Permits New York city correction and sanitation members to borrow from accumulated contributions; repealer
Summary
A10241 would expand borrowing rights for certain New York City retirement system members, specifically correction and sanitation employees in designated NYCERS plans. The bill amends the Retirement and Social Security Law and the New York City Administrative Code to allow eligible members to borrow against additional categories of accumulated contributions, including additional member contributions and basic member contributions, depending on the plan. It also repeals several existing provisions in state retirement law that are tied to the current borrowing framework and renumbers related paragraphs to conform the statutes.
More specifically, the bill updates loan rules for active members with at least the required service credit, allowing them to borrow up to 75 percent of specified contribution balances, with interest and repayment terms continuing through payroll deduction. The measure applies to certain New York City correction and sanitation plans, including 20-year and 22-year plans, and preserves existing limits and exclusions for some other plan types. The bill takes effect immediately if enacted.
Impact
The bill would change the pension loan rules governing NYCERS and related retirement provisions in the Retirement and Social Security Law, while also amending the New York City Administrative Code. It would permit eligible correction and sanitation members to access a broader share of their accumulated contributions as loans, which could affect member retirement balances, employer contribution costs, and actuarial liabilities. The fiscal note indicates the financial impact would fall entirely on New York City, with projected increases in employer contributions and potential additional costs from lost investment earnings and unpaid loan balances at retirement.
Sentiment
The available context suggests the bill is generally supportive of providing greater financial flexibility to affected uniformed employees, with the measure advancing to the Assembly Floor Calendar and no recorded committee opposition or vote history in the provided materials. The fiscal note frames the bill as a targeted pension change for a defined group of NYC workers rather than a broad systemwide overhaul. Overall, the tone of the bill materials is technical and implementation-focused rather than adversarial.
Contention
The main point of contention is fiscal rather than policy-based: the bill would increase employer pension costs for New York City and create additional actuarial liabilities if members borrow against contributions and do not fully repay before retirement. Another issue is scope, since the borrowing expansion is limited to certain correction and sanitation plans and excludes some other plan types, which could raise questions about fairness or consistency across retirement system members. The fiscal note also notes that lost investment earnings are not fully captured in the cost estimate, which may concern budget analysts and city officials.
Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Authorizes Breanne M. Smith to receive a refund of certain accumulated contributions paid to the New York state and local employees' retirement system.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Modifies the definition of additional member contributions and basic member contributions for certain New York city employees' retirement system members who are subject to the twenty-five year retirement program for fire protection inspector members under Article 15 of the retirement and social security law, to allow such additional member contributions to be used to offset a deficit of basic member contributions, or to allow an excess of basic member contributions to offset a deficit of additional member contributions.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions. (Formerly HSB 25.) Effective date: 03/28/2025.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions.(See SF 305.)
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions.(See HF 182.)