senate Bill S7804

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 certain retirement funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Your valid home address is used to determine which NY State Senator Represents you.
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.
Use this box to enter a message to your senator.

Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 recommitted to rules
ordered to third reading cal.1509
Jun 19, 2012 referred to rules

S7804 - Details

See Assembly Version of this Bill:
A10681A
Current Committee:
Law Section:
New York City Administrative Code
Laws Affected:
Amd NYC Ad Cd, generally; amd ยง2575, Ed L

S7804 - Summary

Relates to the rate of regular 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; establishes the entry age actuarial cost method of determining employer contributions to such retirement systems; makes contributions to such retirement systems by such public employers and such other obligors; credits special interest and additional interest to members of such retirement systems (view more) allows interest on the funds of such retirement systems; relates to employer contributions to the board of education retirement system of such city.

S7804 - Sponsor Memo

S7804 - Bill Text download pdf

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

                                  7804

                            I N  S E N A T E

                              June 19, 2012
                               ___________

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

AN ACT to amend the administrative code of city of New York, in relation
  to the rate of regular 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  establishment of the entry age actuarial cost method of determin-
  ing employer contributions to such retirement systems, the  making  of
  contributions  to such retirement systems by such public employers and
  such other obligors, and the crediting of special interest  and  addi-
  tional  interest to members of such retirement systems, and the allow-
  ance of interest on the funds of such retirement systems; and to amend
  the education law, in relation to employer contributions to the  board
  of education retirement system of such city

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (a) of paragraph 1 of subdivision b of section
13-127 of the administrative code of the city of New York is amended  by
adding two new items (i-a) and (i-b) to read as follows:
  (I-A)  ALL  UNFUNDED  ACCRUED  LIABILITY  INSTALLMENTS  AS REQUIRED BY
SECTION 13-638.2 OF THIS TITLE OR ANY OTHER PROVISION OF LAW; AND
  (I-B) ANY OTHER PAYMENTS TO THE CONTINGENT RESERVE FUND AS REQUIRED BY
APPLICABLE LAW; AND
  S 2. Subparagraph (c) of paragraph  1  of  subdivision  b  of  section
13-127  of the administrative code of the city of New York is amended by
adding a new item (iv) to read as follows:
  (IV) THE CITY AND ALL OTHER RESPONSIBLE OBLIGORS (AS DEFINED IN  PARA-
GRAPH TEN OF SUBDIVISION A OF SECTION 13-638.2 OF THIS TITLE) SHALL MAKE
ALL  PAYMENTS  TO  THE  RETIREMENT  SYSTEM REQUIRED BY APPLICABLE LAW IN
ACCORDANCE WITH THE TIME OF PAYMENT REQUIREMENTS SET FORTH  IN  SUBDIVI-

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.