b(e) retirement and social security law, 504-d retirement and social security law, 504-d(e) retirement and social security law, 604-a retirement and social security law, 604-a(e) retirement and social security law, 517-c retirement and social security law, 517-c(b) retirement and social security law, 613-b retirement and social security law, 613-b(b) retirement and social security law
S8122A: 445-a retirement and social security law, 445-a(d) retirement and social security law, 445-b retirement and social security law, 445-b(d) retirement and social security law, 445-c retirement and social security law, 445-c(d) retirement and social security law, 504-a retirement and social security law, 504-a(e) retirement and social security law, 504-b retirement and social security law, 504-b(e) retirement and social security law, 504-d retirement and social security law, 504-d(e) retirement and social security law, 604-a retirement and social security law, 604-a(e) retirement and social security law, 517-c retirement and social security law, 517-c(b) retirement and social security law, 613-b retirement and social security law, 613-b(b) retirement and social security law
S8122B: 445-a retirement and social security law, 445-a(d) retirement and social security law, 445-b retirement and social security law, 445-b(d) retirement and social security law, 445-c retirement and social security law, 445-c(d) retirement and social security law, 504-a retirement and social security law, 504-a(e) retirement and social security law, 504-b retirement and social security law, 504-b(e) retirement and social security law, 504-d retirement and social security law, 504-d(e) retirement and social security law, 604-a retirement and social security law, 604-a(e) retirement and social security law, 517-c retirement and social security law, 517-c(b) retirement and social security law, 613-b retirement and social security law, 613-b(b) retirement and social security law