Bill
Bill > A07428
NY A07428
NY A07428Relates 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 specia
summary
Introduced
03/26/2025
03/26/2025
In Committee
06/04/2025
06/04/2025
Crossed Over
06/10/2025
06/10/2025
Passed
06/18/2025
06/18/2025
Dead
Signed/Enacted/Adopted
06/18/2025
06/18/2025
Introduced Session
2025-2026 General Assembly
Bill Summary
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 interest on the funds of such retirement systems
AI Summary
This bill amends the administrative code of New York City to extend the interest rates for several city retirement systems from June 30, 2025, to June 30, 2029. Specifically, the bill affects five retirement systems: the New York City Employees' Retirement System (NYCERS), the New York City Teachers' Retirement System (NYCTRS), the Police Pension Fund (PPF), the Fire Department Pension Fund (FPF), and the Board of Education Retirement System (BERS). The bill maintains the existing interest rates: a 7% rate for primary actuarial valuations, and 1.25% rates for special and additional interest for most systems. For supplementary interest, the rate remains at 0% for all systems. These changes will impact how public employers and other obligors calculate their contributions to these retirement systems. The bill is essentially an extension of previously established interest rate provisions, ensuring continuity in the financial calculations for these municipal retirement systems. The act is set to take effect on July 1, 2025, but will be implemented immediately if passed after that date.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (1)
Last Action
signed chap.139 (on 06/18/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A7428 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07428&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07428 |
Loading...