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 - 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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2011-S5485 (ACTIVE) - Details

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

2011-S5485 (ACTIVE) - Summary

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

2011-S5485 (ACTIVE) - Sponsor Memo

2011-S5485 (ACTIVE) - 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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