A7428 — 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
Last action — Signed by Governor
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✓Introduced
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✓In Committee
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✓Passed Assembly
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced March 26, 2025. Enacted.
Signed by Governor Kathy Hochul (Democratic) on June 18, 2025.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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.
Bill Text
- Full text View text Current
Action History
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SIGNED CHAP.139
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DELIVERED TO GOVERNOR
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RETURNED TO ASSEMBLY
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PASSED SENATE
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3RD READING CAL.1667
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SUBSTITUTED FOR S8361
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REFERRED TO RULES
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DELIVERED TO SENATE
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PASSED ASSEMBLY
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ORDERED TO THIRD READING RULES CAL.401
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RULES REPORT CAL.401
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REPORTED
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REPORTED REFERRED TO RULES
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REPORTED REFERRED TO WAYS AND MEANS
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REFERRED TO GOVERNMENTAL EMPLOYEES
Sponsors
- Stacey Pheffer Amato · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 218 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (218)
218 members have not signed on to this bill.
Show all 218 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does A7428 do?
- 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.
- Who sponsors A7428?
- A7428 is sponsored by Stacey Pheffer Amato.
- What is the current status of A7428?
- This bill has been enacted into law. Introduced March 26, 2025. Enacted.
- Where can I track A7428?
- Track A7428 free on One Click Politics — get push/email alerts when it moves.
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