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Bill > A10241
NY A10241
NY A10241Permits New York City correction and sanitation members to borrow from accumulated contributions to their retirement plans.
summary
Introduced
02/12/2026
02/12/2026
In Committee
02/12/2026
02/12/2026
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 amounts contributed beyond the basic required contributions, and "Basic Member Contributions" (BMC), which are the standard required contributions. The bill amends existing laws to permit these members, after at least three years of continuous city service, to borrow up to 75% of their accumulated AMC and BMC, with interest, from their retirement funds. This provision aims to provide financial flexibility to these public servants by allowing them to access funds they have contributed to their retirement plans.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
referred to governmental employees (on 02/12/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A10241 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A10241&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A10241 |
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