Assembly Bill A10676

Signed By Governor
2017-2018 Legislative Session

Relates to the rate of interest used in the actuarial valuation of certain liabilities

download bill text pdf

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Archive: Last Bill Status - 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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2017-A10676 (ACTIVE) - Details

See Senate Version of this Bill:
S8557
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

2017-A10676 (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, the fire department pension fund 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.

2017-A10676 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10676
 
                           I N  A S S E M B L Y
 
                               May 10, 2018
                                ___________
 
 Introduced by M. of A. ABBATE -- 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 71 of
 the laws of 2017, 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, [2018] 2019
 NYCTRS             7%                           July 1, 2011 to
                                                 June 30, [2018] 2019
 PPF                7%                           July 1, 2011 to
                                                 June 30, [2018] 2019
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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