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Bill > S08361
NY S08361
NY S08361Relates 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
06/05/2025
06/05/2025
In Committee
06/05/2025
06/05/2025
Crossed Over
Passed
Dead
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 extends the interest rates used in actuarial valuations for several New York City retirement systems from June 30, 2025, to June 30, 2029. Specifically, the bill impacts 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). For these systems, the bill maintains the existing 7% base interest rate for calculating pension liabilities. Additionally, the bill keeps the special interest rate and additional interest rate at 1.25% and maintains the supplementary interest rate at 0% for the same extended period. These interest rates are crucial for determining how much money public employers and other obligors must contribute to these retirement systems, and how interest is credited to members' accounts. The bill will take effect on July 1, 2025, or immediately upon becoming law, with retroactive application to July 1, 2025.
Sponsors (1)
Last Action
Companion passed 2025-06-18 (on 06/18/2025)
Official Document
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S8361 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S08361&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08361 |
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