Assembly Bill A7428

2025-2026 Legislative Session

Extends for four 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 - In Assembly Committee

  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2025-A7428 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd
Versions Introduced in 2023-2024 Legislative Session:
A7644

2025-A7428 (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, 2029.

2025-A7428 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7428
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 26, 2025
                                ___________
 
 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  184
 of the laws of 2023, 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, [2025] 2029
 NYCTRS             7%                           July 1, 2011 to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11358-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.