Assembly Bill A7644

Signed By Governor
2023-2024 Legislative Session

Extends for two fiscal years the current 7% per annum statutory rate of interest used in valuing retirement system liabilities for the purpose of computing the amount of employer contributions

download bill text pdf

Sponsored By

Current Bill Status Via S7372 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A7644 (ACTIVE) - Details

See Senate Version of this Bill:
S7372
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

2023-A7644 (ACTIVE) - Summary

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.

2023-A7644 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7644
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 26, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 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:
 
   Section  1.  Paragraph  2  of subdivision b of section 13-638.2 of the
 administrative code of the city of New York, as amended by  chapter  391
 of the laws of 2021, is amended to read as follows:
   (2)  With  respect  to  each  retirement system, such rate of interest
 shall be as hereinafter set forth in this paragraph:
 
                                                 First day and
                                                 last day of
                    Rate of interest             fiscal year or
                    per centum per               series of fiscal
 Retirement         annum, compounded            years for which
 System             annually                     rate is effective
 ________________________________________________________________________
 NYCERS             7%                           July 1, 2011 to
                                                 June 30, [2023] 2025
 NYCTRS             7%                           July 1, 2011 to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11207-01-3

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