2023 New York Laws › RSS - Retirement and Social Security › Article 8 - New York State and Local Police and Fire Retirement System › Title 3 - Establishment, Management, Supervision and Financing › 311 - Duties of Comptroller; the Actuary.

§ 311. Duties of comptroller; the actuary. a. The comptroller shall be
  the  administrative  head  of  the  police  and  fire retirement system.
  Subject to the limitations of this article and of law, he or  she  shall
  adopt  and  may  amend, from time to time, rules and regulations for the
  administration and transaction of the business of the  police  and  fire
  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  police  and fire
  retirement system, and
3. Establish funds, in addition to those provided for by this article,
  which in his or her judgment are necessary or required  for  the  proper
  fiscal management of the police and fire 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 or she 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  investigation and upon the recommendations of the actuary, the
  comptroller shall:
1. Adopt for the police and fire 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 police and fire 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  police  and  fire
  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.
e. Special interest, if any, shall be credited annually  in  the  same
  manner  as  regular  interest pursuant to subdivision i of section three
  hundred 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 police and fire 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 or she determines to be  for  the  best
  interest of the retirement system and its members.