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NY S05485
Bill
Status
5/25/2011
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Extends the effective date of interest rates for five New York City retirement systems from June 30, 2011 to June 30, 2012, including NYCERS, NYCTRS, PPF, FPF, and BERS
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Maintains the regular interest rate at 8% per annum for actuarial valuations and employer contribution calculations across all five retirement systems
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Maintains special interest rates at 1.25% per annum for members of all five retirement systems through June 30, 2012
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Maintains additional interest rates at 1.25% per annum and supplementary interest rates at 1% per annum for members across all five retirement systems through June 30, 2012
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Takes effect July 1, 2011, or immediately if enacted after that date, with retroactive application to July 1, 2011
Legislative Description
Relates to the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems.
Last Action
SUBSTITUTED BY A8012
6/16/2011