§ 311 — Duties of comptroller; the actuary

New York § 311

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 3: Establishment, Management, Supervision and Financing
• Art. 8: New York State and Local Police and Fire Retirement System

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§ 311. Duties of comptroller; the actuary. a. The comptroller shall be\nthe administrative head of the police and fire retirement system.\nSubject to the limitations of this article and of law, he or she shall\nadopt and may amend, from time to time, rules and regulations for the\nadministration and transaction of the business of the police and fire\nretirement system and for the custody and control of its funds. The\ncomptroller 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 police and fire\nretirement system, and\n 3. Establish funds, in addition to those provided for by this article,\nwhich in his or her judgment are necessary or required for the proper\nfiscal management of the police and fire 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 or she may require. For the purpose of determining upon the proper\ntables to be prepared and submitted to the comptroller for adoption, the\nactuary, from time to time, but at least once in each five years, shall\nmake such investigation of the mortality, service and compensation\nexperience of the members as the comptroller may authorize. On the basis\nof such investigation and upon the recommendations of the actuary, the\ncomptroller shall:\n 1. Adopt for the police and fire retirement system such mortality and\nother tables as shall 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 police and fire 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 police and fire\nretirement system, as certified by the actuary, a statement of receipts\nand disbursements and his or her recommendations in regard thereto. Such\nreport shall be published with and as a part of the annual report of the\ncomptroller.\n e. Special interest, if any, shall be credited annually in the same\nmanner as regular interest pursuant to subdivision i of section three\nhundred thirteen of this article to the individual annuity savings\naccounts of persons who are members as of the close of the fiscal year.\n f. The records of the police and fire retirement system shall be open\nto public inspection.\n g. The comptroller shall adopt and amend pursuant to this article only\nsuch rules and regulations as he or she determines to be for the best\ninterest of the retirement system and its members.\n