A08059 Summary:

BILL NO    A08059A

SAME AS    Same as Uni. S 5418-A

SPONSOR    Abbate

COSPNSR    Saladino

MLTSPNSR   

Add SS809 & 810, R & SS L

Provides that actuaries of the NYS public retirement systems shall prepare
fiscal notes pursuant to requirements of the legislative law and establishes
the actuarial integrity oversight board.

A08059 Actions:

BILL NO    A08059A

05/01/2009 referred to governmental employees
05/12/2009 amend and recommit to governmental employees
05/12/2009 print number 8059a
05/19/2009 reported referred to ways and means
05/19/2009 reported 
05/21/2009 advanced to third reading cal.636
01/06/2010 referred to governmental employees

A08059 Votes:

A08059 Memo:

BILL NUMBER:A8059A

TITLE OF BILL:  An act to amend the retirement and social security law,
in relation to the preparation of legislative fiscal notes and providing
for the repeal of such provisions upon expiration thereof

PURPOSE:  The purpose of this legislation is to provide the state legis-
lature with accurate, timely fiscal notes on bills that are being
reviewed so that a sound decision may be made with regard to legislative
action.

JUSTIFICATION:  It is critically important to ensure that all fiscal
notes required pursuant to section 50 of the legislative law reflect the
most accurate estimate of the total cost of any proposed change to a
retirement system or plan of the state of New York or any of its poli-
tical subdivisions. In order to accomplish this public purpose, this
bill would mandate that all fiscal notes required pursuant to section 50
should be prepared and submitted by the chief actuary of the affected
retirement system or plan, if applicable, in as timely a manner as prac-
ticable. This bill would also require that all fiscal notes generated
pursuant to such section shall represent the best faith estimate of the
chief actuary of the affected retirement system or plan, if applicable,
and that such estimate shall be generated in accordance with the gener-
ally-accepted actuarial standards and practices in effect at the time
for such retirement system or plan.  This bill provides the legislature
with precise insight into the cost estimates of legislation that affects
the retirement systems or plans across the state.

SUMMARY OF PROVISIONS:  Section one - Legislative Findings.

Section two - would amend the retirement and social security law, adding
two new sections, 809 and 810, to allow for preparation of legislative
fiscal notes, State and City systems, and funding for such preparation.

Sections three - Effective Date.

LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS:  If this bill were enacted in the 2009 Legislative
Session, there would be no cost to the State of New York. If this bill
were enacted in the 2009 Legislative Session, it would save the City of
New York approximately $6 million dollars that is currently allocated in
the City budget for the operations of NYC Actuary.

EFFECTIVE DATE:  This act would take effect Ninety days after is shall
have become law and be deemed repealed on June 30, 2011.