Permits New York City correction and sanitation members to borrow from their retirement plans.
This bill allows members of the New York City Correction and Sanitation 20-Year Plans to borrow from their accumulated contributions, with interest. It also permits members of the Uniformed Sanitation and Correction Force 22-Year Plans to borrow up to 75% of their contributions. The loans will be repaid through deductions from the member's compensation. The bill repeals certain sections of the retirement and social security law related to these provisions.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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