11/19/08 N.Y. St. Reg. INS-30-08-00004-A
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Amendment of Part 136 (Regulation 85) of Title 11 NYCRR.
Statutory authority:
Insurance Law, sections 201, 301, 314, 7401(a) and 7402(n)
Subject:
Standards for the management of the State Employees' Retirement System and the Common Retirement Fund.
Purpose:
To establish high ethical standards, strengthen governance, and enhance transparency of the State Employees' Retirement Systems.
Substance of final rule:
Part 136 is retitled: "Public Retirement Systems"
The present Part 136 is renumbered to be Subpart 136-1 and titled: "Standards For Certain Actuarially Funded Public Retirement Systems". The use or the reference of "Part" has been changed to "Subpart" throughout Subpart 136-1. The New York State Employees' Retirement System and the New York State Policemen's and Firemen's Retirement System have been removed from Subpart 136-1 and included in the new Subpart 136-2.
A new Subpart 136-2, entitled "Standards for the New York State and Local Employees' Retirement System, the New York State and Local Police and Fire Retirement System and the New York State Common Retirement Fund" has been added.
Section 136-2.1 sets forth the main purposes of Subpart 136-2, including establishing standards to assure the conduct of the business of the state employees' retirement systems, the New York State Common Retirement Fund ("the Fund", which holds the assets of the retirement system), and of the State Comptroller (as administrative head of the retirement system and as sole trustee of the Fund) are consistent with the principles stipulated therein.
Section 136-2.2 contains the definitions for the Subpart.
Section 136-2.3 sets forth the fiduciary responsibilities for the Comptroller.
Section 136-2.4 provides guidance on governance responsibilities and ethics provisions for persons or entities having a fiduciary responsibility to the Fund.
Section 136-2.5 provides guidance on the disclosure, recordkeeping and reporting requirements.
Section 136-2.6 requires the Comptroller to establish an actuarial committee.
Section 136-2.7 indicates what is considered a breach of fiduciary responsibility, and the actions to be taken in the event of such a breach.
Final rule as compared with last published rule:
Nonsubstantive changes were made in sections 136-2.2(f), (g), 136-2.6(b)(3), 136-2.7(c), (f).
Text of rule and any required statements and analyses may be obtained from:
Andrew Mais, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, (212) 480-2285, email:
amais@ins.state.ny.usRevised Regulatory Impact Statement, Revised Regulatory Flexibility Analysis, Revised Rural Area Flexibility Analysis, Revised Job Impact Statement
Changes made to the proposed rule do not require changes to the last published Regulatory Impact Statement, Regulatory Flexibility Analysis for Small Businesses and Local Government, Rural Area Flexibility Analysis, or Job Impact Statement.
Assessment of Public Comment
The agency received no public comment.
