New YorkA 74282025-2026 Regular SessionHouseWALLET

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 the amount of employer contributions

Sponsored By: Stacey Pheffer Amato (Democratic)

Became Law

GOVERNMENTAL EMPLOYEESWAYS AND MEANSRULES

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

NYC pensions keep 7% rate through 2029

The law keeps a 7% per year interest rate, compounded annually, to value pension costs through June 30, 2029. It also keeps a special 1.25% and an additional 1.25% interest, credited to members, and a 0% supplementary rate on system funds. This applies to NYCERS, the Teachers, Police, Fire, and Board of Education retirement systems. The rates apply to valuations from July 1, 2011 to June 30, 2029. The law takes effect July 1, 2025; if it became law after that date, it still applies as of July 1, 2025.

Sponsors & Cosponsors

Sponsor

Stacey Pheffer Amato
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 58 • No: 0

House vote • 6/10/2025

FLOOR Vote