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- Referred to governmental employees
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Full text
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Sponsor's memo
BILL NUMBER:A8944
Title of bill
An act to amend the legislative law and the retirement and social security law, in relation to the preparation of legislative fiscal notes and providing for the repeal of such provisions upon expiration thereof
Purpose
The purpose of this legislation is to provide the state legislature with accurate, timely fiscal notes on bills that are being reviewed so that a sound decision may be made with regard to legislative action.
Justification
It is critically important to ensure that all fiscal notes required pursuant to section 50 of the legislative law reflect the most accurate estimate of the total cost of any proposed change to a retirement system or plan of the state of New York or any of its political subdivisions. In order to accomplish this public purpose, this bill would mandate that all fiscal notes required pursuant to section 50 should be prepared and submitted by the chief actuary of the affected retirement system or plan, if applicable, in as timely a manner as practicable. This bill would also require that all fiscal notes generated pursuant to such section shall represent the best faith estimate of the chief actuary of the affected retirement system or plan, if applicable, and that such estimate shall be generated in accordance with the generally-accepted actuarial standards and practices in effect at the time for such retirement system or plan. This bill provides the legislature with precise insight into the cost estimates of legislation that affects the retirement systems or plans across the state.
Summary of provisions
Section one - Legislative Findings. Section two - would amend the legislative law section 50 to require fiscal notes to be prepared by the chief actuary of the affected retirement system or plan.
Section three - would amend the retirement and social security law, adding two new sections, 809 and 810, to allow for preparation of legislative fiscal notes, State and City systems, and funding for such preparation.
Sections four - Effective Date.
Legislative history
New Bill.
Fiscal implications
If this bill were enacted in the 2009 Legislative Session, there would be no cost to the State of New York. If this bill were enacted in the 2009 Legislative Session, it would save the City of New York approximately $6 million dollars that is currently allocated in the City budget for the operations of NYC Actuary.
Effective date
This act would take effect Ninety days after is shall have become law and be deemed repealed on June 30, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.