(a) As used in the Retirement and Social Security Law, the term regular interest shall mean four per centum per annum or the rate of interest recommended by the Retirement System actuary and promulgated by the Comptroller which is in effect on the date of retirement, as provided in paragraph (4) of subdivision (b) of section 11 and paragraph (4) of subdivision (b) of section 311 of the Retirement and Social Security Law, if higher than four per centum. Effective October 15, 2015, the Comptroller has promulgated the regular interest rate as 6.8 per centum per annum.

(b) Effective April 1, 2019 the rate of estimated earnings for the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System shall be 5.9 per centum per annum.

(c) The rates herein fixed shall remain in effect until revised by further order duly promulgated.