S1713-2013 Actions

• Jan 9, 2013: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

S1713-2013 Memo

BILL NUMBER:S1713

TITLE OF BILL:  An act to amend chapter 106 of the laws of 2003,
constituting the Patriot Plan, in relation to extending the
applicability of a provision thereof for the suspension of public
retirement system loan repayment obligations

PURPOSE OR GENERAL IDEA OF BILL:  This legislation would extend from
July 1, 2010, the ability of members of the military service to
suspend their repayment if loan to a retirement system while engaged
in active service to the military.

SUMMARY OF SPECIFIC PROVISIONS:  This bill would amend Section 43 of
Chapter 106 of the laws of 2003, constituting the Patriot Plan to
extend the seven year sunset provision to nine years, effectively
changing the date that this provision would expire from July 1, 2010
to July 1, 2012.

As a result this bill would permit military service personnel engaged
in active service to stop replaying any loan from a retirement system
until they return from active duty for two additional years. The
period of repayment is increased correspondingly with the amount of
time missed due to military service.

JUSTIFICATION:  The law that allows military personnel to stop
repaying loans from a retirement system while on active duty is set to
expire on July 15 of this year. This bill would prevent that
expiration from occurring until July 1, 2012.

This law provides a benefit to military personnel allowing them to
halt payments for a loan to a retirement plan when engaged in active
military service. Such allows military personnel more financial
freedom when preparing to be deployed.

This bill would continue to provide such assistance to families of
military personnel as well as provide additional peace of mind to
soldiers, sailors, airmen while they are away. By providing the proper
support to our troops we are allowing them to do their difficult work
without the distraction of problems at home.

PRIOR LEGISLATIVE HISTORY: This is a new bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:  According to the
New York State and Local Employees' Retirement System, if this bill
was enacted there will be a minimal cost. The New York State Teachers'
Retirement System estimates the cost to be negligible.

EFFECTIVE DATE: Immediately.

S1713-2013 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         1713
 2013-2014 Regular Sessions
 I N  SENATE
 (PREFILED)
 January 9, 2013
 
 Introduced  by Sens. ESPAILLAT, PERKINS -- read twice and ordered print
 ed, and when printed to be committed to  the  Committee  on  Veterans,
 Homeland Security and Military Affairs
 

AN ACT to amend chapter 106 of the laws of 2003, constituting the Patri
 ot  Plan,  in  relation  to extending the applicability of a provision
 thereof for the suspension of public retirement system loan  repayment
 obligations
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. The opening paragraph of section 43 of chapter 106  of  the
 laws  of  2003, constituting the Patriot Plan, as amended by chapter 133
 of the laws of 2008, is amended to read as follows:

 This act  shall  take  effect  immediately;  provided,  however,  that
 section  forty-two  of  this act shall be deemed repealed [seven] TWELVE
 years after it shall have become a law; provided further that:

 

S 2. Notwithstanding the  provisions  of  article  5  of  the  general
 construction  law,  the  provisions  of section 42 of chapter 106 of the
 laws of 2003, constituting the Patriot  Plan,  are  hereby  revived  and
 shall  continue  in  full force and effect as such provisions existed on
 July 1, 2010.
 

S 3. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after July 1, 2010.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02590-01-3

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