S 8361: 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.