New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 312 - New York State Public Employees Group Life Insurance
Section 312.5 - Premiums

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 312.5
Current through Register Vol. 46, No. 12, March 20, 2024

The actuary shall annually investigate the plan's claim experience as provided by section 11 of the Retirement and Social Security Law. On the basis of such investigations and upon the recommendation of the actuary, the Comptroller shall certify the premium rates computed to be necessary to fund the group term life insurance authorized to be paid by the plan, as follows: As soon as practicable after the beginning of each fiscal year, the actuary shall estimate the amount which will be necessary to maintain a reserve which will be sufficient to pay at least one-half the amount of benefits estimated to become payable during a fiscal year. On the basis of such estimate, the Comptroller shall certify the premium which the State of New York and participating employers in the retirement systems are required to pay into the reserve funds to discharge the obligations of the plan. A statement of the amount so payable shall be submitted to the State of New York and to each participating employer as provided by sections 16, 17, 23, 316, 317 and 323 of the Retirement and Social Security Law.

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