S T A T E O F N E W Y O R K
________________________________________________________________________
2953
2009-2010 Regular Sessions
I N A S S E M B L Y
January 22, 2009
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Introduced by M. of A. SEMINERIO -- 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 the correction officers' variable supplements fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (e) of subdivision 3 of section 13-194 of the
administrative code of the city of New York, as added by chapter 255 of
the laws of 2000, is amended to read as follows:
(e)(1) As of October thirty-first, two thousand and as of October
thirty-first of each succeeding calendar year not covered by a payment
guarantee (as defined in paragraph (g) of subdivision one of this
section), the actuary referred to in paragraph (d) of this subdivision
shall value the assets of the variable supplements fund, subject to the
provisions of paragraph (i) of this subdivision, and make an estimate of
the total amount of variable supplements which would be payable, pursu-
ant to subdivision four of this section and subparagraph two of this
paragraph, to beneficiaries for such calendar year for which such valu-
ation and estimate are made, if such actuary determines that the value
of such assets, as of October thirty-first of such calendar year, is
equal to or greater than such total amount of variable supplements.
(2) If such actuary determines that the value of such assets, as of
October thirty-first of any such calendar year for which a valuation and
estimate are required by subparagraph one of this paragraph, is equal to
or greater than such estimated total amount of variable supplements
which would be payable for such calendar year, then the variable supple-
ments which, upon a favorable determination of the actuary under this
paragraph, are declared by subdivision four of this section to be paya-
ble to beneficiaries for such calendar year or a part thereof shall be
paid by the variable supplements fund, in the applicable amounts
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05446-01-9
A. 2953 2
prescribed by such subdivision four, to beneficiaries on or about Decem-
ber fifteenth of such calendar year.
(3) If such actuary determines that the value of such assets, as of
October thirty-first of any such calendar year for which a valuation and
estimate are required by subparagraph one of this paragraph, is less
than such estimated total amount of variable supplements which would be
payable for such calendar year pursuant to a favorable determination of
the actuary, then [no beneficiary shall be entitled to receive any vari-
able supplement for such calendar year or any part thereof and no vari-
able supplement shall be paid to any beneficiary for such calendar year
or any part thereof.
(4) In any case where, pursuant to the provisions of subparagraphs one
and three of this paragraph, no variable supplements are payable for a
calendar year or part thereof to any beneficiary, no variable supple-
ments for such calendar year or part thereof shall at any time thereaft-
er be payable and no beneficiary shall at any time thereafter be enti-
tled to receive a variable supplement for such calendar year or part
thereof] THE VARIABLE SUPPLEMENTS BOARD MAY AUTHORIZE PAYMENTS FOR SUCH
CALENDAR YEAR WHICH ARE LESS THAN THE APPLICABLE AMOUNT PROVIDED BY
SUBDIVISION FOUR OF THIS SECTION.
S 2. This act shall take effect immediately.