Extends for four fiscal years the current 7% per annum statutory rate of interest used in valuing retirement system liabilities for the purpose of computing…

Where it stands

Signed into law.

Governmental Employees · New York State Assembly

Also referred to Rules · New York State Assembly, Rules · New York State Senate.

Purpose, from the sponsor's memo

This bill would extend for four fiscal years, until June 30, 2029, the current 7% per annum statutory rate of interest used by the Chief Actu- ary ("Actuary") for the New York City Employees' Retirement System, Teachers' Retirement System, Board of Education Retirement System, Police Pension Fund and Fire Department Pension Fund ("City retirement systems") in valuing retirement system liabilities for the purpose of computing the amount of employer contributions to those systems. The bill also would extend for that same period the current rates of special interest, additional interest and supplementary interest, which, in effect, govern the amount of interest to be paid into certain constitu- ent funds of the City retirement systems, and the amount of interest to be credited on accumulated member contributions and increased-take-home- pay reserves of Tier 1 and 2 members of those retirement systems. The current valuation rate of interest and the rate of supplementary inter- est were originally enacted by Chapter 3 of the Laws of 2013. The current rates of special and additional interest were continued and recodified by Chapter 878 of the Laws of 1990 and have remained the same since. The current two-year period ending on June 30, 2025 for all these rates of interest was enacted by Chapter 184 of the Laws of 2023. REASONS FOR SUPPORT: The current rates of interest are effective for the period ending June 30, 2025, and expire as of July 1, 2025. The City of New York recommends to the Legislature that this bill providing for a four-year extension of the current valuation rate of interest and the accompanying rates of special, additional, and supple- mentary interest be enacted. The Actuary has stated that the proposed current four-year extension of these rates to June 30, 2029, is consist- ent with the recommendations of City retirement systems' investment advisers and the most recent final recommendations regarding these rates from its actuarial auditor, retained pursuant to New York City Charter section 96, and is advisable to align future rates with scheduled expe- rience analysis of future audits. The boards of trustees of the City retirement systems have voted to support this legislation for a four-year extension of the current valu- ation rate of interest and the accompanying rates of special, addi- tional, and supplementary interest. It should be noted that the Legislature enacted similar four-year exten- sions of such interest rates for the City retirement systems in 1996, 2000 and 2013. See Chapter 249 of the Laws of 1996, Chapter 85 of the Laws of 2000 and Chapter 3 of the Laws of 2013, respectively. As this bill would continue the existing valuation rate of interest and the existing rates of special, additional, and supplementary interest, its enactment would not change the amount or timing of expected employer contributions. Accordingly, the Mayor urges the earliest possible favorable consider- ation of this proposal by .the Legislature. Respectfully submitted, SHANNA F. WITHERSPOON Director SHW:3/21/25

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

• Vote: Floor vote

  NY SenateJun 10, 2025Result: passedSenate vote on A7428, the matching Assembly bill.

  Voted yes (58)Voted no (0)Voted present (0)Absent (5)

  See member positions for the vote on Jun 10, 2025 (Floor vote)

• Vote: Committee vote · Rules

  Senate RulesJun 9, 2025Result: passed

  Voted yes (21)Voted no (0)Voted present (0)Absent (0)

  See member positions for the vote on Jun 9, 2025 (Committee vote · Rules)

Full history

1. Jun 18, 2025

   Sent to the executive

   DELIVERED TO GOVERNOR

   NY Assembly

2. Jun 18, 2025

   Signed

   SIGNED CHAP.139

   NY Assembly

3. Jun 10, 2025

   3RD Reading CAL.1667

   3RD READING CAL.1667

   NY Senate

4. Jun 10, 2025

   Passed a chamber

   PASSED SENATE

   NY Senate

5. Jun 10, 2025

   Substituted

   SUBSTITUTED FOR S8361

   NY Senate

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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 22, 2026. About our data

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