2006 New York Code - Board Of Trustees.

 
    §  13-384 Board of trustees. a. The variable supplements fund shall be
  administered by a board of trustees which shall, subject  to  applicable
  provisions  of  law  and to the prior approval of the board of estimate,
  from time to time establish rules and regulations for the administration
  and transaction of the business of such fund and  for  the  control  and
  disposition thereof.
    b. Such board shall consist of:
    1.  The  representative  of  the mayor who is a member of the board of
  trustees of pension fund subchapter two, who shall be entitled  to  cast
  one  vote.  The  mayor may, by instrument in writing filed in his or her
  office and with the board, designate one or more members of his  or  her
  office  to  act  in  the place of such representative at meetings of the
  board, in the event of such representative's absence therefrom.
    2. The comptroller of the city, who shall  be  entitled  to  cast  one
  vote.    Any deputy comptroller authorized, pursuant to subdivision b of
  section ninety-four of the New York city charter, to act in the place of
  the comptroller as a member of the board of trustees  of  pension  fund,
  subchapter two, may be authorized by the comptroller, in accordance with
  the  provisions  of  such  subdivision  b,  to  act  in the place of the
  comptroller as a member of the board.
    2-a. The commissioner of finance, who shall be entitled  to  cast  one
  vote.  Such  commissioner  may, by instrument in writing filed in his or
  her office and with the board, designate one or more members of  his  or
  her  office  to act in his or her place at meetings of the board, in the
  event of such commissioner's absence therefrom.
    3. Two members of the association designated by it, who shall each  be
  entitled  to  cast one vote. The members so designated shall be officers
  of the association who are members of the board of trustees  of  pension
  fund  subchapter  two.  Each  such  designee may at any time, by written
  authorization filed with the board, authorize any other officer  of  the
  association  to  act in his or her place as a member of the board in the
  event of such designee's absence from any meeting thereof; provided that
  the  by-laws  or  constitution  of  the  association  provide  for   the
  designation of a representative for such purpose.
    c.  Every  act  of  the  board  shall  be by resolution which shall be
  adopted only by a vote of at least three-fifths of the whole  number  of
  votes authorized to be cast by all of the members of such board.
    d.  The actuary appointed pursuant to section 13-121 of the code shall
  be the technical advisor of the board.
    e.   (1)   As   of   June   thirtieth   of   the   nineteen    hundred
  eighty-eight--nineteen  hundred  eighty-nine  base fiscal year and as of
  June thirtieth of each succeeding base fiscal year, the actuary referred
  to in subdivision d of this section shall make a valuation of the assets
  and liabilities of the variable supplements fund in accordance with  the
  requirements of the succeeding paragraphs of this subdivision e.
    (2)  The  actuary shall base such annual valuation of liabilities only
  (A) upon the persons who, as of each such June  thirtieth,  are  pension
  fund  beneficiaries or persons eligible to receive supplemental benefits
  pursuant to subdivision e of section 13-385 of this subchapter  and  (B)
  upon the persons who, being firefighters or fire marshals (uniformed) in
  service as of such June thirtieth, may be actuarially expected to retire
  thereafter as firefighters or fire marshals (uniformed) for service with
  twenty or more years of service creditable toward the minimum period and
  (C)  with  respect  to  any  such  valuation  for  any  base fiscal year
  beginning on or after July first, nineteen hundred ninety-two, also upon
  the persons  who,  being  wipers  (uniformed)  in  service  as  of  June
  thirtieth  of  such  base  fiscal  year  beginning on or after such July
  first, may be  actuarially  expected  to  retire  thereafter  as  wipers


  (uniformed)  or  firefighters  or  fire marshals (uniformed) for service
  with twenty or more years  of  service  creditable  toward  the  minimum
  period.
    (3) The liabilities determined in such valuation shall be equal to the
  actuarial  present  value  of  accumulated  plan benefits. The actuarial
  assumptions used by the actuary  in  making  such  annual  valuation  of
  liabilities,  including  assumptions  as  to interest rate, mortality of
  pension fund beneficiaries and number of firefighters and fire  marshals
  (uniformed)  in service as of June thirtieth who will retire for service
  as firefighters or fire marshals (uniformed) with twenty or  more  years
  of  service  creditable  toward the minimum period, and, with respect to
  the base fiscal years referred to in subparagraph (C) of  paragraph  two
  of  this  subdivision, the number of wipers (uniformed) in service as of
  the applicable June thirtieth who will  retire  for  service  as  wipers
  (uniformed)  or firefighters or fire marshals (uniformed) with twenty or
  more years of service creditable toward the  minimum  period,  shall  be
  adopted by the board on the recommendation of the actuary.
    (4)  For  the  purposes  of such annual valuation of the assets of the
  variable supplements fund, such assets shall be  valued  at  their  fair
  market value as of each such June thirtieth.
    f.  The  fire  commissioner  shall  assign to the board such number of
  clerical and other assistants as may be necessary for the performance of
  its functions.