N.Y. Retirement & Social Security Law § 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.