NY State Senate Bill 2025-S8361

Senate Bill S8361

Signed By Governor

2025-2026 Legislative Session

Extends for four fiscal years the current 7% per annum statutory rate of interest used in valuing retirement system liabilities for the purpose of computing the amount of employer contributions

download bill text pdf

Current Bill Status Via A7428 - 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 18, 2025	signed chap.139 delivered to governor
Jun 10, 2025	returned to assembly passed senate 3rd reading cal.1667 substituted for s8361
Jun 10, 2025	substituted by a7428
Jun 09, 2025	ordered to third reading cal.1667
Jun 05, 2025	referred to rules

Votes

- Jun 10, 2025 - Floor Vote
  A7428
  
  58
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  5
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 10, 2025
      
      aye (58)
      
      Ashby
      
      Bailey
      
      Baskin
      
      Borrello
      
      Brisport
      
      Brouk
      
      Bynoe
      
      Canzoneri-Fitzpatrick
      
      Chan
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fahy
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Lanza
      
      Liu
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Walczyk
      
      Webb
      
      Weber
      
      Weik
      
      excused (5)
      
      Addabbo Jr.
      
      Murray
      
      Myrie
      
      Ramos
      
      Sutton
      
      The following Member(s) participated via videoconferencing: Brouk Scarcella-Spanton
  Jun 9, 2025 - Rules Committee Vote
  S8361
  
  20
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 9, 2025
      
      aye (20)
      
      Addabbo Jr.
      
      Bailey
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Harckham
      
      Helming
      
      Hoylman-Sigal
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      Myrie
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      aye wr (1)
      
      O'Mara

2025-S8361 (ACTIVE) - Details

See Assembly Version of this Bill:: A7428
Law Section:: New York City Administrative Code
Laws Affected:: Amd §13-638.2, NYC Ad Cd
Versions Introduced in 2023-2024 Legislative Session:: S7372, A7644

2025-S8361 (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, 2029.

2025-S8361 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8361

SPONSOR: JACKSON
 
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 four fiscal years, until June 30, 2029, the
current 7% per annum statutory rate of interest used by the Chief Actu-
ary ("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 the current rates of special
interest, additional interest and supplementary interest, which, in
effect, govern the amount of interest to be paid into certain constitu-
ent funds of the City retirement systems, and the amount of interest to
be credited on accumulated member contributions and increased-take-home-
pay reserves of Tier 1 and 2 members of those retirement systems. The
current valuation rate of interest and the rate of supplementary inter-
est were originally enacted by Chapter 3 of the Laws of 2013. The
current rates of special and additional interest were continued and
recodified by Chapter 878 of the Laws of 1990 and have remained the same
since. The current two-year period ending on June 30, 2025 for all these
rates of interest was enacted by Chapter 184 of the Laws of 2023.

 
REASONS FOR SUPPORT:

The current rates of interest are effective for the period ending June
30, 2025, and expire as of July 1, 2025.

The City of New York recommends to the Legislature that this bill
providing for a four-year extension of the current valuation rate of
interest and the accompanying rates of special, additional, and supple-
mentary interest be enacted. The Actuary has stated that the proposed
current four-year extension of these rates to June 30, 2029, is consist-
ent with the recommendations of City retirement systems' investment
advisers and the most recent final recommendations regarding these rates
from its actuarial auditor, retained pursuant to New York City Charter
section 96, and is advisable to align future rates with scheduled expe-
rience analysis of future audits.

The boards of trustees of the City retirement systems have voted to
support this legislation for a four-year extension of the current valu-
ation rate of interest and the accompanying rates of special, addi-
tional, and supplementary interest.
It should be noted that the Legislature enacted similar four-year exten-
sions of such interest rates for the City retirement systems in 1996,
2000 and 2013. See Chapter 249 of the Laws of 1996, Chapter 85 of the
Laws of 2000 and Chapter 3 of the Laws of 2013, respectively.

As this bill would continue the existing valuation rate of interest and
the existing rates of special, additional, and supplementary interest,
its enactment would not change the amount or timing of expected employer
contributions.

Accordingly, the Mayor urges the earliest possible favorable consider-
ation of this proposal by .the Legislature.

Respectfully submitted,

SHANNA F. WITHERSPOON Director

SHW:3/21/25

2025-S8361 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8361
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               June 5, 2025
                                ___________
 
 Introduced  by  Sen.  JACKSON -- (at request of the NYC Actuary) -- 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 184
 of the laws of 2023, 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, [2025] 2029

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11358-01-5

 S. 8361                             2
 
 NYCTRS             7%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 PPF                7%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 FPF                7%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 BERS               7%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 
   §  2. Paragraph 2 of subdivision f of section 13-638.2 of the adminis-
 trative code of the city of New York, as amended by chapter 184  of  the
 laws of 2023, is amended to read as follows:
   (2)  Such  special  interest shall be allowed at the rates and for the
 periods set forth below 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              1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 NYCTRS              1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 PPF                 1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 FPF                 1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 BERS                1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 
   § 3. Paragraph 2 of subdivision g of section 13-638.2 of the  adminis-
 trative  code  of the city of New York, as amended by chapter 184 of the
 laws of 2023, is amended to read as follows:
   (2) Such additional interest shall be included at the  rates  and  for
 the periods set forth below 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              1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 NYCTRS              1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 PPF                 1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 FPF                 1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 BERS                1 1/4%                      July 1, 2011 to
                                                 June 30, [2025] 2029
 S. 8361                             3
 
   §  4. Paragraph 2 of subdivision i of section 13-638.2 of the adminis-
 trative code of the city of New York, as amended by chapter 184  of  the
 laws of 2023, is amended to read as follows:
   (2)  Such supplementary interest shall be allowed at the rates and for
 the periods set forth below 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             0%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 NYCTRS             0%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 PPF                0%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 FPF                0%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 BERS               0%                           July 1, 2011 to
                                                 June 30, [2025] 2029
 
   § 5. This act shall take effect July 1, 2025;  provided,  however,  if
 this  act  shall have become a law after such date, it shall take effect
 immediately and shall be deemed to have been in full force and effect on
 and after July 1, 2025.

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