New York S 8143: Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year

Bill Text

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S08143 Summary:

BILL NOS08143 

&nbsp

SAME ASNo Same As

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SPONSORJACKSON

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COSPNSR

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MLTSPNSR

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Amd §604-d, R & SS L

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Provides for the refund of additional member contributions of persons who cease to be members of the age fifty-seven retirement program for certain New York city members because they have become members of the twenty-five year retirement program for EMTs.

Go to top S08143 Actions:

BILL NOS08143 

&nbsp

05/15/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS08143 Committee&nbspVotes:

Go to topS08143 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08143 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8143

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 AN ACT to amend the retirement and social security law, in relation to
 the refund of additional member contributions of certain persons who
 cease to be members of the age fifty-seven retirement program for
 certain New York city members

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subparagraph (vii) of paragraph 12 of subdivision f of
 2 section 604-d of the retirement and social security law, is renumbered
 3 subparagraph (viii) and a new subparagraph (vii) is added to read as
 4 follows:
 5 (vii) Notwithstanding any provisions of law, rule or regulation to the
 6 contrary, subject to the provisions of paragraph fourteen of this subdi-
 7 vision, a person who ceases or has ceased to be a participant in the age
 8 fifty-seven retirement program as a member of a participating retirement
 9 system because such person has become a participant in the twenty-five
 10 year retirement program for EMT members provided in section six hundred
 11 four-e of this article, as added by chapter five hundred seventy-seven
 12 of the laws of two thousand, or has retired after having become a
 13 participant in the twenty-five year retirement program for EMT members
 14 provided in section six hundred four-e of this article, as added by
 15 chapter five hundred seventy-seven of the laws of two thousand, shall be
 16 permitted to withdraw the employee portion of their additional member
 17 contributions paid pursuant to this subdivision (including any interest
 18 on such employee portion paid to the retirement system), together with
 19 interest thereon at the rate of five percent per annum, compounded annu-
 20 ally, provided that the person has submitted an application for the
 21 refund within one year of the effective date of this subparagraph.
 22 However, the withdrawal of contributions pursuant to this section by an
 23 individual who has accrued at least five years of creditable service

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10887-02-5

 S. 8143 2

 1 shall terminate their membership and all rights in the age fifty-seven
 2 retirement system in the same manner as withdrawal of contributions
 3 would terminate the membership of an individual who has not attained
 4 vested status.
 5 § 2. This act shall take effect immediately.

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