senate Bill S8557A

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

Sponsored By

Archive: Last Bill Status Via A10676 - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 01, 2018 signed chap.100
Jun 28, 2018 delivered to governor
Jun 13, 2018 returned to assembly
passed senate
3rd reading cal.1443
substituted for s8557a
Jun 13, 2018 substituted by a10676
Jun 05, 2018 advanced to third reading
Jun 04, 2018 2nd report cal.
May 31, 2018 1st report cal.1443
May 14, 2018 print number 8557a
May 14, 2018 amend and recommit to cities
May 10, 2018 referred to cities

S8557 - Details

See Assembly Version of this Bill:
A10676
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

S8557 - 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.

S8557 - Sponsor Memo

S8557 - Bill Text download pdf


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

                                  8557

                            I N  S E N A T E

                              May 10, 2018
                               ___________

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 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

S8557A (ACTIVE) - Details

See Assembly Version of this Bill:
A10676
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

S8557A (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.

S8557A (ACTIVE) - Sponsor Memo

S8557A (ACTIVE) - Bill Text download pdf


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

                                 8557--A

                            I N  S E N A T E

                              May 10, 2018
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Cities  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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