N.Y. Retirement & Social Security Law § 316-b: Notice of change

§ 316-b. Notice of change. (1) The comptroller, on or before the

fifteenth day of October of each year, shall submit to the director of

the division of the budget and the chairmen of the senate finance

committee and the assembly ways and means committee written notice of

any proposed material change in the annual actuarial valuation provided

for in this article or any other material change, other than those

provided by legislation or resolution, affecting the state's or any

other participating employer's estimated or actual obligations to the

pension accumulation fund and the New York state public employees group

life insurance plan for the succeeding fiscal year.

(2) Notwithstanding any provision of law to the contrary, for fiscal

years commencing April first, nineteen hundred eighty-eight, April

first, nineteen hundred eighty-nine and April first, nineteen hundred

ninety the actuarial value of assets shall be calculated using the five

year smoothing method that was used for the fiscal year commencing April

first, nineteen hundred eighty-seven which method has been determined to

be actuarially sound.