Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 29, 2017 |
signed chap.71 |
Jun 28, 2017 |
delivered to governor |
Jun 19, 2017 |
returned to assembly passed senate 3rd reading cal.1961 substituted for s5821 |
Jun 19, 2017 |
substituted by a7988 ordered to third reading cal.1961 committee discharged and committed to rules |
May 02, 2017 |
referred to civil service and pensions |
Senate Bill S5821
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7988 - 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
Actions
Votes
2017-S5821 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7988
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §13-638.2, NYC Ad Cd
2017-S5821 (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-S5821 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5821 TITLE OF BILL : 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 interest on the funds of such retirement systems SUMMARY OF PROVISIONS : This bill would extend for one fiscal year, until June 30, 2018, the current 7% per annum statutory rate of interest used by the Chief Actuary for the New York City Employees' Retirement System, Teachers' Retirement System, Board of Education Retirement System, Police Pension Fund and Fire Department Pension Fund ("City retirement systems") in valuing retirement system liabilities for the purpose of computing the amount of employer contributions to those systems. The bill also would extend for that same period of time the current rates of supplementary interest, special interest and additional interest which, in effect, govern the amount of interest to be paid into
2017-S5821 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5821 2017-2018 Regular Sessions I N S E N A T E May 2, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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 83 of the laws of 2016, 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, [2017] 2018 NYCTRS 7% July 1, 2011 to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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