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A07988 Summary:

BILL NO	A07988

SAME AS	SAME AS S05821

SPONSOR	Abbate

COSPNSR

MLTSPNSR

Amd §13-638.2, NYC Ad Cd

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.

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A07988 Actions:

BILL NO

A07988

05/24/2017

referred to governmental employees

06/06/2017

reported referred to ways and means

06/08/2017

reported referred to rules

06/13/2017

reported

06/13/2017

rules report cal.257

06/13/2017

ordered to third reading rules cal.257

06/14/2017

passed assembly

06/14/2017

delivered to senate

06/14/2017

REFERRED TO RULES

06/19/2017

SUBSTITUTED FOR S5821

06/19/2017

3RD READING CAL.1961

06/19/2017

PASSED SENATE

06/19/2017

RETURNED TO ASSEMBLY

06/28/2017

delivered to governor

06/29/2017

signed chap.71

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A07988 Committee Votes:

Committee:GOVERNMENTAL EMPLOYEES   Chair:Abbate      
DATE:06/06/2017AYE/NAY:13/0  Action: Favorable refer to committee Ways and Means        Abbate Aye Malliotakis Aye 
Aubry Aye Johns Aye 
Colton Excused Palumbo Aye 
Cusick Aye Crouch Aye 
Zebrowski Aye 
DenDekker Aye 
Santabarbara Aye 
Brindisi Aye 
D'Urso Aye 
Pheffer Amato Aye 

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:06/08/2017AYE/NAY:31/1  Action: Favorable refer to committee Rules        Farrell Aye Oaks Aye 
Lentol Aye Crouch Aye 
Schimminger Aye Barclay Aye 
Gantt Aye Fitzpatrick Nay 
Weinstein Aye Hawley Aye 
Glick Aye Malliotakis Aye 
Nolan Excused Walter Aye 
Pretlow Aye Montesano Aye 
Perry Aye Curran Aye 
Colton Aye Ra Aye 
Cook Aye 
Cahill Aye 
Aubry Aye 
Hooper Aye 
Thiele Aye 
Cusick Aye 
Ortiz Aye 
Benedetto Aye 
Moya Excused 
Weprin Aye 
Rodriguez Aye 
Ramos Excused 
Braunstein Aye 
McDonald Aye 
Rozic Aye 

Committee:RULES   Chair:Heastie      
DATE:06/13/2017AYE/NAY:30/0  Action: Favorable         Heastie Aye Kolb Aye 
Gottfried Aye Oaks Aye 
Lentol Aye Butler Aye 
Farrell Aye Crouch Aye 
Gantt Aye Finch Aye 
Nolan Excused Barclay Aye 
Weinstein Aye Raia Aye 
Hooper Aye Hawley Aye 
Ortiz Aye 
Pretlow Aye 
Cook Aye 
Glick Aye 
Morelle Aye 
Aubry Aye 
Englebright Aye 
Dinowitz Aye 
Colton Aye 
Magnarelli Aye 
Perry Aye 
Galef Aye 
Paulin Aye 
Titus Aye 
Peoples-Stokes Aye

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A07988 Floor Votes:

Yes

Abbate

Yes

Crouch

Yes

Goodell

Yes

Lifton

Yes

O'Donnell

Yes

Sepulveda

Yes

Abinanti

Yes

Curran

Yes

Gottfried

Yes

Lopez

Yes

Ortiz

Yes

Simanowitz

Arroyo

Yes

Cusick

Yes

Graf

Yes

Lupardo

Yes

Otis

Yes

Simon

Yes

Aubry

Yes

Cymbrowitz

Yes

Gunther

Yes

Lupinacci

Yes

Palmesano

Yes

Simotas

Yes

Barclay

Davila

Yes

Harris

Yes

Magee

Yes

Palumbo

Yes

Skartados

Yes

Barnwell

Yes

De La Rosa

Yes

Hawley

Yes

Magnarelli

Yes

Paulin

Yes

Skoufis

Yes

Barrett

Yes

DenDekker

Yes

Hevesi

Yes

Malliotakis

Yes

Pellegrino

Yes

Solages

Yes

Barron

Dickens

Yes

Hikind

Yes

Mayer

Yes

Peoples-Stokes

Yes

Stec

Yes

Benedetto

Yes

Dilan

Hooper

Yes

McDonald

Yes

Perry

Yes

Steck

Bichotte

Yes

Dinowitz

Yes

Hunter

Yes

McDonough

Yes

Pheffer Amato

Yes

Stirpe

Yes

Blake

Yes

DiPietro

Yes

Hyndman

Yes

McKevitt

Yes

Pichardo

Yes

Thiele

Yes

Blankenbush

Yes

D'Urso

Yes

Jaffee

Yes

McLaughlin

Yes

Pretlow

Yes

Titone

Yes

Brabenec

Yes

Englebright

Yes

Jean-Pierre

Yes

Miller B

Yes

Quart

Yes

Titus

Yes

Braunstein

Yes

Errigo

Yes

Jenne

Yes

Miller MG

Yes

Vanel

Yes

Brindisi

Yes

Fahy

Yes

Johns

Yes

Miller ML

Yes

Raia

Yes

Walker

Yes

Bronson

Yes

Farrell

Yes

Jones

Yes

Montesano

Yes

Ramos

Yes

Wallace

Yes

Buchwald

Yes

Finch

Yes

Joyner

Yes

Morelle

Yes

Richardson

Yes

Walsh

Yes

Butler

Yes

Fitzpatrick

Yes

Kavanagh

Yes

Morinello

Yes

Rivera

Yes

Walter

Yes

Byrne

Yes

Friend

Yes

Kearns

Yes

Mosley

Rodriguez

Yes

Weinstein

Yes

Cahill

Yes

Galef

Yes

Kim

Yes

Moya

Yes

Rosenthal

Yes

Weprin

Yes

Carroll

Gantt

Yes

Kolb

Yes

Murray

Yes

Rozic

Yes

Williams

Yes

Castorina

Yes

Garbarino

Lalor

Yes

Niou

Yes

Ryan

Yes

Woerner

Yes

Colton

Yes

Giglio

Yes

Lavine

Nolan

Yes

Santabarbara

Yes

Wright

Cook

Gjonaj

Yes

Lawrence

Yes

Norris

Yes

Schimminger

Yes

Zebrowski

Yes

Crespo

Yes

Glick

Yes

Lentol

Yes

Oaks

Seawright

Yes

Mr. Speaker

‡ Indicates voting via videoconference

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A07988 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7988
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 24, 2017
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
 
        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 83 of
     3  the laws of 2016, 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, [2017] 2018
    15  NYCTRS             7%                           July 1, 2011 to
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11258-02-7

        A. 7988                             2
 
     1                                                  June 30, [2017] 2018
     2  PPF                7%                           July 1, 2011 to
     3                                                  June 30, [2017] 2018
     4  FPF                7%                           July 1, 2011 to
     5                                                  June 30, [2017] 2018
     6  BERS               7%                           July 1, 2011 to
     7                                                  June 30, [2017] 2018
 
     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  83  of  the
    10  laws of 2016, 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, 2011 to
    21                                                  June 30, [2017] 2018
    22  NYCTRS              1 1/4%                      July 1, 2011 to
    23                                                  June 30, [2017] 2018
    24  PPF                 1 1/4%                      July 1, 2011 to
    25                                                  June 30, [2017] 2018
    26  FPF                 1 1/4%                      July 1, 2011 to
    27                                                  June 30, [2017] 2018
    28  BERS                1 1/4%                      July 1, 2011 to
    29                                                  June 30, [2017] 2018
 
    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 83 of the
    32  laws of 2016, 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, 2011 to
    43                                                  June 30, [2017] 2018
    44  NYCTRS              1 1/4%                      July 1, 2011 to
    45                                                  June 30, [2017] 2018
    46  PPF                 1 1/4%                      July 1, 2011 to
    47                                                  June 30, [2017] 2018
    48  FPF                 1 1/4%                      July 1, 2011 to
    49                                                  June 30, [2017] 2018
    50  BERS                1 1/4%                      July 1, 2011 to
    51                                                  June 30, [2017] 2018

        A. 7988                             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  83  of  the
     3  laws of 2016, 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, [2017] 2018
    15  NYCTRS             0%                           July 1, 2011 to
    16                                                  June 30, [2017] 2018
    17  PPF                0%                           July 1, 2011 to
    18                                                  June 30, [2017] 2018
    19  FPF                0%                           July 1, 2011 to
    20                                                  June 30, [2017] 2018
    21  BERS               0%                           July 1, 2011 to
    22                                                  June 30, [2017] 2018
 
    23    § 5. This act shall take effect July 1, 2017, except that if it  shall
    24  have  become  a  law subsequent to such date, this act shall take effect
    25  immediately and be deemed to have been in full force and effect  on  and
    26  after July 1, 2017.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  proposed  legislation  would  continue  for Fiscal Year 2018 the
        interest rate of 8.25% per annum used for Fiscal Years 2012 through 2017
        to credit interest on Tier 1 and Tier 2 member contributions (the sum of
        the 7.00% regular interest rate and the 1.25% special interest rate) and
        Increased-Take-Home-Pay (ITHP) Reserves (the sum of  the  7.00%  regular
        interest  rate  and  the  1.25%  additional interest rate). The proposed
        legislation would also continue  for  Fiscal  Year  2018  the  Actuarial
        Interest  Rate  (AIR)  assumption  of  7.00% per annum used to determine
        employer contributions to the New York City Pension Funds and Retirement
        Systems (NYCRS).
          PROVISIONS OF PROPOSED LEGISLATION - OVERVIEW: The enactment  of  this
        proposed  legislation  (the  Interest  Rate  Extender Legislation) would
        amend Administrative Code  of  the  City  of  New  York  (ACNY)  Section
        13-638.2,  as amended by Chapter 83 of the Laws of 2016, to continue for
        Fiscal Year 2018 the following rates of interest that expire on July  1,
        2017  for  the  five  actuarially-funded New York City Pension Funds and
        Retirement Systems (NYCRS):
          * The 8.25% per annum rate used to credit interest on Tier 1 and  Tier
        2  member  account  balances (the sum of the 7.00% regular interest rate
        and the 1.25% special interest rate) and Increased-Take-Home-Pay  (ITHP)
        Reserves (the sum of the 7.00% regular interest rate and the 1.25% addi-
        tional interest rate), and
          * The 7.00% per annum Actuarial Interest Rate (AIR) assumption used to
        compute employer contributions.
          The  Effective  Date  for  this proposed Interest Rate Extender Legis-
        lation would be July 1, 2017.

        A. 7988                             4
 
          FINANCIAL IMPACT - EMPLOYER CONTRIBUTIONS: The continuation for Fiscal
        Year 2018 of the same 8.25% per annum rate that was used for Fiscal Year
        2017 to credit interest on Tier 1 and Tier 2  member  contributions  and
        ITHP Reserves would not change the amount of timing of expected employer
        contributions.
          The  continuation  for Fiscal Year 2018 of the AIR assumption of 7.00%
        per annum that was used to determine employer contributions to the NYCRS
        for Fiscal Year 2017 would not change the expected amount or  timing  of
        employer contributions.
          OTHER  COSTS:  Enactment  of  this  proposed  legislation would not be
        expected to produce any additional costs.
          STATEMENT OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief  Actu-
        ary for, and independent of, the New York City Pension Funds and Retire-
        ment Systems. I am a Fellow of the Society of Actuaries, a Fellow of the
        Conference  of Consulting Actuaries and a Member of the American Academy
        of Actuaries. I meet the Qualification Standards of the American Academy
        of Actuaries to render the actuarial opinion contained  herein.  To  the
        best of my knowledge, the results contained herein have been prepared in
        accordance  with  generally accepted actuarial principles and procedures
        and with the Actuarial Standards of Practice  issued  by  the  Actuarial
        Standards Board.
          FISCAL NOTE IDENTIFICATION: This is Fiscal Note 2017-05 dated April 5,
        2017,  was  prepared  by the Chief Actuary for the New York City Pension
        Funds and Retirement Systems. This estimate is  intended  for  use  only
        during the 2017 Legislative Session.

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New York State Assembly

Speaker Carl E. Heastie

A07988 Summary:

A07988 Actions:

A07988 Committee Votes:

A07988 Floor Votes:

A07988 Text:

Heastie	Aye	Kolb	Aye
Gottfried	Aye	Oaks	Aye
Lentol	Aye	Butler	Aye
Farrell	Aye	Crouch	Aye
Gantt	Aye	Finch	Aye
Nolan	Excused	Barclay	Aye
Weinstein	Aye	Raia	Aye
Hooper	Aye	Hawley	Aye
Ortiz	Aye
Pretlow	Aye
Cook	Aye
Glick	Aye
Morelle	Aye
Aubry	Aye
Englebright	Aye
Dinowitz	Aye
Colton	Aye
Magnarelli	Aye
Perry	Aye
Galef	Aye
Paulin	Aye
Titus	Aye
Peoples-Stokes	Aye