Assembly Bill A8944

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

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Archive: Last Bill Status - In Assembly 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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2009-A8944 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Legislative Law
Laws Affected:
Amd §50, Leg L; add §§809 & 810, R & SS L

2009-A8944 (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 oversight board.

2009-A8944 (ACTIVE) - Sponsor Memo

2009-A8944 (ACTIVE) - Bill Text download pdf

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

                                  8944

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 16, 2009
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on Governmental Employees

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

  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. Section 50 of the legislative law, as added by chapter 503 of the
laws of 1971, is amended to read as follows:
  S 50. Fiscal  note  in retirement bills. A bill which enacts or amends
any provision of law relating to a retirement  system  or  plan  of  the
state  of New York or of any of its political subdivisions shall contain
a fiscal note stating the estimated annual cost to the employer affected
and the source of such estimate.  ALL  FISCAL  NOTES  REQUIRED  BY  THIS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11714-06-9

              

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