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, 2029.
STATE OF NEW YORK
________________________________________________________________________
8361
2025-2026 Regular Sessions
IN SENATE
June 5, 2025
___________
Introduced by Sen. JACKSON -- (at request of the NYC Actuary) -- read
twice and ordered printed, and when printed to be committed to the
Committee on Rules
AN ACT to amend the administrative code of the city of New York, in
relation 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 to members
of such retirement systems, and the allowance of supplementary inter-
est 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 184
3 of the laws of 2023, 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 7% July 1, 2011 to
14 June 30, [2025] 2029
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11358-01-5
S. 8361 2
1 NYCTRS 7% July 1, 2011 to
2 June 30, [2025] 2029
3 PPF 7% July 1, 2011 to
4 June 30, [2025] 2029
5 FPF 7% July 1, 2011 to
6 June 30, [2025] 2029
7 BERS 7% July 1, 2011 to
8 June 30, [2025] 2029
9 § 2. Paragraph 2 of subdivision f of section 13-638.2 of the adminis-
10 trative code of the city of New York, as amended by chapter 184 of the
11 laws of 2023, is amended to read as follows:
12 (2) Such special interest shall be allowed at the rates and for the
13 periods set forth below in this paragraph:
14 First day and
15 last day of
16 Rate of interest fiscal year or
17 per centum per series of fiscal
18 Retirement annum, compounded years for which
19 System annually rate is effective
20 ________________________________________________________________________
21 NYCERS 1 1/4% July 1, 2011 to
22 June 30, [2025] 2029
23 NYCTRS 1 1/4% July 1, 2011 to
24 June 30, [2025] 2029
25 PPF 1 1/4% July 1, 2011 to
26 June 30, [2025] 2029
27 FPF 1 1/4% July 1, 2011 to
28 June 30, [2025] 2029
29 BERS 1 1/4% July 1, 2011 to
30 June 30, [2025] 2029
31 § 3. Paragraph 2 of subdivision g of section 13-638.2 of the adminis-
32 trative code of the city of New York, as amended by chapter 184 of the
33 laws of 2023, is amended to read as follows:
34 (2) Such additional interest shall be included at the rates and for
35 the periods set forth below in this paragraph:
36 First day and
37 last day of
38 Rate of interest fiscal year or
39 per centum per series of fiscal
40 Retirement annum, compounded years for which
41 System annually rate is effective
42 ________________________________________________________________________
43 NYCERS 1 1/4% July 1, 2011 to
44 June 30, [2025] 2029
45 NYCTRS 1 1/4% July 1, 2011 to
46 June 30, [2025] 2029
47 PPF 1 1/4% July 1, 2011 to
48 June 30, [2025] 2029
49 FPF 1 1/4% July 1, 2011 to
50 June 30, [2025] 2029
51 BERS 1 1/4% July 1, 2011 to
52 June 30, [2025] 2029
S. 8361 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 184 of the
3 laws of 2023, 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 0% July 1, 2011 to
14 June 30, [2025] 2029
15 NYCTRS 0% July 1, 2011 to
16 June 30, [2025] 2029
17 PPF 0% July 1, 2011 to
18 June 30, [2025] 2029
19 FPF 0% July 1, 2011 to
20 June 30, [2025] 2029
21 BERS 0% July 1, 2011 to
22 June 30, [2025] 2029
23 § 5. This act shall take effect July 1, 2025; provided, however, if
24 this act shall have become a law after such date, it shall take effect
25 immediately and shall be deemed to have been in full force and effect on
26 and after July 1, 2025.
