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NY A10676
Bill
Status
7/1/2018
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Extends the 7% per annum actuarial interest rate (AIR) assumption used to calculate employer contributions for five NYC retirement systems (NYCERS, NYCTRS, PPF, FPF, BERS) through June 30, 2019, instead of expiring July 1, 2018.
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Continues the 1.25% per annum special interest rate credited to Tier 1 and Tier 2 member account balances through June 30, 2019.
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Continues the 1.25% per annum additional interest rate credited to Increased-Take-Home-Pay (ITHP) Reserves through June 30, 2019.
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Sets supplementary interest rate at 0% per annum for all five retirement systems through June 30, 2019.
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Takes effect July 1, 2018, and does not change expected employer contribution amounts or timing for Fiscal Year 2019.
Legislative Description
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, the fire department pension fund 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.
Last Action
signed chap.100
7/1/2018