New York State Assembly

 
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A07117 Summary:

A07117 Actions:

A07117 Committee Votes:

Committee:GOVERNMENTAL EMPLOYEES   Chair:Abbate      
DATE:05/07/2019AYE/NAY:14/0  Action: Favorable refer to committee Ways and Means        
Abbate
Aye
Malliotakis
Aye
Aubry
Aye
Johns
Aye
Colton
Aye
Palumbo
Aye
Cusick
Aye
DeStefano
Aye
Zebrowski
Aye
DenDekker
Aye
Santabarbara
Aye
Pheffer Amato
Aye
Ryan
Aye
Griffin
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/06/2019AYE/NAY:31/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Barclay
Aye
Lentol
Excused
Crouch
Aye
Schimminger
Aye
Fitzpatrick
Aye
Gantt
Excused
Hawley
Aye
Glick
Aye
Malliotakis
Aye
Nolan
Aye
Montesano
Aye
Pretlow
Aye
Ra
Aye
Perry
Aye
Blankenbush
Aye
Colton
Aye
Palmesano
Aye
Cook
Aye
Norris
Aye
Cahill
Aye
Aubry
Aye
Thiele
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Excused
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Simotas
Aye
Dinowitz
Aye
Miller
Excused

Committee:RULES   Chair:Gottfried      
DATE:06/11/2019AYE/NAY:25/0  Action: Favorable         
Heastie
Excused
Kolb
Aye
Gottfried
Aye
Crouch
Aye
Lentol
Aye
Finch
Aye
Gantt
Excused
Barclay
Aye
Nolan
Aye
Raia
Aye
Weinstein
Aye
Hawley
Aye
Ortiz
Aye
Giglio
Aye
Pretlow
Aye
Malliotakis
Aye
Cook
Aye
Glick
Aye
Aubry
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Aye
Titus
Excused
Peoples-Stokes
Excused
Benedetto
Aye
Lavine
Excused
Lupardo
Aye
Zebrowski
Excused

A07117 Floor Votes:

A07117 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7117
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                      April 9, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  ABBATE  -- (at request of the New York State
          Teachers' Retirement System) -- read once and referred to the  Commit-
          tee on Governmental Employees
 
        AN  ACT  to amend the retirement and social security law, in relation to
          the maximum amount certain members of the  New  York  state  teachers'
          retirement  system  may borrow against retirement contributions and to
          making technical corrections thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision a of section 517-b of the retirement and social
     2  security law, as added by chapter 919 of the laws of 1990, is amended to
     3  read as follows:
     4    a.  1. A member of a teachers' retirement system in active service who
     5  has credit for at least one year of member service may borrow,  no  more
     6  than  once  during  each  twelve-month  period,  an amount not exceeding
     7  seventy-five percent of the total contributions made pursuant to section
     8  five hundred seventeen of this article (including interest  credited  at
     9  the  rate  set  forth in subdivision c of section five hundred seventeen
    10  compounded annually) and not less than one thousand dollars.
    11    2. A member of the New York  state  teachers'  retirement  system  who
    12  first  joins  such system on or after July first, two thousand twenty in
    13  active service and who has credit  for  at  least  one  year  of  member
    14  service  may  borrow, no more than once during each twelve-month period,
    15  an amount, not less than one thousand dollars and which would not  cause
    16  the  balance  owed  pursuant  to  this  section,  including  any amounts
    17  borrowed then outstanding to exceed (i) fifty percent  of  the  member's
    18  total  contributions  made pursuant to section five hundred seventeen of
    19  this article (including interest credited  at  the  rate  set  forth  in
    20  subdivision  c of this section compounded annually); or (ii) fifty thou-
    21  sand dollars, whichever is less.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09733-01-9
        A. 7117                             2
 
     1    § 2. Subdivision a of section 613-a of the retirement and social secu-
     2  rity law, as added by chapter 919 of the laws of  1990,  is  amended  to
     3  read as follows:
     4    a.  1. A member of a teachers' retirement system in active service who
     5  has credit for at least one year of member service may borrow,  no  more
     6  than  once  during  each  twelve-month  period,  an amount not exceeding
     7  seventy-five percent of the total contributions made pursuant to section
     8  six hundred thirteen of this article (including interest credited at the
     9  rate set  forth  in  subdivision  c  of  section  six  hundred  thirteen
    10  compounded annually) and not less than one thousand dollars.
    11    2.  A  member  of  the  New York state teachers' retirement system who
    12  first joins such system on or after July first, two thousand  twenty  in
    13  active  service  and  who  has  credit  for  at least one year of member
    14  service may borrow, no more than once during each  twelve-month  period,
    15  an  amount, not less than one thousand dollars and which would not cause
    16  the balance  owed  pursuant  to  this  section,  including  any  amounts
    17  borrowed  then  outstanding, to exceed (i) fifty percent of the member's
    18  total contributions made pursuant to section  six  hundred  thirteen  of
    19  this  article  (including  interest  credited  at  the rate set forth in
    20  subdivision c of this section compounded annually); or (ii) fifty  thou-
    21  sand dollars, whichever is less.
    22    §  3.  Paragraph 2 of subdivision b of section 613-b of the retirement
    23  and social security law, as added by chapter 303 of the laws of 2017, is
    24  amended to read as follows:
    25    2. A member of the New York  state  and  local  employees'  retirement
    26  system  who first joins such system on or after January first, two thou-
    27  sand eighteen in active service who has credit for at least one year  of
    28  member  service  may  borrow, no more than once during each twelve month
    29  period, an amount, not less than one thousand dollars  and  which  would
    30  not  cause  the  balance  owed  pursuant  to this section, including any
    31  amounts borrowed then outstanding, to exceed (i) fifty  percent  of  the
    32  member's total contributions made pursuant to section [five] six hundred
    33  [seventeen] thirteen of this [chapter] article (including interest cred-
    34  ited  at  the rate set forth in subdivision c of such section [five] six
    35  hundred [seventeen] thirteen compounded annually); or (ii)  fifty  thou-
    36  sand dollars, whichever is less.
    37    §  4.  Paragraph  2 of subdivision a of section 1207 of the retirement
    38  and social security law, as added by chapter 303 of the laws of 2017, is
    39  amended to read as follows:
    40    2. A member who first joins such system on or after January first, two
    41  thousand eighteen in active service who has credit for at least one year
    42  of member service may borrow, no more than once during each twelve month
    43  period, an amount, not less than one thousand dollars  and  which  would
    44  not  cause  the  balance  owed  pursuant  to this section, including any
    45  amounts borrowed then outstanding, to exceed (i) fifty  percent  of  the
    46  member's  total  contributions  made  pursuant  to section [five] twelve
    47  hundred [seventeen] four of this [chapter] article  (including  interest
    48  credited  at  the rate set forth in subdivision c of [such] this section
    49  [five hundred seventeen] compounded annually); or  (ii)  fifty  thousand
    50  dollars, whichever is less.
    51    §  5.  This act shall take effect immediately; provided, however, that
    52  sections three and four this act shall be deemed to have  been  in  full
    53  force and effect on and after September 12, 2017.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would amend Section 517-b and Section 613-a of the Retire-
        ment and Social Security Law to limit the amount of a loan that  can  be
        A. 7117                             3
 
        taken  by  members of the New York State Teachers' Retirement System who
        first join such system on or  after  July  1,  2020.  The  loan  amount,
        including  the  balances  of any outstanding loans, may not exceed fifty
        percent  of  the members' total contributions made including interest or
        fifty thousand dollars, whichever is less. The current limit  is  seven-
        ty-five  percent  of the total member contributions plus interest. Addi-
        tionally, a member must have one year of service to be eligible to  take
        a  loan,  the  loan amount may not be less than one thousand dollars and
        such member may borrow no more than once in a twelve-month period.
          It is estimated that there will be no annual cost to the employers  of
        members  of  the New York State Teachers' Retirement System if this bill
        is enacted.
          Member data is from  the  System's  most  recent  actuarial  valuation
        files,  consisting  of  data provided by the employers to the Retirement
        System.  Data distributions and statistics can be found in the  System's
        Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
        reported in the System's financial statements, and can also be found  in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The  source  of  this  estimate is Fiscal Note 2019-3 dated October 5,
        2018 prepared by the Actuary of the New York State Teachers'  Retirement
        System and is intended for use only during the 2019 Legislative Session.
        I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
        Retirement System. I am a member of the American  Academy  of  Actuaries
        and  I meet the Qualification Standards of the American Academy of Actu-
        aries to render the actuarial opinion contained herein.