On May 3, I first wrote about the fact that the State Comptroller, as sole trustee of the New York State and Local Retirement System, does not seem to know that loans taken in conjunction with retirement are eligible for rollover treatment.
The statutory right to effectuate a rollover of a loan was first codified by the Unemployment Compensation Amendments Act of 1992. For nearly three decades, members of the state system have been denied their right to establish an IRA with their contribution account.
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