N.Y. Comp. Codes R. & Regs. tit. 2 § 152.17

Current through Register Vol. 46, No. 50, December 11, 2024

Section 152.17 - Program actuary

(a) The Comptroller may designate a member of his staff or contract with an actuary to serve as the program actuary.

(b) The program actuary shall calculate:

(1) the estimated annual cost and the components thereof of all proposed defined benefit plan service award programs, including defined benefit plan programs which are converted from defined contribution plan service award programs, and amendments to existing defined benefit plan programs;

(2) the estimated costs to terminate a defined benefit plan service award program;

(3) for each calendar year during which a defined benefit plan service award program is in effect, the actual cost of the program, including all components of such actual cost;

(4) the amount of all actual distributions of service awards, including all amounts payable under actuarially equivalent forms of payment of service awards; and

(5) any other amounts, costs or actuarial present values related to a defined benefit plan service award program requested by the Comptroller, the program trustee or required by statute, rule or regulation or by generally accepted actuarial or accounting practices applicable to volunteer ambulance workers' defined benefit plan service award programs.

(c) The program actuary shall disclose the actuarial assumptions and actuarial methodology used to calculate the estimated and annual costs of a defined benefit plan service award program to the Comptroller and the program trustee. In addition, the program actuary shall upon request calculate and/or disclose any other information to the program trustee or the Comptroller.

(d) The program actuary shall cooperate with the administrator and program trustee to ensure the effective and efficient operation of the programs, including the provision in a timely manner of such information as the administrator and program trustee may require to exercise and perform their powers and duties.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 152.17