New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 351 - Loans To Tier 3, 4, 5 And 6 Members
Section 351.1 - Background

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 351.1

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Chapter 920 of the Laws of 1990 created a statutory program under which tier 3 (Retirement and Social Security Law, section 517-c ) and tier 4, 5 and 6 (Retirement and Social Security Law, section 613-b ) members of the New York State and Local Employees' Retirement Systems may borrow from their accumulated member contributions. Chapter 171 of the Laws of 2011 created such a program for tier 5 and 6 (Retirement and Social Security Law, section 1207 ) members of the New York State and Local Police and Fire Retirement System. Sections 517-c, 613-b and 1207 expressly authorize the retirement systems to adopt rules and regulations for administering the provisions of those sections. Sections 519 and 614 of the Retirement and Social Security Law authorize the Comptroller to adopt rules and regulations governing procedural matters applicable to tier 3 and 4 members of the retirement system.

(b) Pursuant to such authority, this Part is being promulgated to implement procedural rules the retirement systems find necessary to administer the loan provisions, and to provide a clear and consolidated restatement of the rules provided in Retirement and Social Security Law, sections 517-c, 613-b and 1207.

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