senate Bill S5485

Signed By Governor
2011-2012 Legislative Session

Relates to the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A8012 -


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 20, 2011 signed chap.180
Jul 08, 2011 delivered to governor
Jun 16, 2011 returned to assembly
passed senate
3rd reading cal.1131
substituted for s5485
Jun 16, 2011 substituted by a8012
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1131
May 25, 2011 referred to cities

S5485 - Details

See Assembly Version of this Bill:
A8012
Law Section:
New York City Administrative Code
Laws Affected:
Amd ยง13-638.2, NYC Ad Cd

S5485 - Summary

Relates to the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems.

S5485 - Sponsor Memo

S5485 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5485

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 25, 2011
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

AN ACT to amend the administrative code of the  city  of  New  York,  in
  relation  to  the rate of regular interest used in the actuarial valu-
  ation 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

  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  265
of the laws of 2010, 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             8%                           July 1, 2004 to
                                                June 30, [2011] 2012
NYCTRS             8%                           July 1, 2004 to

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11552-01-1

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