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Senate Bill S7599

2011-2012 Legislative Session

Provides for appointment of an actuary by the board of trustees tasked with administering police pension funds

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Cities Committee

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2011-S7599 (ACTIVE) - Details

See Assembly Version of this Bill:
A10613
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Amd ยงยง13-221 & 13-270, NYC Ad Cd

2011-S7599 (ACTIVE) - Summary

Provides for appointment of an actuary by the board of trustees tasked with administering police pension funds, as opposed to the board of estimate.

2011-S7599 (ACTIVE) - Sponsor Memo

2011-S7599 (ACTIVE) - Bill Text download pdf 

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

                                  7599

                            I N  S E N A T E

                              June 6, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

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:

  Section  1. The opening paragraph of section 13-221 of the administra-
tive code of the city of New York is amended to read as follows:
  The actuary appointed by the board [of estimate] shall be the  techni-
cal  adviser  of the board on all matters regarding the operation of the
funds provided for by this  subchapter  and  shall  perform  such  other
duties as are required of him or her. He or she shall keep in convenient
form such data as shall be necessary for the actuarial valuation of such
funds.    Every  five  years, he or she shall make an actuarial investi-
gation into the mortality, service and compensation  experience  of  the
members  and  beneficiaries  as defined by this subchapter and he or she
shall make a valuation, as of June thirtieth of each year, of the assets
and liabilities of the various funds provided for by this subchapter  at
such times as he or she shall determine. Upon the basis of such investi-
gation such board shall:
  S 2. Subdivision d of section 13-270 of the administrative code of the
city  of  New  York,  as  amended by chapter 247 of the laws of 1988, is
amended to read as follows:
  d. The actuary appointed pursuant to section [13-121]  13-221  of  the
code shall be the technical advisor of the board.
  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.

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