NY Ret & SS L § 11 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 2 - Establishment, Management, Supervision and Financing 11 - Duties of Comptroller; the Actuary.

§ 11. Duties of comptroller; the actuary.  a. The comptroller shall be the  administrative  head  of  the  retirement  system.  Subject  to the limitations of this article and of law, he shall adopt  and  may  amend, from  time  to  time,  rules  and regulations for the administration and transaction of the business of the retirement system and for the custody and control of its funds. The comptroller shall:   1. Maintain all necessary accounting records, and   2. Keep in convenient form such data as shall  be  necessary  for  the actuarial valuation of the various funds of the retirement system, and   3. Establish funds, in addition to those provided for by this article, which  in  his  judgment are necessary or required for the proper fiscal management of the retirement system, and   4. Perform such other functions as are required for the  execution  of the provisions of this article.   b.  The  comptroller  shall  engage the services of an actuary and may employ such other necessary technical and administrative  assistance  as he may require. For the purpose of determining upon the proper tables to be  prepared and submitted to the comptroller for adoption, the actuary, from time to time, but at least once in each five years, shall make such investigation of the mortality, service and compensation  experience  of the  members  as  the  comptroller  may  authorize. On the basis of such investigations  and  upon  the  recommendation  of  the   actuary,   the comptroller shall:   1.  Adopt for the retirement system such mortality and other tables as shall be deemed necessary, and   2. Certify the rates of deduction, if any, from compensation  computed to  be necessary to pay the annuities authorized under the provisions of this article.   3. From time to time, but at least once in each five years, promulgate a rate or rates of estimated future investment earnings.   4. From time  to  time,  but  at  least  once  in  every  five  years, promulgate a rate or rates of regular interest.   c.  On  the  basis  of  such aforesaid tables and an estimated rate or rates of future investment earnings as the comptroller shall adopt:   1. The actuary shall make  an  annual  valuation  of  the  assets  and liabilities of the funds of the retirement system, and   2.  The  comptroller  shall  certify  annually  the rates expressed as proportions of payroll of members, which shall be used in computing  the contributions   required   to  be  made  by  employers  to  the  pension accumulation fund.   d. The comptroller shall make an annual report showing  the  valuation of  the assets and liabilities of the funds of the retirement system, as certified by the actuary, a statement of receipts and disbursements  and his  or  her  recommendations  in  regard  thereto. Such report shall be published with and as a part of the annual report of the comptroller. In addition to the above annual report, an  actuarial  report  prepared  in accordance  with  generally recognized and accepted actuarial principles and practices which are consistent with  principles  prescribed  by  the Actuarial  Standards  Boards  (ASB) and the Code of Professional Conduct and Qualification Standards for Public Statements of  Actuarial  Opinion of  the  American  Academy of Actuaries, shall be published on or before October fifteenth of each fiscal year to include:   1.  The  following  membership  distributions   for   the   Employee's Retirement  System  (ERS) and Police and Fire Retirement Systems (PFRS), separately for the following categories: the  state,  cities,  counties, towns, villages, school districts, and miscellaneous.  (i)  For  active  members, five year age/service groups in matrix form showing numbers of members and average compensation.  (ii) For retired members, five year age/service at  retirement  groups in  matrix form showing number of members, average final average salary, and average annual pension.  (iii) For active members, number of members and total salary by tier.   2. For inactive employees, five year age/service groups in matrix form showing number of members and average last compensation.   3.  Any  other  information  needed  to  fully and fairly disclose the actuarial position of the plan.   4. A reconciliation to the prior year of the  number  of  all  members (active, inactive and retired), broken down by ERS and PFRS.   e.  Special  interest,  if any, shall be credited annually in the same manner as regular interest pursuant to subdivision i of section thirteen of this article to the individual annuity savings  accounts  of  persons who are members as of the close of the fiscal year.   f.  The  records  of  the  retirement  system  shall be open to public inspection.   g. The comptroller shall adopt and amend pursuant to this article only such rules and regulations as he determines to be for the best interests of the retirement system and its members.