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S 8122

Permits New York city correction and sanitation members to borrow from accumulated contributions; repealer

2025 Regular Session Introduced by Robert Jackson

Bill S 8122 allows NYC correction and sanitation workers to borrow from their pension contributions, providing financial relief during personal hardships.

REFERRED TO WAYS AND MEANS
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Bill Summary · S 8122

Summary of Bill S 8122

Bill Number: S 8122
Title: Permits New York City Correction and Sanitation Members to Borrow from Accumulated Contributions; Repealer
Status: PRINT NUMBER 8122A
Introduced: May 15, 2025
Classification: Bill

Purpose and Intent

Bill S 8122 aims to provide financial flexibility for members of the New York City correction and sanitation departments by allowing them to borrow against their accumulated contributions to their pension funds. This legislation seeks to address the financial needs of these employees, particularly in times of personal financial hardship.

Key Provisions

  • Borrowing from Accumulated Contributions: The bill permits eligible members of the New York City correction and sanitation services to borrow a specified amount from their pension contributions. This provision is intended to help employees manage unexpected expenses without incurring high-interest debt.

  • Repealer Clause: The bill includes a repealer clause that may eliminate previous restrictions or regulations that currently limit the ability of these employees to access their accumulated contributions.

Affected Parties

  • Members of the New York City Correction and Sanitation Departments: The primary beneficiaries of this bill are employees within these departments who may face financial challenges and require access to their pension funds.

  • Pension Funds: The bill will impact the management and operations of the pension funds associated with the correction and sanitation departments, as it introduces new borrowing provisions.

Legislative Timeline

  • Introduced: May 15, 2025
  • Referred to Civil Service and Pensions: May 15, 2025
  • Amended and Recommitted: May 27, 2025
  • Printed as Number 8122A: May 27, 2025

Related Bills

This bill is related to several prior-session bills that may have addressed similar issues or provisions:
- S 6134
- S 5851
- S 6987
- S 9592
- S 6416

Conclusion

Bill S 8122 represents a significant step towards enhancing the financial security of New York City correction and sanitation members by allowing them to access their pension contributions in times of need. The legislative process is ongoing, with amendments and discussions taking place to refine the bill's provisions.

Compiled from official sources — confirm details with the bill’s official record.

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