senate Bill S4488A

Signed By Governor
2019-2020 Legislative Session

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

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Current Bill Status - 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 (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 03, 2019 signed chap.76
Jun 28, 2019 delivered to governor
Jun 03, 2019 returned to senate
passed assembly
ordered to third reading cal.427
substituted for a6596a
May 29, 2019 referred to ways and means
delivered to assembly
passed senate
May 20, 2019 advanced to third reading
May 15, 2019 2nd report cal.
May 14, 2019 1st report cal.750
Mar 20, 2019 print number 4488a
Mar 20, 2019 amend and recommit to civil service and pensions
Mar 13, 2019 referred to civil service and pensions

Votes

view votes

May 14, 2019 - Civil Service and Pensions committee Vote

S4488A
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: May 14, 2019

excused (1)

S4488 - Details

See Assembly Version of this Bill:
A6596
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

S4488 - 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.

S4488 - Sponsor Memo

S4488 - Bill Text download pdf


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

                                  4488

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 13, 2019
                               ___________

Introduced  by Sen. GOUNARDES -- (at request of the NYC Actuary) -- 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 and addi-
  tional interest to members of such retirement systems, and the  allow-
  ance 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 100
of the laws of 2018, 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, [2019] 2021

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

S4488A (ACTIVE) - Details

See Assembly Version of this Bill:
A6596
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-638.2, NYC Ad Cd

S4488A (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.

S4488A (ACTIVE) - Sponsor Memo

S4488A (ACTIVE) - Bill Text download pdf


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

                                 4488--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 13, 2019
                               ___________

Introduced  by Sen. GOUNARDES -- (at request of the NYC Actuary) -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee  on Civil Service and Pensions -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

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 and addi-
  tional interest to members of such retirement systems, and the  allow-
  ance 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 100
of the laws of 2018, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10353-04-9

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