§ 316-B — Notice of change

§ 316-b. Notice of change. (1) The comptroller, on or before the\nfifteenth day of October of each year, shall submit to the director of\nthe division of the budget and the chairmen of the senate finance\ncommittee and the assembly ways and means committee written notice of\nany proposed material change in the annual actuarial valuation provided\nfor in this article or any other material change, other than those\nprovided by legislation or resolution, affecting the state's or any\nother participating employer's estimated or actual obligations to the\npension accumulation fund and the New York state public employees group\nlife insurance plan for the succeeding fiscal year.\n (2) Notwithstanding any provision of law to the contrary, for fiscal\nyears commencing April first, nineteen hundred eighty-eight, April\nfirst, nineteen hundred eighty-nine and April first, nineteen hundred\nninety the actuarial value of assets shall be calculated using the five\nyear smoothing method that was used for the fiscal year commencing April\nfirst, nineteen hundred eighty-seven which method has been determined to\nbe actuarially sound.\n