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NY S02145
Bill
Status
1/11/2013
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Reduces the valuation rate of interest assumption for five New York City retirement systems (NYCERS, NYCTRS, PPF, FPF, BERS) from 8% to 7% per annum, effective July 1, 2011 through June 30, 2016.
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Replaces the Frozen Initial Liability (FIL) actuarial cost method with the Entry Age Normal (EAN) actuarial cost method for calculating employer contributions to retirement systems beginning fiscal year 2011-2012.
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Establishes a 22-year amortization schedule for unfunded accrued liabilities as of June 30, 2010, with payments increasing 3% annually, and creates variable amortization periods for future actuarial adjustments based on type (14-20 years).
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Requires responsible obligors to make retirement system contributions by January 1 or in twelve equal monthly installments, with interest penalties charged at the valuation rate for late payments beginning fiscal year 2012-2013.
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Allows direct transfers from certain retirement system contingent reserve funds to variable supplements funds for correction officers and police officers when insufficient assets exist to pay legally-required benefits.
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; the making of contributions to such retirement systems; and the crediting of special interest and additional interest to members of such retirement systems.
Last Action
REFERRED TO CITIES
1/11/2013