S T A T E   O F   N E W   Y O R K
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                                  2953

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2009
                               ___________

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.