AAC-41-15-00002-EP Mortality Tables for the Determination of Benefits

10/14/15 N.Y. St. Reg. AAC-41-15-00002-EP

NEW YORK STATE REGISTER

VOLUME XXXVII, ISSUE 41

October 14, 2015

RULE MAKING ACTIVITIES

DEPARTMENT OF AUDIT AND CONTROL

EMERGENCY/PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. AAC-41-15-00002-EP

Filing No. 849

Filing Date. Sept. 24, 2015

Effective Date. Sept. 24, 2015

Mortality Tables for the Determination of Benefits

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:

Proposed Action:

Amendment of section 310.2(b); and addition of section 310.2(c) to Title 2 NYCRR.

Statutory authority:

Retirement and Social Security Law, sections 11 and 311

Finding of necessity for emergency rule:

Preservation of general welfare.

Specific reasons underlying the finding of necessity:

Upon the recommendation of the actuary of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System, updated mortality tables are necessary for the purpose of appropriately determining the benefits available to members of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.

Subject:

Mortality tables for the determination of benefits.

Purpose:

To conform regulatory language to the most recently updated mortality tables for the determination of benefits.

Text of emergency/proposed rule:

b) Notwithstanding the above, the 1999 mortality tables (set forth in tables 44-[56] 48, Appendix 10-A) shall be applicable to individuals in all tiers of membership in the New York State and Local Retirement System and the New York State and Local Police and Fire Retirement System who retire on or after [the effective date of this regulatory amendment] January 16, 1999 and before October 15, 2015. These 1999 tables may only be used with a 7% interest rate, and shall be the exclusive tables used with respect to individuals who retire under Article 15 of the Retirement and Social Security Law on or after [the effective date of this regulatory amendment] January 16, 1999 and before October 15, 2015.

(c) Notwithstanding the above, the 2015 mortality tables (set forth in tables 49-53, Appendix 10-A) shall be applicable to individuals in all tiers of membership in the New York State and Local Retirement System and the New York State and Local Police and Fire Retirement System who retire on or after October 15, 2015. These 2015 tables may only be used with a 6.6% interest rate, and shall be the exclusive tables used with respect to individuals who retire under Article 15 of the Retirement and Social Security Law on or after October 15, 2015.

This notice is intended:

to serve as both a notice of emergency adoption and a notice of proposed rule making. The emergency rule will expire December 22, 2015.

Text of rule and any required statements and analyses may be obtained from:

Jamie Elacqua, Office of the State Comptroller, 110 State Streeet, Albany, NY 12236, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Same as above.

Public comment will be received until:

45 days after publication of this notice.

Regulatory Impact Statement

A regulatory Impact Statement is not required because the proposed amendment involves only a technical amendment to conform the language of the rule with the most recently updated mortality tables.

Regulatory Flexibility Analysis

The Office of the State Comptroller finds that the rule will not impose any adverse economic impact or reporting, recordkeeping or other compliance requirements on small businesses or local governments because the proposed amendment does not relate to small businesses or require any action by a local government.

Rural Area Flexibility Analysis

The Office of the State Comptroller finds that the rule will not impose any adverse impact on rural areas or reporting, recordkeeping or other compliance requirements on public or private entities in rural areas because the proposed amendment does not relate to rural areas or require any action by public or private entities in rural areas.