11/20/13 N.Y. St. Reg. AAC-47-13-00015-P
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed Action:
This is a consensus rule making to amend section 310.1 and Appendix 10 of Title 2 NYCRR.
Statutory authority:
Retirement and Social Security Law, sections 11(g), 311, 519 and 614
Subject:
Mortality and service tables for valuation purposes.
Purpose:
To update the mortality and service tables used for valuation purposes.
Substance of proposed rule:
Summary Section 310
It is necessary to intermittently update the regulation relating to, as well as the mortality and service tables used for, actuarial valuation of all the liabilities of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System. The most recent update of values was in the year 2010 and therefore the regulation and tables need to conform to such data. Such updates are necessary as life expectancies and other contributing factors change over time.
Summary of Update to Appendix 10
It is necessary to intermittently update the mortality and service tables used for actuarial valuation of all the liabilities of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System. Such updates are necessary as life expectancies and other contributing factors change over time.
Text of proposed rule and any required statements and analyses may be obtained from:
Jamie Elacqua, Office of the State Comptroller, 110 State Street, Albany, NY 12203, (518) 473-4146, email:
jelacqua@osc.state.ny.usData, views or arguments may be submitted to:
Same as above.
Public comment will be received until:
45 days after publication of this notice.
Consensus Rule Making Determination
This is a consensus rulemaking proposed for the purpose of making technical amendments to the text of Section 310.1 of Title 2 of NYCRR relating to the mortality and service tables used for actuarial valuation of all liabilities of the members of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System. These technical amendments relate to the mortality and service tables and it has been determined that no person is likely to object to the adoption of the rule as written.
