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New York · 2025 Regular Session · Bill

A 7428: 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

Enacted Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

A 7428 is a bill introduced in the New York House on March 26, 2025. According to its official title, it concerns: 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. Primary sponsor: Stacey Pheffer Amato (Democratic). Most recent recorded action (June 18, 2025): SIGNED CHAP.139.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 1

NameRolePartyChamberDistrict
Stacey Pheffer AmatoPrimary sponsorDemocraticHouse23

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. SIGNED CHAP.139
  2. DELIVERED TO GOVERNOR
  3. RETURNED TO ASSEMBLY
  4. PASSED SENATE
  5. 3RD READING CAL.1667
  6. SUBSTITUTED FOR S8361
  7. REFERRED TO RULES
  8. DELIVERED TO SENATE
  9. PASSED ASSEMBLY
  10. ORDERED TO THIRD READING RULES CAL.401
  11. RULES REPORT CAL.401
  12. REPORTED

Showing 12 most recent of 15 actions. Full history

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source