Bill Text: NY A10613 | 2011-2012 | General Assembly | Introduced
Bill Title: Provides for appointment of an actuary by the board of trustees tasked with administering police pension funds, as opposed to the board of estimate.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-06-08 - referred to governmental employees [A10613 Detail]
Download: New_York-2011-A10613-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 10613 I N A S S E M B L Y June 8, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Abbate) -- read once and referred to the Committee on Governmental Employees AN ACT to amend the administrative code of the city of New York, in relation to providing for appointment of an actuary by the board of trustees tasked with administering police pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The opening paragraph of section 13-221 of the administra- 2 tive code of the city of New York is amended to read as follows: 3 The actuary appointed by the board [of estimate] shall be the techni- 4 cal adviser of the board on all matters regarding the operation of the 5 funds provided for by this subchapter and shall perform such other 6 duties as are required of him or her. He or she shall keep in convenient 7 form such data as shall be necessary for the actuarial valuation of such 8 funds. Every five years, he or she shall make an actuarial investi- 9 gation into the mortality, service and compensation experience of the 10 members and beneficiaries as defined by this subchapter and he or she 11 shall make a valuation, as of June thirtieth of each year, of the assets 12 and liabilities of the various funds provided for by this subchapter at 13 such times as he or she shall determine. Upon the basis of such investi- 14 gation such board shall: 15 S 2. Subdivision d of section 13-270 of the administrative code of the 16 city of New York, as amended by chapter 247 of the laws of 1988, is 17 amended to read as follows: 18 d. The actuary appointed pursuant to section [13-121] 13-221 of the 19 code shall be the technical advisor of the board. 20 S 3. This act shall take effect immediately. FISCAL NOTE:--Pursuant to Legislative Law, Section 50: This bill removes the defunct Board of Estimate and substitutes the Trustees of the Police Pension Fund as the authority to appoint the Actuary to the Police Pension Fund and the Police Variable Supplement Funds and would bear no cost to the Police Pension Fund if enacted. This estimate dated May 31, 2012 is for the 2012 legislative session and was prepared by Jason Ahl, consulting actuary. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15788-02-2