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History
- Referred to cities
Companion bill
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Provides for appointment of an actuary by the board of trustees tasked with administering police pension funds
In Assembly Committee · Governmental Employees · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7599
Title of bill
An act to amend the administrative code of the city of New York, in relation to providing for appointment of an actuary by the board of trustees tasked with administering police pension funds
Purpose
This bill provides for the appointment of an actuary by the board of trustees tasked with administering police pension funds.
Summary of provisions
Section 1 - Amends the opening paragraph of section 13-221 of the administrative code of the city of New York. Names the actuary technical adviser of the board on all matters regarding the operation of funds, and empowers them to perform such duties that are required of him or her. This actuary shall conveniently keep such data that is necessary for the actuarial variation of such funds. Requires the actuary to make an actuarial investigation into the mortality, service and compensation experience of the members and beneficiaries every five years, as well as a valuation of the assets and liabilities of the various funds at such times the actuary determines.
Section 2- Amends subdivision d of section 13-270 of the administrative code of the city of New York. Names the actuary appointed pursuant to section 13221 of the administrative code the technical advisor of the board.
Justification
This bill will update the provision for appointing the Actuary of the Police Pension Fund. The current law identifies the Board of Estimate as the entity empowered to appoint the Actuary. The Board of Estimate no longer exists. This law updates that provision by authorizing the Board of Trustees of the Police Pension Fund to hire their Actuary.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.