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Bill > S08122
NY S08122
NY S08122Permits New York City correction and sanitation members to borrow from accumulated contributions to their retirement plans.
summary
Introduced
05/15/2025
05/15/2025
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
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
AI Summary
This bill allows certain New York City correction and sanitation members to borrow from their accumulated retirement contributions, specifically their "Additional Member Contributions" (AMC), which are extra contributions made beyond the basic required amount, and their "Basic Member Contributions" (BMC), which are the standard contributions. The bill amends existing laws to permit these members, who are part of specific retirement plans like the 20-Year and 22-Year plans, to take loans against these contributions, up to 75% of the accumulated amount, with interest. This change aims to provide these members with greater access to their retirement funds while they are still employed.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
PRINT NUMBER 8122B (on 02/03/2026)
Official Document
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