Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 02, 2021 |
signed chap.391 |
Jul 21, 2021 |
delivered to governor |
Jun 09, 2021 |
returned to senate passed assembly ordered to third reading rules cal.644 substituted for a7958 |
Jun 08, 2021 |
referred to ways and means delivered to assembly passed senate |
Jun 07, 2021 |
ordered to third reading cal.1600 |
Jun 03, 2021 |
referred to rules |
Senate Bill S7159
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 26th Senate District
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
Actions
Votes
2021-S7159 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7958
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §13-638.2, NYC Ad Cd
2021-S7159 (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, 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 additional interest to members of such retirement systems, and the allowance of supplementary interest on the funds of such retirement systems; extends such provisions until June 30, 2023.
2021-S7159 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7159 SPONSOR: GOUNARDES 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' retire- ment system, the police pension fund, subchapter two, the fire depart- ment 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 two fiscal years, until June 30, 2023, the current 7% per annum statutory rate of interest used by the Chief Actu- ary ("Actuary") for the New York City Employees' Retirement System,
2021-S7159 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7159 2021-2022 Regular Sessions I N S E N A T E June 3, 2021 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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 76 of the laws of 2019, 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, [2021] 2023 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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