N.Y. Comp. Codes R. & Regs. tit. 2 § 155.16

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

Section 155.16 - Program actuary

(a) The Comptroller may designate a member of his or her 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 State-administered defined benefit volunteer firefighter service award programs and amendments to existing State-administered defined benefit volunteer firefighter service award programs;

(2) the estimated costs to terminate a State-administered defined benefit volunteer firefighter service award program;

(3) for each calendar year during which a State-administered defined benefit volunteer firefighter service award program is in effect, the actual cost of the State-administered defined benefit volunteer firefighter service award 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;

(5) any other amounts, costs or actuarial present values related to a State-administered defined benefit volunteer firefighter service award program requested by the Comptroller, the program trustee or required by law, rule or regulation or by generally accepted actuarial or accounting practices applicable to State-administered defined benefit volunteer firefighter 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 State-administered defined benefit volunteer firefighter 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 State-administered defined benefit volunteer firefighter service award 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.

(e) The fee for providing such services and any other services provided by the program actuary shall be a charge against the sponsor and not exceed the amount or amounts which the program actuary is permitted to charge pursuant to an agreement between the program actuary and the Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 155.16