Loading chat...
NY A10372
Bill
Status
6/30/2016
Primary Sponsor
Peter Abbate
Click for details
AI Summary
-
Extends the 7% annual interest rate used for actuarial valuation of pension liabilities for five NYC retirement systems (NYCERS, NYCTRS, PPF, FPF, and BERS) from June 30, 2016 to June 30, 2017
-
Extends the 1 1/4% special interest rate credited to retirement system members for the same five systems through June 30, 2017
-
Extends the 1 1/4% additional interest rate for the same five systems through June 30, 2017
-
Maintains 0% supplementary interest rate for all five retirement systems through June 30, 2017
-
Takes effect July 1, 2016, with no change to expected employer contributions or additional costs
Legislative Description
Extends the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems.
Last Action
signed chap.83
6/30/2016