New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 152 - Defined Benefit Service Award Programs For Volunteer Ambulance Workers › Section 152.9 - Sponsor contributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within 45 days of receiving from the
				administrator a copy of the certified list in accordance with section
				152.7  of this
				Part, the program actuary shall calculate and the administrator shall bill the
				sponsor for the contribution due for the calendar year ended on the immediately
				preceding December 31st. In addition to the program administration costs for
				such year, such contribution shall include the actuarially determined normal
				cost plus any prior service costs associated with the adoption of a program,
				including the conversion from a defined contribution plan service award program
				to a defined benefit plan program, or the adoption of an amendment to an
				existing program. For good cause shown, the program actuary may recalculate the
				contribution, and, in such a case, the administrator shall issue a corrected
				bill.
(b) Within 60 days of the
				invoice date of a bill for sponsor contributions, the sponsor shall pay to the
				administrator the total amount of the sponsor contribution shown on such
				invoice.
(c) The actuarial
				methodology and assumptions used by the program actuary to calculate such
				annual contribution shall be the same for all defined benefit plan service
				award programs.
(d) The actuarial
				methodology and assumptions used by the program actuary to calculate such
				annual contribution shall be reviewed beginning with the calendar year 2000
				sponsor contribution and for every third program (calendar) year thereafter by
				an independent enrolled actuary selected and retained by the program actuary
				subject to approval by the Comptroller. Such enrolled actuary shall submit a
				written report to the program actuary and the Comptroller regarding the
				appropriateness of the actuarial methodology and assumptions used by the
				program actuary in the calculation of the program costs and the funded status
				of the existing defined benefit plan program as a whole. In addition, the
				enrolled actuary, on a statistical random sampling basis of sufficient size,
				shall select a number of specific programs to audit for completeness and
				correctness of participant data, consistency of actuarial cost calculations
				with program provisions and correctness of actuarial calculations.
(e) Interest shall accrue and be paid by the
				sponsor on all contributions due during a calendar year but not received by the
				administrator within 60 days of the invoice date or the billing statement from
				the administrator to the sponsor for the amount of annual contribution owed.
				The interest rate or rates used to calculate such interest shall be the greater
				of:
(1) the investment return rate (or rates)
				assumed by the program actuary in the calculation of the normal cost component
				of such unpaid contribution; or
(2)
				the actual investment return rate earned by the volunteer ambulance workers'
				defined benefit plan service award program trust fund during the calendar year
				(or years) in which such unpaid contributions were due to be paid.