Permits New York City correction and sanitation members to borrow from their retirement contributions.

This bill allows members of the New York City Employees' Retirement System (NYCERS) who are correction and sanitation officers to borrow from their accumulated contributions. Correction and sanitation members can borrow up to 75% of their Additional Member Contributions (AMC) and Basic Member Contributions (BMC). The loans are repaid with interest. If a member has an outstanding loan balance at retirement, the unpaid loan is converted to an annuity based on the yield on 30-year U.S. Treasury securities and deducted from the annual retirement allowance.

Permits New York City correction and sanitation members to borrow from their retirement contributions.

This bill allows members of the New York City Employees' Retirement System (NYCERS) who are correction and sanitation officers to borrow from their accumulated contributions. Correction and sanitation members can borrow up to 75% of their Additional Member Contributions (AMC) and Basic Member Contributions (BMC). The loans are repaid with interest. If a member has an outstanding loan balance at retirement, the unpaid loan is converted to an annuity based on the yield on 30-year U.S. Treasury securities and deducted from the annual retirement allowance.