senate Bill S2145

2013-2014 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

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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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 11, 2013 referred to cities

S2145 - Details

See Assembly Version of this Bill:
A2296
Current Committee:
Law Section:
New York City Administrative Code
Laws Affected:
Amd NYC Ad Cd, generally; amd ยง2575, Ed L

S2145 - Summary

Relates to the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems; the making of contributions to such retirement systems; and the crediting of special interest and additional interest to members of such retirement systems.

S2145 - Sponsor Memo

S2145 - Bill Text download pdf

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

    S. 2145                                                  A. 2296

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 11, 2013
                               ___________

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

IN ASSEMBLY -- Introduced by M. of A. ABBATE -- read once  and  referred
  to the Committee on Governmental Employees

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06653-01-3

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