Permits New York city correction officers to borrow from accumulated contributions; repealer

This bill allows New York City correction officers to take loans from their accumulated retirement contributions, a benefit previously unavailable to them under existing rules. It achieves this by repealing specific sections of the retirement and social security law that excluded them and amending the city's administrative code to permit borrowing up to 75% of their additional contributions plus interest. The loans must be repaid through deductions from their pay over time, with interest rates set slightly higher than standard account credits. Additionally, the bill removes an exclusion that prevented these officers from using a general loan provision available to other city employees.