NY State Senate Bill 2009-S5418

Senate Bill S5418

2009-2010 Legislative Session

Provides that actuaries of the N.Y. state public retirement systems shall prepare fiscal notes pursuant to requirements of the legislative law

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to civil service and pensions
May 12, 2009	print number 5418a
May 12, 2009	amend and recommit to civil service and pensions
May 01, 2009	referred to civil service and pensions

Bill Amendments

Original

A (Active)

2009-S5418 - Details

Current Committee:: Senate Civil Service And Pensions

2009-S5418 - Summary

Provides that actuaries of the NYS public retirement systems shall prepare fiscal notes pursuant to requirements of the legislative law and establishes the actuarial integrity oversight board.

2009-S5418 - Sponsor Memo

                                 BILL NUMBER:  S5418

 TITLE OF BILL :
An act to amend the retirement and social security law, in relation to
the preparation of legislative fiscal notes and providing for the
repeal of such provisions upon expiration thereof


 PURPOSE :
The purpose of this legislation is to provide the state legislature
with accurate, timely fiscal notes on bills that are being reviewed so
that a sound decision may be made with regard to legislative action.

 JUSTIFICATION :
It is critically important to ensure that all fiscal notes required
pursuant to section 50 of the legislative law reflect the most
accurate estimate of the total cost of any proposed change to a
retirement system or plan of the state of New York or any of its
political subdivisions. In order to accomplish this public purpose,
this bill would mandate that all fiscal notes required pursuant to
section 50 should be prepared and submitted by the chief actuary of
the affected retirement system or plan, if applicable, in as timely a
manner as practicable. This bill would also require that all fiscal
notes generated pursuant to such section shall represent the best
faith estimate of the chief actuary of the affected retirement system
or plan, if applicable, and that such estimate shall be generated in

accordance with the generally-accepted actuarial standards and
practices in effect at the time for such retirement system or plan.
This bill provides the legislature with precise insight into the cost
estimates of legislation that affects the retirement systems or plans
across the state.

 SUMMARY OF PROVISIONS :
Section one - Legislative Findings.

Section two - would amend the retirement and social security law,
adding two new sections, 809 and 810, to allow for preparation of
legislative fiscal notes, State and City systems, and funding for such
preparation.

Sections three - Effective Date.

 LEGISLATIVE HISTORY :
New Bill.

 FISCAL IMPLICATIONS :
If this bill were enacted in the 2009 Legislative Session, there would
be no cost to the State of New York. If this bill were enacted in the
2009 Legislative Session, it would save the City of New York
approximately $6 million dollars that is currently allocated in the
City budget for the operations of NYC Actuary.

 EFFECTIVE DATE :
This act would take effect Ninety days after is shall have become law
and be deemed repealed on June 30, 2011.

2009-S5418 - Bill Text download pdf

2009-S5418A (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions

2009-S5418A (ACTIVE) - Summary

Provides that actuaries of the NYS public retirement systems shall prepare fiscal notes pursuant to requirements of the legislative law and establishes the actuarial integrity oversight board.

2009-S5418A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5418A

 TITLE OF BILL :
An act to amend the retirement and social security law, in relation to
the preparation of legislative fiscal notes and providing for the
repeal of such provisions upon expiration thereof

 PURPOSE :
The purpose of this legislation is to provide the state legislature
with accurate, timely fiscal notes on bills that are being reviewed so
that a sound decision may be made with regard to legislative action.

 JUSTIFICATION :
It is critically important to ensure that all fiscal notes required
pursuant to section 50 of the legislative law reflect the most
accurate estimate of the total cost of any proposed change to a
retirement system or plan of the state of New York or any of its
political subdivisions. In order to accomplish this public purpose,
this bill would mandate that all fiscal notes required pursuant to
section 50 should be prepared and submitted by the chief actuary of
the affected retirement system or plan, if applicable, in as timely a
manner as practicable. This bill would also require that all fiscal
notes generated pursuant to such section shall represent the best
faith estimate of the chief actuary of the affected retirement system
or plan, if applicable, and that such estimate shall be generated in
accordance with the generally-accepted actuarial standards and

practices in effect at the time for such retirement system or plan.
This bill provides the legislature with precise insight into the cost
estimates of legislation that affects the retirement systems or plans
across the state.

 SUMMARY OF PROVISIONS :
Section one - Legislative Findings.

Section two - would amend the retirement and social security law,
adding two new sections, 809 and 810, to allow for preparation of
legislative fiscal notes, State and City systems, and funding for such
preparation.

Sections three - Effective Date.

 LEGISLATIVE HISTORY :
New Bill.

 FISCAL IMPLICATIONS :
If this bill were enacted in the 2009 Legislative Session, there would
be no cost to the State of New York. If this bill were enacted in the
2009 Legislative Session, it would save the City of New York
approximately $6 million dollars that is currently allocated in the
City budget for the operations of NYC Actuary.

 EFFECTIVE DATE :
This act would take effect Ninety days after is shall have become law
and be deemed repealed on June 30, 2011.

2009-S5418A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 5418--A                                            A. 8059--A

                       2009-2010 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               May 1, 2009
                               ___________

IN  SENATE -- Introduced by Sen. SAVINO -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions -- committee discharged, bill amended, ordered  reprinted
  as amended and recommitted to said committee

IN  ASSEMBLY  -- Introduced by M. of A. ABBATE -- read once and referred
  to the Committee on Governmental Employees  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

AN ACT to amend the retirement and social security law, in  relation  to
  the  preparation  of  legislative  fiscal  notes and providing for the
  repeal of such provisions upon expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings.  The  legislature finds that it is
critically important to ensure that all fiscal notes  required  pursuant
to  section 50 of the legislative law reflect the most accurate estimate
of the total cost of any proposed change to a retirement system or  plan
of  the state of New York or any of its political subdivisions. In order
to accomplish this public purpose, the legislature hereby finds that all
fiscal notes required pursuant to section  50  of  the  legislative  law
should  be  prepared  and submitted by the chief actuary of the affected
retirement system or plan, if applicable, in as timely a manner as prac-
ticable. The legislature further finds that all fiscal  notes  generated
pursuant  to  such section 50 shall represent the best faith estimate of
the chief actuary of the affected retirement system or plan, if applica-
ble, and that such estimate shall be generated in  accordance  with  the
generally-accepted  actuarial  standards  and practices in effect at the
time for such retirement system or plan.
  S 2. The retirement and social security law is amended by  adding  two
new sections 809 and 810 to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11714-02-9

S. 5418--A                          2                         A. 8059--A

  S 809. PREPARATION OF LEGISLATIVE FISCAL NOTES. A. 1.  NOTWITHSTANDING
ANY  OTHER  PROVISION  OF  ANY  GENERAL, SPECIAL, OR LOCAL LAW, CHARTER,
ADMINISTRATIVE CODE OR RULE OR REGULATION TO THE CONTRARY,  THE  ACTUARY
OF EACH PUBLIC RETIREMENT SYSTEM, AS DEFINED IN SUBDIVISION A OF SECTION
EIGHT HUNDRED OF THIS ARTICLE, IS RESPONSIBLE FOR FISCAL NOTES ON LEGIS-
LATION  AFFECTING  THE  PUBLIC  RETIREMENT  SYSTEM  FOR  WHICH HE OR SHE
PROVIDES ACTUARIAL SERVICES IN ACCORDANCE  WITH  SECTION  FIFTY  OF  THE
LEGISLATIVE LAW. EACH FISCAL NOTE SHALL BE PREPARED BY APPLYING GENERAL-
LY  ACCEPTED ACTUARIAL METHODOLOGIES TO ESTIMATE THE FINANCIAL IMPACT OF
LEGISLATION SUBMITTED FOR ACTUARIAL REVIEW.   IN THE  EVENT  LEGISLATION
CONTAINS  PROVISIONS  APPLICABLE  TO  MORE  THAN  ONE  PUBLIC RETIREMENT
SYSTEM, A FISCAL NOTE ASSESSING THE  FINANCIAL  IMPACT  ON  EACH  SYSTEM
SHALL BE PREPARED.
  2.  LEGISLATIVE FISCAL NOTES REQUIRED PURSUANT TO SECTION FIFTY OF THE
LEGISLATIVE LAW SHALL BE REQUESTED  IN  WRITING.  SUCH  WRITTEN  REQUEST
SHALL  ACCOMPANY  A  DRAFT OF THE PROPOSED LEGISLATION AND MEMORANDUM IN
SUPPORT AND SHALL CLEARLY IDENTIFY THE NAME OF THE INDIVIDUAL OR  ENTITY
REQUESTING SUCH FISCAL NOTE AND THE DATE THAT SUCH REQUEST WAS MADE.
  3.  FISCAL  NOTES REQUESTED PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVI-
SION SHALL BE PROVIDED TO THE  REQUESTING  INDIVIDUAL  OR  ENTITY  IN  A
REASONABLE  AND  TIMELY  MANNER. UPON COMPLETION OF THE FISCAL NOTE, THE
ACTUARY SHALL NOT CIRCULATE  THE  FISCAL  NOTE  PUBLICLY  PRIOR  TO  THE
RECEIPT  OF THE FISCAL NOTE BY THE ORIGINAL REQUESTER.  ALL FISCAL NOTES
SHALL BE SUBJECT TO ALL FREEDOM OF INFORMATION LAWS IN THE STATE OF  NEW
YORK.
  B.  1.  THE ACTUARY OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIRE-
MENT SYSTEM AND THE NEW YORK STATE AND LOCAL POLICE AND FIRE  RETIREMENT
SYSTEM  MAY  BE  RESPONSIBLE  FOR  PREPARING LEGISLATIVE FISCAL NOTES AS
PROVIDED IN SUBDIVISION A OF THIS SECTION WHICH MAY  BE  FUNDED  THROUGH
THE  PORTION OF THE ADMINISTRATIVE BUDGET OF SUCH SYSTEM ATTRIBUTABLE TO
THE POWERS AND DUTIES OF THE ACTUARY AS PROVIDED  BY  LAW  OR  OTHERWISE
REQUIRED BY THE COMPTROLLER.
  2.  THE  ACTUARY OF THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM MAY
BE RESPONSIBLE FOR PREPARING LEGISLATIVE FISCAL  NOTES  AS  PROVIDED  IN
SUBDIVISION A OF THIS SECTION WHICH MAY BE FUNDED THROUGH THE PORTION OF
THE  ADMINISTRATIVE BUDGET OF SUCH SYSTEM ATTRIBUTABLE TO THE POWERS AND
DUTIES OF THE ACTUARY AS PROVIDED BY LAW OR OTHERWISE  REQUIRED  BY  THE
BOARD OF TRUSTEES OF SUCH SYSTEM.
  C.  THE  ACTUARY  OF THE FIVE ACTUARIALLY FUNDED RETIREMENT SYSTEMS OF
THE CITY OF NEW YORK SHALL, IN ADDITION  TO  THE  POWERS  DELINEATED  IN
SUBDIVISION  A  OF  THIS  SECTION,  FULFILL  SUCH  POWERS  AND DUTIES AS
PROVIDED IN THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, THE  EDUCA-
TION LAW AND ALL OTHER APPLICABLE SECTIONS OF LAW, AND PERFORM ALL OTHER
DUTIES  AS  REQUIRED  BY  THE BOARDS OF TRUSTEES OF THE FIVE ACTUARIALLY
FUNDED RETIREMENT SYSTEMS IN THE CITY OF NEW YORK.
  S 810. ACTUARIAL OVERSIGHT BOARD. A. THERE IS HEREBY  ESTABLISHED  THE
ACTUARIAL  OVERSIGHT BOARD ("BOARD") AS AN INDEPENDENT ENTITY WITHIN THE
GUISE OF THE FIVE PUBLIC RETIREMENT SYSTEMS OF THE CITY OF NEW YORK.
  B. THE BOARD SHALL  CONSIST  OF  SEVEN  MEMBERS  AS  FOLLOWS:  1.  ONE
APPOINTMENT  BY  THE  BOARD  OF TRUSTEES OF THE NEW YORK CITY EMPLOYEES'
RETIREMENT SYSTEM WHO CURRENTLY HOLDS A POSITION THAT IS  ELECTED  BY  A
PORTION  OF THE MEMBERSHIP OF SAID RETIREMENT SYSTEM; 2. ONE APPOINTMENT
BY THE BOARD OF TRUSTEES OF  THE  NEW  YORK  CITY  TEACHERS'  RETIREMENT
SYSTEM  WHO  CURRENTLY  HOLDS A POSITION THAT IS ELECTED BY A PORTION OF
THE MEMBERSHIP OF SAID RETIREMENT SYSTEM;  3.  ONE  APPOINTMENT  BY  THE
BOARD  OF  TRUSTEES  OF  THE NEW YORK CITY BOARD OF EDUCATION RETIREMENT

S. 5418--A                          3                         A. 8059--A

SYSTEM WHO CURRENTLY HOLDS A POSITION THAT IS ELECTED BY  A  PORTION  OF
THE  MEMBERSHIP  OF  SAID  RETIREMENT  SYSTEM; 4. ONE APPOINTMENT BY THE
BOARD OF TRUSTEES OF THE NEW YORK CITY POLICE PENSION FUND WHO CURRENTLY
HOLDS  A POSITION THAT IS ELECTED BY A PORTION OF THE MEMBERSHIP OF SAID
RETIREMENT SYSTEM; 5. ONE APPOINTMENT BY THE BOARD OF  TRUSTEES  OF  THE
NEW  YORK  CITY FIRE DEPARTMENT PENSION FUND WHO CURRENTLY HOLDS A POSI-
TION THAT IS ELECTED BY A PORTION OF THE MEMBERSHIP OF  SAID  RETIREMENT
SYSTEM;  6. THE COMPTROLLER OF THE CITY OF NEW YORK OR HIS OR HER DESIG-
NEE; AND 7. THE MAYOR OF THE CITY OF NEW YORK OR HIS  OR  HER  DESIGNEE.
EACH  MEMBER  OF  THE  BOARD  SHALL  SERVE  FOR A TERM OF TWO YEARS. ALL
MEMBERS SHALL CONTINUE  IN  OFFICE  UNTIL  THEIR  SUCCESSORS  HAVE  BEEN
APPOINTED.  THE  MEMBERS  SHALL  SERVE  WITHOUT  COMPENSATION  FOR THEIR
SERVICES AS MEMBERS, BUT SHALL BE ENTITLED TO REIMBURSEMENT  FOR  ACTUAL
AND  NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES. THE
STATE AND CITY OF NEW YORK SHALL HOLD HARMLESS AND INDEMNIFY MEMBERS  OF
THE  BOARD  PURSUANT  TO  SECTIONS  SEVENTEEN AND EIGHTEEN OF THE PUBLIC
OFFICERS LAW AGAINST ANY CLAIM, DEMAND,  SUIT  OR  JUDGMENT  ARISING  BY
REASON  OF ANY ACT OR OMISSION BY SUCH MEMBER OCCURRING IN THE DISCHARGE
OF HIS OR HER DUTIES AND WITHIN THE SCOPE  OF  HIS  OR  HER  SERVICE  ON
BEHALF  OF  THE BOARD. THE BOARD AND ITS MEMBERS SHALL BE SUBJECT TO THE
PROVISIONS OF SECTIONS SEVENTY-THREE  AND  SEVENTY-FOUR  OF  THE  PUBLIC
OFFICERS  LAW  AND CHAPTER SIXTY-EIGHT OF THE CHARTER OF THE CITY OF NEW
YORK. NOTWITHSTANDING ANY OTHER PROVISION OF  ANY  GENERAL,  SPECIAL  OR
LOCAL  LAW,  CHARTER,  ADMINISTRATIVE  CODE OR RULE OR REGULATION TO THE
CONTRARY, NO OFFICER OR EMPLOYEE OF THE STATE OR CIVIL DIVISION  THEREOF
SHALL  BE DEEMED TO HAVE FORFEITED OR SHALL FORFEIT HIS OR HER OFFICE OR
EMPLOYMENT BY REASON OF HIS OR HER ACCEPTANCE OF MEMBERSHIP ON THE BOARD
CREATED BY THIS SUBDIVISION.
  C. THE CHAIRPERSON OF THE BOARD SHALL  BE  THE  MEMBER  OF  THE  BOARD
APPOINTED  BY  THE  RETIREMENT  SYSTEM  HAVING THE LARGEST PERCENTAGE OF
ASSETS OF THE FIVE ACTUARIALLY FUNDED RETIREMENT SYSTEMS OF THE CITY  OF
NEW YORK AS OF THE END OF THE PRECEDING FISCAL YEAR AS DETERMINED BY THE
COMPTROLLER OF THE CITY OF NEW YORK.
  D.  THE  BOARD SHALL MEET NO LESS THAN ONCE EACH QUARTER IN A CALENDAR
YEAR. MEETINGS OF THE BOARD SHALL COMPLY  WITH  THE  OPEN  MEETINGS  LAW
PURSUANT TO ARTICLE SEVEN OF THE PUBLIC OFFICERS LAW. THE ACTUARY OF THE
FIVE ACTUARIALLY FUNDED RETIREMENT SYSTEMS IN THE CITY OF NEW YORK SHALL
ASSIGN TO THE BOARD A SUFFICIENT NUMBER OF CLERICAL AND OTHER ASSISTANTS
TO  PERMIT  THE  BOARD TO EFFICIENTLY EXERCISE ITS POWERS AND TO PERFORM
ITS DUTIES.
  E. THE BOARD IS EMPOWERED TO OVERSEE THE OPERATIONS OF THE ACTUARY  OF
THE  FIVE  ACTUARIALLY FUNDED RETIREMENT SYSTEMS OF THE CITY OF NEW YORK
INCLUDING AUDITING AND MONITORING THE IMPLEMENTATION OF THE ANNUAL BUDG-
ET AND ALL  ADMINISTRATIVE  OPERATIONS.  THE  BOARD  SHALL  ESTABLISH  A
REASONABLE  TIMEFRAME  FOR THE PREPARATION OF FISCAL NOTES AFFECTING ANY
OF THE FIVE ACTUARIALLY FUNDED RETIREMENT SYSTEMS IN  THE  CITY  OF  NEW
YORK.
  F.  THE  ACTUARY  OF THE FIVE ACTUARIALLY FUNDED RETIREMENT SYSTEMS OF
THE CITY OF NEW YORK SHALL SUBMIT TO THE BOARD A PROPOSED ANNUAL  ADMIN-
ISTRATIVE  BUDGET WHICH IS SUFFICIENT TO CARRY OUT THE POWERS AND DUTIES
OF SUCH ACTUARY AS PROVIDED BY LAW. SUCH PROPOSED BUDGET  SHALL  INCLUDE
AN  ALLOCATION  FOR  REIMBURSEMENT  FOR  ACTUAL  AND  NECESSARY EXPENSES
INCURRED BY THE MEMBERS OF THE BOARD IN THE PERFORMANCE OF THEIR DUTIES.
THE BOARD SHALL HAVE  THE  POWER  TO  APPROVE,  MODIFY  OR  REJECT  SUCH
PROPOSED  ANNUAL ADMINISTRATIVE BUDGET; PROVIDED, HOWEVER, THAT UPON THE
EFFECTIVE DATE OF THIS SECTION FOR CITY FISCAL YEAR TWO THOUSAND TEN THE

S. 5418--A                          4                         A. 8059--A

BUDGET OF THE ACTUARY OF THE FIVE ACTUARIALLY FUNDED RETIREMENT  SYSTEMS
OF  THE  CITY  OF  NEW  YORK SHALL BE EQUAL TO THE ADOPTED BUDGET OF THE
OFFICE OF THE ACTUARY FOR CITY FISCAL YEAR TWO THOUSAND NINE  AS  SPECI-
FIED IN THE ADOPTED BUDGET OF THE CITY OF NEW YORK INCLUDING ANY MODIFI-
CATIONS  THERETO. THE COSTS OF THE ANNUAL BUDGET IN CITY FISCAL YEAR TWO
THOUSAND TEN AND THE COSTS OF THE APPROVED ANNUAL BUDGET IN EACH  SUBSE-
QUENT  YEAR  SHALL  BE  ALLOCATED AMONG THE: 1. NEW YORK CITY EMPLOYEES'
RETIREMENT SYSTEM; 2. NEW YORK CITY TEACHERS' RETIREMENT SYSTEM; 3.  NEW
YORK  CITY BOARD OF EDUCATION RETIREMENT SYSTEM; 4. NEW YORK CITY POLICE
PENSION FUND; AND 5. NEW YORK CITY FIRE  DEPARTMENT  PENSION  FUND,  AND
SHALL  BE ASSESSED ANNUALLY ON A PRO RATA SHARE BASED UPON THE ASSETS OF
SUCH SYSTEMS AS DETERMINED BY THE OFFICE OF THE COMPTROLLER OF THE  CITY
OF NEW YORK AS OF THE THIRTIETH DAY OF JUNE OF THE PRECEDING FISCAL YEAR
AND  SHALL  BE PAYABLE BY THE LAST DAY OF THE CALENDAR YEAR IN WHICH THE
EXPENSES WERE ASSESSED. THE BOARD OF TRUSTEES OF THE: (I) NEW YORK  CITY
EMPLOYEES'  RETIREMENT  SYSTEM;  (II) NEW YORK CITY TEACHERS' RETIREMENT
SYSTEM; (III) NEW YORK CITY BOARD OF EDUCATION RETIREMENT  SYSTEM;  (IV)
NEW YORK CITY POLICE PENSION FUND; AND (V) NEW YORK CITY FIRE DEPARTMENT
PENSION  FUND  MAY  DRAW  UPON  THE  ASSETS OF ITS RESPECTIVE RETIREMENT
SYSTEM TO FUND ITS PRO RATA SHARE.
  G. THE ACTUARY OF THE FIVE ACTUARIALLY FUNDED  RETIREMENT  SYSTEMS  OF
THE  CITY OF NEW YORK SHALL HAVE THE POWER TO OBTAIN BY EMPLOYMENT OR BY
CONTRACT THE GOODS, PROPERTY AND SERVICES NECESSARY TO  FULFILL  HIS  OR
HER POWERS, DUTIES AND RESPONSIBILITIES WITHIN THE APPROVED ANNUAL BUDG-
ET.  ALL  CONTRACTS  FOR  GOODS AND SERVICES ENTERED INTO BY THE ACTUARY
SHALL BE PROCURED AS PRESCRIBED IN CHAPTER THIRTEEN OF  THE  CHARTER  OF
THE CITY OF NEW YORK.
  H.  THE  PROVISIONS OF CHAPTER SEVENTEEN OF THE CHARTER OF THE CITY OF
NEW YORK SHALL CONTINUE TO APPLY TO THE ACTUARY AND  THE  ACTUARY  SHALL
CONSTITUTE  AN  AGENCY  FOR  THE PURPOSES OF SUCH CHAPTER SEVENTEEN. THE
ACTUARY SHALL NOT OBTAIN ANY LEGAL SERVICES BY THE RETENTION OF  EMPLOY-
EES OR BY CONTRACT UNLESS THE CORPORATION COUNSEL SHALL CONSENT THERETO.
  S  3.  This  act shall take effect on the ninetieth day after it shall
have become a law and shall expire and be deemed repealed June 30, 2011.

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