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NY A07644
Bill
Status
5/26/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Extends the 7% actuarial valuation interest rate for the New York City Employees' Retirement System (NYCERS), New York City Teachers' Retirement System (NYCTRS), Police Pension Fund (PPF), Fire Department Pension Fund (FPF), and Board of Education Retirement System (BERS) from June 30, 2023 to June 30, 2025.
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Maintains the 1.25% special interest rate credited to members of all five retirement systems through June 30, 2025, extended from the previous June 30, 2023 expiration date.
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Maintains the 1.25% additional interest rate for all five retirement systems through June 30, 2025, extended from the previous June 30, 2023 expiration date.
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Maintains the 0% supplementary interest rate for all five retirement systems through June 30, 2025, extended from the previous June 30, 2023 expiration date.
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Takes effect July 1, 2023, or immediately if enacted after that date, with retroactive applicability to July 1, 2023.
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, 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, 2025.
Last Action
substituted by s7372
6/6/2023