§ 11 — Duties of comptroller; the actuary

New York § 11

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 2: Establishment, Management, Supervision and Financing
• Art. 2: New York State Employees' Retirement System

Text

§ 11. Duties of comptroller; the actuary. a. The comptroller shall be\nthe administrative head of the retirement system. Subject to the\nlimitations of this article and of law, he shall adopt and may amend,\nfrom time to time, rules and regulations for the administration and\ntransaction of the business of the retirement system and for the custody\nand control of its funds. The comptroller shall:\n 1. Maintain all necessary accounting records, and\n 2. Keep in convenient form such data as shall be necessary for the\nactuarial valuation of the various funds of the retirement system, and\n 3. Establish funds, in addition to those provided for by this article,\nwhich in his judgment are necessary or required for the proper fiscal\nmanagement of the retirement system, and\n 4. Perform such other functions as are required for the execution of\nthe provisions of this article.\n b. The comptroller shall engage the services of an actuary and may\nemploy such other necessary technical and administrative assistance as\nhe may require. For the purpose of determining upon the proper tables to\nbe prepared and submitted to the comptroller for adoption, the actuary,\nfrom time to time, but at least once in each five years, shall make such\ninvestigation of the mortality, service and compensation experience of\nthe members as the comptroller may authorize. On the basis of such\ninvestigations and upon the recommendation of the actuary, the\ncomptroller shall:\n 1. Adopt for the retirement system such mortality and other tables as\nshall be deemed necessary, and\n 2. Certify the rates of deduction, if any, from compensation computed\nto be necessary to pay the annuities authorized under the provisions of\nthis article.\n 3. From time to time, but at least once in each five years, promulgate\na rate or rates of estimated future investment earnings.\n 4. From time to time, but at least once in every five years,\npromulgate a rate or rates of regular interest.\n c. On the basis of such aforesaid tables and an estimated rate or\nrates of future investment earnings as the comptroller shall adopt:\n 1. The actuary shall make an annual valuation of the assets and\nliabilities of the funds of the retirement system, and\n 2. The comptroller shall certify annually the rates expressed as\nproportions of payroll of members, which shall be used in computing the\ncontributions required to be made by employers to the pension\naccumulation fund.\n d. The comptroller shall make an annual report showing the valuation\nof the assets and liabilities of the funds of the retirement system, as\ncertified by the actuary, a statement of receipts and disbursements and\nhis or her recommendations in regard thereto. Such report shall be\npublished with and as a part of the annual report of the comptroller. In\naddition to the above annual report, an actuarial report prepared in\naccordance with generally recognized and accepted actuarial principles\nand practices which are consistent with principles prescribed by the\nActuarial Standards Boards (ASB) and the Code of Professional Conduct\nand Qualification Standards for Public Statements of Actuarial Opinion\nof the American Academy of Actuaries, shall be published on or before\nOctober fifteenth of each fiscal year to include:\n 1. The following membership distributions for the Employee's\nRetirement System (ERS) and Police and Fire Retirement Systems (PFRS),\nseparately for the following categories: the state, cities, counties,\ntowns, villages, school districts, and miscellaneous.\n (i) For active members, five year age/service groups in matrix form\nshowing numbers of members and average compensation.\n (ii) For retired members, five year age/service at retirement groups\nin matrix form showing number of members, average final average salary,\nand average annual pension.\n (iii) For active members, number of members and total salary by tier.\n 2. For inactive employees, five year age/service groups in matrix form\nshowing number of members and average last compensation.\n 3. Any other information needed to fully and fairly disclose the\nactuarial position of the plan.\n 4. A reconciliation to the prior year of the number of all members\n(active, inactive and retired), broken down by ERS and PFRS.\n e. Special interest, if any, shall be credited annually in the same\nmanner as regular interest pursuant to subdivision i of section thirteen\nof this article to the individual annuity savings accounts of persons\nwho are members as of the close of the fiscal year.\n f. The records of the retirement system shall be open to public\ninspection.\n g. The comptroller shall adopt and amend pursuant to this article only\nsuch rules and regulations as he determines to be for the best interests\nof the retirement system and its members.\n