Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
7428
2025-2026 Regular Sessions
I N A S S E M B L Y
March 26, 2025
___________
Introduced by M. of A. PHEFFER AMATO -- 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:
Section 1. Paragraph 2 of subdivision b of section 13-638.2 of the
administrative code of the city of New York, as amended by chapter 184
of the laws of 2023, is amended to read as follows:
(2) With respect to each retirement system, such rate of interest
shall be as hereinafter set forth in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 7% July 1, 2011 to
June 30, [2025] 2029
NYCTRS 7% July 1, 2011 to
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11358-01-5
A. 7428 2
June 30, [2025] 2029
PPF 7% July 1, 2011 to
June 30, [2025] 2029
FPF 7% July 1, 2011 to
June 30, [2025] 2029
BERS 7% July 1, 2011 to
June 30, [2025] 2029
§ 2. Paragraph 2 of subdivision f of section 13-638.2 of the adminis-
trative code of the city of New York, as amended by chapter 184 of the
laws of 2023, is amended to read as follows:
(2) Such special interest shall be allowed at the rates and for the
periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
NYCTRS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
PPF 1 1/4% July 1, 2011 to
June 30, [2025] 2029
FPF 1 1/4% July 1, 2011 to
June 30, [2025] 2029
BERS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
§ 3. Paragraph 2 of subdivision g of section 13-638.2 of the adminis-
trative code of the city of New York, as amended by chapter 184 of the
laws of 2023, is amended to read as follows:
(2) Such additional interest shall be included at the rates and for
the periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
NYCTRS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
PPF 1 1/4% July 1, 2011 to
June 30, [2025] 2029
FPF 1 1/4% July 1, 2011 to
June 30, [2025] 2029
BERS 1 1/4% July 1, 2011 to
June 30, [2025] 2029
A. 7428 3
§ 4. Paragraph 2 of subdivision i of section 13-638.2 of the adminis-
trative code of the city of New York, as amended by chapter 184 of the
laws of 2023, is amended to read as follows:
(2) Such supplementary interest shall be allowed at the rates and for
the periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 0% July 1, 2011 to
June 30, [2025] 2029
NYCTRS 0% July 1, 2011 to
June 30, [2025] 2029
PPF 0% July 1, 2011 to
June 30, [2025] 2029
FPF 0% July 1, 2011 to
June 30, [2025] 2029
BERS 0% July 1, 2011 to
June 30, [2025] 2029
§ 5. This act shall take effect July 1, 2025; provided, however, if
this act shall have become a law after such date, it shall take effect
immediately and shall be deemed to have been in full force and effect on
and after July 1, 2025.Every fact on this page links to its source, starting with the official bill record.