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S07372 Summary:

BILL NO	S07372

SAME AS	SAME AS A07644

SPONSOR	JACKSON

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, 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.

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S07372 Actions:

BILL NO

S07372

05/22/2023

REFERRED TO CIVIL SERVICE AND PENSIONS

05/30/2023

COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/30/2023

ORDERED TO THIRD READING CAL.1424

06/05/2023

PASSED SENATE

06/05/2023

DELIVERED TO ASSEMBLY

06/05/2023

referred to ways and means

06/06/2023

substituted for a7644

06/06/2023

ordered to third reading rules cal.563

06/06/2023

passed assembly

06/06/2023

returned to senate

06/26/2023

DELIVERED TO GOVERNOR

06/30/2023

SIGNED CHAP.184

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S07372 Committee Votes:

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S07372 Floor Votes:

Yes

Alvarez

Yes

Carroll

Yes

Flood

Yes

Kim

Yes

Palmesano

Yes

Simpson

Yes

Anderson

Yes

Chandler-Waterm

Yes

Forrest

Yes

Lavine

Yes

Paulin

Yes

Slater

Yes

Angelino

Yes

Chang

Friend

Yes

Lee

Yes

Peoples-Stokes

Yes

Smith

Ardila

Yes

Clark

Yes

Gallagher

Yes

Lemondes

Yes

Pheffer Amato

Yes

Smullen

Yes

Aubry

Yes

Colton

Yes

Gallahan

Yes

Levenberg

Yes

Pirozzolo

Yes

Solages

Yes

Barclay

Yes

Conrad

Yes ‡

Gandolfo

Yes

Lucas

Yes

Pretlow

Yes

Steck

Yes

Barrett

Yes

Cook

Yes

Gibbs

Yes

Lunsford

Yes

Stern

Yes

Beephan

Yes

Cruz

Yes

Giglio JA

Yes

Lupardo

Yes

Raga

Yes

Stirpe

Yes

Bendett

Yes

Cunningham

Yes

Giglio JM

Yes

Magnarelli

Yes

Rajkumar

Yes

Tague

Yes

Benedetto

Yes

Curran

Yes

Glick

Yes

Maher

Yes

Ramos

Yes

Tannousis

Yes

Bichotte Hermel

Yes

Darling

Yes

Gonzalez-Rojas

Yes

Mamdani

Yes

Reilly

Yes

Tapia

Yes

Blankenbush

Yes

Davila

Yes

Goodell

Yes

Manktelow

Yes

Reyes

Yes

Taylor

Yes

Blumencranz

Yes

De Los Santos

Yes

Gray

Yes

McDonald

Yes

Rivera

Yes

Thiele

Yes

Bores

Yes

DeStefano

Yes

Gunther

Yes ‡

McDonough

Yes

Rosenthal D

Yes

Vanel

Yes

Brabenec

Yes

Dickens

Yes

Hawley

Yes

McGowan

Yes

Rosenthal L

Yes

Walker

Yes

Braunstein

Yes

Dilan

Yes

Hevesi

Yes

McMahon

Yes

Rozic

Yes

Wallace

Yes

Bronson

Yes

Dinowitz

Yes

Hunter

Yes

Meeks

Yes

Santabarbara

Yes

Walsh

Yes

Brook-Krasny

DiPietro

Yes

Hyndman

Yes

Mikulin

Yes

Sayegh

Yes

Weinstein

Yes

Brown E

Yes

Durso

Yes

Jackson

Yes

Miller

Yes

Seawright

Yes

Weprin

Yes

Brown K

Yes

Eachus

Yes

Jacobson

Yes

Mitaynes

Yes

Septimo

Yes

Williams

Yes

Burdick

Yes

Eichenstein

Yes

Jean-Pierre

Yes

Morinello

Yes

Shimsky

Yes

Woerner

Yes

Burgos

Yes

Epstein

Yes

Jensen

Yes

Norris

Yes

Shrestha

Yes

Zaccaro

Yes

Burke

Yes

Fahy

Yes

Jones

Yes

Novakhov

Yes

Sillitti

Yes

Zebrowski

Yes

Buttenschon

Yes

Fall

Yes

Joyner

O'Donnell

Yes

Simon

Yes

Zinerman

Yes

Byrnes

Fitzpatrick

Yes

Kelles

Yes

Otis

Yes

Simone

Mr. Speaker

‡ Indicates voting via videoconference

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S07372 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7372
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                      May 22, 2023
                                       ___________
 
        Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        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  391
     3  of the laws of 2021, 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, [2023] 2025
    15  NYCTRS             7%                           July 1, 2011 to
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11207-01-3

        S. 7372                             2
 
     1                                                  June 30, [2023] 2025
     2  PPF                7%                           July 1, 2011 to
     3                                                  June 30, [2023] 2025
     4  FPF                7%                           July 1, 2011 to
     5                                                  June 30, [2023] 2025
     6  BERS               7%                           July 1, 2011 to
     7                                                  June 30, [2023] 2025
 
     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 391  of  the
    10  laws of 2021, 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, [2023] 2025
    22  NYCTRS              1 1/4%                      July 1, 2011 to
    23                                                  June 30, [2023] 2025
    24  PPF                 1 1/4%                      July 1, 2011 to
    25                                                  June 30, [2023] 2025
    26  FPF                 1 1/4%                      July 1, 2011 to
    27                                                  June 30, [2023] 2025
    28  BERS                1 1/4%                      July 1, 2011 to
    29                                                  June 30, [2023] 2025
 
    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 391 of the
    32  laws of 2021, 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, [2023] 2025
    44  NYCTRS              1 1/4%                      July 1, 2011 to
    45                                                  June 30, [2023] 2025
    46  PPF                 1 1/4%                      July 1, 2011 to
    47                                                  June 30, [2023] 2025
    48  FPF                 1 1/4%                      July 1, 2011 to
    49                                                  June 30, [2023] 2025
    50  BERS                1 1/4%                      July 1, 2011 to
    51                                                  June 30, [2023] 2025

        S. 7372                             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 391  of  the
     3  laws of 2021, 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, [2023] 2025
    15  NYCTRS             0%                           July 1, 2011 to
    16                                                  June 30, [2023] 2025
    17  PPF                0%                           July 1, 2011 to
    18                                                  June 30, [2023] 2025
    19  FPF                0%                           July 1, 2011 to
    20                                                  June 30, [2023] 2025
    21  BERS               0%                           July 1, 2011 to
    22                                                  June 30, [2023] 2025
 
    23    § 5. This act shall take effect July 1, 2023, except that if it  shall
    24  have  become a law subsequent to such date, this act  shall  take effect
    25  immediately and shall be deemed to have been in full force and effect on
    26  and after July 1, 2023.

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New York State Assembly

Speaker Carl E. Heastie

S07372 Summary:

S07372 Actions:

S07372 Committee Votes:

S07372 Floor Votes:

S07372 Text: