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S T A T E O F N E W Y O R K
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8122
2025-2026 Regular Sessions
I N S E N A T E
May 15, 2025
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Introduced by Sen. JACKSON -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
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
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 8 of subdivision d of section 445-a of the
2 retirement and social security law is REPEALED and paragraphs 9 and 10
3 are renumbered paragraphs 8 and 9.
4 § 2. Paragraph 8 of subdivision d of section 445-b of the retirement
5 and social security law is REPEALED and paragraphs 9 and 10 are renum-
6 bered paragraphs 8 and 9.
7 § 3. Paragraph 12 of subdivision d of section 445-c of the retirement
8 and social security law is REPEALED and paragraphs 13, 14 and 15 are
9 renumbered paragraphs 12, 13 and 14.
10 § 4. Paragraph 9 of subdivision e of section 504-a of the retirement
11 and social security law is REPEALED.
12 § 5. Paragraph 13 of subdivision e of section 504-b of the retirement
13 and social security law is REPEALED.
14 § 6. Paragraph 10 of subdivision e of section 504-d of the retirement
15 and social security law is REPEALED.
16 § 7. Paragraph 9 of subdivision e of section 604-a of the retirement
17 and social security law is REPEALED.
18 § 8. Subdivision a of section 13-140 of the administrative code of the
19 city of New York, as amended by chapter 642 of the laws of 1985, is
20 amended to read as follows:
21 a. Any member in city service who shall have been a member continuous-
22 ly at least three years, may borrow from the contingent reserve fund,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01270-02-5
S. 8122 2
1 subject to such rules and regulations as may be approved by such board,
2 an amount not exceeding THE SUM OF (I) seventy-five per centum of the
3 amount in [his or her] SUCH MEMBER'S account in the annuity savings
4 fund, (II) ALL ADDITIONAL CONTRIBUTIONS, TOGETHER WITH INTEREST THEREON,
5 MADE BY SUCH MEMBER PURSUANT TO SECTION FOUR HUNDRED FORTY-FIVE-A OF THE
6 RETIREMENT AND SOCIAL SECURITY LAW, (III) ALL ADDITIONAL CONTRIBUTIONS,
7 TOGETHER WITH INTEREST THEREON, MADE BY SUCH MEMBER PURSUANT TO SECTION
8 FOUR HUNDRED FORTY-FIVE-B OF THE RETIREMENT AND SOCIAL SECURITY LAW, AND
9 (IV) ALL ADDITIONAL CONTRIBUTIONS, TOGETHER WITH INTEREST THEREON, MADE
10 BY SUCH MEMBER PURSUANT TO SECTION FOUR HUNDRED FORTY-FIVE-C OF THE
11 RETIREMENT AND SOCIAL SECURITY LAW. The rate of interest payable on any
12 loan made under this section shall be two per centum higher than the
13 rate of regular interest creditable to the account of the member. The
14 amount so borrowed, together with interest on any unpaid balance thereof
15 shall be repaid to the retirement system in equal installments by
16 deduction from the compensation of the member at the time the compen-
17 sation is paid, but such installments shall be at least five per centum
18 of the member's earnable compensation. All payments of principal and
19 interest made by such member shall be credited to the contingent reserve
20 fund.
21 § 9. Paragraph 1 of subdivision b of section 517-c of the retirement
22 and social security law, as amended by section 1 of part JJ of chapter
23 55 of the laws of 2023, is amended to read as follows:
24 1. A member of the New York state and local employees' retirement
25 system, the New York state and local police and fire retirement system,
26 the New York city employees' retirement system, the New York city board
27 of education retirement system or the New York city police pension fund
28 in active service who has credit for at least one year of member service
29 may borrow, no more than once during each twelve month period, an amount
30 not exceeding seventy-five percent of the total contributions made
31 pursuant to section FIVE HUNDRED FOUR-A (INCLUDING INTEREST CREDITED AT
32 THE RATE SET FORTH IN SUBPARAGRAPH (II) OF PARAGRAPH EIGHT OF SUBDIVI-
33 SION E OF SUCH SECTION FIVE HUNDRED FOUR-A COMPOUNDED ANNUALLY), SECTION
34 FIVE HUNDRED FOUR-B (INCLUDING INTEREST CREDITED AT THE RATE SET FORTH
35 IN SUBPARAGRAPH (II) OF PARAGRAPH TWELVE OF SUBDIVISION E OF SUCH
36 SECTION FIVE HUNDRED FOUR-B COMPOUNDED ANNUALLY), SECTION FIVE HUNDRED
37 FOUR-D (INCLUDING INTEREST CREDITED AT THE RATE SET FORTH IN SUBPARA-
38 GRAPH (II) OF PARAGRAPH NINE OF SUBDIVISION E OF SUCH SECTION FIVE
39 HUNDRED FOUR-D COMPOUNDED ANNUALLY), OR SECTION five hundred seventeen
40 of this article (including interest credited at the rate set forth in
41 subdivision c of such section five hundred seventeen compounded annual-
42 ly) and not less than one thousand dollars, provided, however, that the
43 provisions of this section shall not apply to a New York city [uniformed
44 correction/sanitation revised plan member or an] investigator revised
45 plan member.
46 § 10. Paragraph 1 of subdivision b of section 613-b of the retirement
47 and social security law, as amended by chapter 303 of the laws of 2017,
48 is amended to read as follows:
49 1. A member of the New York state and local employees' retirement
50 system, the New York city employees' retirement system or the New York
51 city board of education retirement system in active service who has
52 credit for at least one year of member service may borrow, no more than
53 once during each twelve month period, an amount not exceeding seventy-
54 five percent of the total contributions made pursuant to section SIX
55 HUNDRED FOUR-A (INCLUDING INTEREST CREDITED AT THE RATE SET FORTH IN
56 SUBPARAGRAPH (II) OF PARAGRAPH EIGHT OF SUBDIVISION E OF SUCH SECTION
S. 8122 3
1 SIX HUNDRED FOUR-A COMPOUNDED ANNUALLY) OR SECTION six hundred thirteen
2 (including interest credited at the rate set forth in subdivision c of
3 such section six hundred thirteen compounded annually) and not less than
4 one thousand dollars.
5 § 11. This act shall take effect immediately.