Bill Text: NY S07372 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to the rate of interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to the New York city employees' retirement system, the New York city teachers' retirement system, the police pension fund, subchapter two, the fire department pension fund, subchapter two and the board of education retirement system of such city by public employers and other obligors required to make employer contributions to such retirement systems, the crediting of special interest and additional interest and additional interest to members of such retirement systems, and the allowance of supplementary interest on the funds of such retirement systems; extends such provisions until June 30, 2025.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2023-06-30 - SIGNED CHAP.184 [S07372 Detail]
Download: New_York-2023-S07372-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7372 2023-2024 Regular Sessions IN SENATE May 22, 2023 ___________ 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 administrative code of the city of New York, in relation to the rate of interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to the New York city employees' retirement system, the New York city teachers' retirement system, the police pension fund, subchapter two, the fire department pension fund, subchapter two and the board of education retirement system of such city by public employers and other obligors required to make employer contributions to such retirement systems, the crediting of special interest and additional interest to members of such retirement systems, and the allowance of supplementary inter- est on the funds of such retirement systems The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 2 of subdivision b of section 13-638.2 of the 2 administrative code of the city of New York, as amended by chapter 391 3 of the laws of 2021, is amended to read as follows: 4 (2) With respect to each retirement system, such rate of interest 5 shall be as hereinafter set forth in this paragraph: 6 First day and 7 last day of 8 Rate of interest fiscal year or 9 per centum per series of fiscal 10 Retirement annum, compounded years for which 11 System annually rate is effective 12 ________________________________________________________________________ 13 NYCERS 7% July 1, 2011 to 14 June 30, [2023] 2025 15 NYCTRS 7% July 1, 2011 to EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11207-01-3S. 7372 2 1 June 30, [2023] 2025 2 PPF 7% July 1, 2011 to 3 June 30, [2023] 2025 4 FPF 7% July 1, 2011 to 5 June 30, [2023] 2025 6 BERS 7% July 1, 2011 to 7 June 30, [2023] 2025 8 § 2. Paragraph 2 of subdivision f of section 13-638.2 of the adminis- 9 trative code of the city of New York, as amended by chapter 391 of the 10 laws of 2021, is amended to read as follows: 11 (2) Such special interest shall be allowed at the rates and for the 12 periods set forth below in this paragraph: 13 First day and 14 last day of 15 Rate of interest fiscal year or 16 per centum per series of fiscal 17 Retirement annum, compounded years for which 18 System annually rate is effective 19 ________________________________________________________________________ 20 NYCERS 1 1/4% July 1, 2011 to 21 June 30, [2023] 2025 22 NYCTRS 1 1/4% July 1, 2011 to 23 June 30, [2023] 2025 24 PPF 1 1/4% July 1, 2011 to 25 June 30, [2023] 2025 26 FPF 1 1/4% July 1, 2011 to 27 June 30, [2023] 2025 28 BERS 1 1/4% July 1, 2011 to 29 June 30, [2023] 2025 30 § 3. Paragraph 2 of subdivision g of section 13-638.2 of the adminis- 31 trative code of the city of New York, as amended by chapter 391 of the 32 laws of 2021, is amended to read as follows: 33 (2) Such additional interest shall be included at the rates and for 34 the periods set forth below in this paragraph: 35 First day and 36 last day of 37 Rate of interest fiscal year or 38 per centum per series of fiscal 39 Retirement annum, compounded years for which 40 System annually rate is effective 41 ________________________________________________________________________ 42 NYCERS 1 1/4% July 1, 2011 to 43 June 30, [2023] 2025 44 NYCTRS 1 1/4% July 1, 2011 to 45 June 30, [2023] 2025 46 PPF 1 1/4% July 1, 2011 to 47 June 30, [2023] 2025 48 FPF 1 1/4% July 1, 2011 to 49 June 30, [2023] 2025 50 BERS 1 1/4% July 1, 2011 to 51 June 30, [2023] 2025S. 7372 3 1 § 4. Paragraph 2 of subdivision i of section 13-638.2 of the adminis- 2 trative code of the city of New York, as amended by chapter 391 of the 3 laws of 2021, is amended to read as follows: 4 (2) Such supplementary interest shall be allowed at the rates and for 5 the periods set forth below in this paragraph: 6 First day and 7 last day of 8 Rate of interest fiscal year or 9 per centum per series of fiscal 10 Retirement annum, compounded years for which 11 System annually rate is effective 12 ________________________________________________________________________ 13 NYCERS 0% July 1, 2011 to 14 June 30, [2023] 2025 15 NYCTRS 0% July 1, 2011 to 16 June 30, [2023] 2025 17 PPF 0% July 1, 2011 to 18 June 30, [2023] 2025 19 FPF 0% July 1, 2011 to 20 June 30, [2023] 2025 21 BERS 0% July 1, 2011 to 22 June 30, [2023] 2025 23 § 5. This act shall take effect July 1, 2023, except that if it shall 24 have become a law subsequent to such date, this act shall take effect 25 immediately and shall be deemed to have been in full force and effect on 26 and after July 1, 2023.
