Relates to the rate of regular interest used in the actuarial valuation of liabilities for the purpose of calculating contributions to retirement systems.
STATE OF NEW YORK
________________________________________________________________________
5485
2011-2012 Regular Sessions
IN SENATE
May 25, 2011
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Cities
AN ACT to amend the administrative code of the city of New York, in
relation to the rate of regular interest used in the actuarial valu-
ation 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 to
members of such retirement systems, and the allowance of supplementary
interest on the funds of such retirement systems
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 2 of subdivision b of section 13-638.2 of the
2 administrative code of the city of New York, as amended by chapter 265
3 of the laws of 2010, is amended to read as follows:
4 (2) With respect to each retirement system, such rate of interest
5 shall be as hereinafter set forth in this paragraph:
6 First day and
7 last day of
8 Rate of interest fiscal year or
9 per centum per series of fiscal
10 Retirement annum, compounded years for which
11 System annually rate is effective
12 ________________________________________________________________________
13 NYCERS 8% July 1, 2004 to
14 June 30, [2011] 2012
15 NYCTRS 8% July 1, 2004 to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11552-01-1
S. 5485 2
1 June 30, [2011] 2012
2 PPF 8% July 1, 2004 to
3 June 30, [2011] 2012
4 FPF 8% July 1, 2004 to
5 June 30, [2011] 2012
6 BERS 8% July 1, 2004 to
7 June 30, [2011] 2012
8 § 2. Paragraph 2 of subdivision f of section 13-638.2 of the adminis-
9 trative code of the city of New York, as amended by chapter 265 of the
10 laws of 2010, is amended to read as follows:
11 (2) Such special interest shall be allowed at the rates and for the
12 periods set forth below in this paragraph:
13 First day and
14 last day of
15 Rate of interest fiscal year or
16 per centum per series of fiscal
17 Retirement annum, compounded years for which
18 System annually rate is effective
19 ________________________________________________________________________
20 NYCERS 1 1/4% July 1, 2004 to
21 June 30, [2011] 2012
22 NYCTRS 1 1/4% July 1, 2004 to
23 June 30, [2011] 2012
24 PPF 1 1/4% July 1, 2004 to
25 June 30, [2011] 2012
26 FPF 1 1/4% July 1, 2004 to
27 June 30, [2011] 2012
28 BERS 1 1/4% July 1, 2004 to
29 June 30, [2011] 2012
30 § 3. Paragraph 2 of subdivision g of section 13-638.2 of the adminis-
31 trative code of the city of New York, as amended by chapter 265 of the
32 laws of 2010, is amended to read as follows:
33 (2) Such additional interest shall be included at the rates and for
34 the periods set forth below in this paragraph:
35 First day and
36 last day of
37 Rate of interest fiscal year or
38 per centum per series of fiscal
39 Retirement annum, compounded years for which
40 System annually rate is effective
41 ________________________________________________________________________
42 NYCERS 1 1/4% July 1, 2004 to
43 June 30, [2011] 2012
44 NYCTRS 1 1/4% July 1, 2004 to
45 June 30, [2011] 2012
46 PPF 1 1/4% July 1, 2004 to
47 June 30, [2011] 2012
48 FPF 1 1/4% July 1, 2004 to
49 June 30, [2011] 2012
50 BERS 1 1/4% July 1, 2004 to
51 June 30, [2011] 2012
S. 5485 3
1 § 4. Paragraph 2 of subdivision i of section 13-638.2 of the adminis-
2 trative code of the city of New York, as amended by chapter 265 of the
3 laws of 2010, is amended to read as follows:
4 (2) Such supplementary interest shall be allowed at the rates and for
5 the periods set forth below in this paragraph:
6 First day and
7 last day of
8 Rate of interest fiscal year or
9 per centum per series of fiscal
10 Retirement annum, compounded years for which
11 System annually rate is effective
12 ________________________________________________________________________
13 NYCERS 1% July 1, 2004 to
14 June 30, [2011] 2012
15 NYCTRS 1% July 1, 2004 to
16 June 30, [2011] 2012
17 PPF 1% July 1, 2004 to
18 June 30, [2011] 2012
19 FPF 1% July 1, 2004 to
20 June 30, [2011] 2012
21 BERS 1% July 1, 2004 to
22 June 30, [2011] 2012
23 § 5. This act shall take effect July 1, 2011; provided, however, if
24 this act shall become a law after such date, it shall take effect imme-
25 diately and shall be deemed to have been in full force and effect on and
26 after July 1, 2011.
