§ 120-114. Actuarial notes.
§120‑114. Actuarial notes.
(a) Every bill, jointresolution, and simple or concurrent resolution introduced in the GeneralAssembly proposing any change in the law relative to any State, municipal, orother retirement system, funded in whole or in part out of public funds, or anyprogram of hospital, medical, disability, or related benefits provided forteachers and State employees, funded in whole or in part by State funds, shallhave attached to it at the time of its consideration by any committee of eitherhouse of the General Assembly a brief explanatory statement or note which shallinclude a reliable estimate of the financial and actuarial effect of theproposed change in any such retirement system or program of hospital, medical,disability, or related benefits. This actuarial note shall be attached to theoriginal of each proposed bill or resolution which is reported favorably by anycommittee of either house of the General Assembly, but shall be separatetherefrom, shall be clearly designated as an actuarial note and shall notconstitute a part of the law or other provisions or expression of legislativeintent proposed by the bill or resolution.
(b) The author of eachbill or resolution shall present a copy of the bill or resolution, with hisrequest for an actuarial note, to the Fiscal Research Division which shall havethe duty to prepare said actuarial note as promptly as possible. Actuarialnotes shall be prepared and transmitted to the author or authors no later thantwo weeks after the request for the actuarial note is made, unless an extensionof time is agreed to by the author or authors as being necessary in preparationof the note. Any person who signs an actuarial note knowing it to contain falseinformation shall be fined not more than five hundred dollars ($500.00) orimprisoned not more than six months, or both.
(c) The author of eachbill or resolution shall also present a copy of the bill or resolution to anyactuary employed by the retirement system, or to any actuary employed by a programof hospital, medical, disability, or related benefits provided for teachers andState employees, affected by the bill or resolution in question. Actuarialnotes shall be prepared and transmitted to the author or authors of the measureno later than two weeks after the request for the actuarial note is received,unless an extension of time is agreed to by the author or authors as beingnecessary in preparation of the note. Any person who signs an actuarial noteknowing it to contain false information shall be fined not more than fivehundred dollars ($500.00) or imprisoned not more than six months, or both. Theprovisions of this subsection may be waived for any local government retirementor pension plans not administered by the State, and for any local governmentprogram of hospital, medical, disability, or related benefits for localgovernment employees not administered by the State.
(d) The note shall befactual and shall, if possible, provide a reliable estimate of both theimmediate effect and, if determinable or reasonably foreseeable, the long rangefiscal and actuarial effect of the measure. If, after careful investigation, itis determined that no dollar estimate is possible, the note shall contain astatement to that effect, setting forth the reasons why no dollar estimate canbe given. No comment or opinion shall be included in the actuarial note withregard to the merits of the measure for which the note is prepared. However,technical and mechanical defects may be noted.
(e) At any time any committeeof either house reports any legislative instrument, to which an actuarial noteor notes are attached at the time of committee consideration, with anyamendment of such nature as would substantially affect the cost to or therevenues of any retirement system, or program of hospital, medical, disability,or related benefits for teachers and State employees, as stated in theactuarial note or notes attached to the measure at the time of suchconsideration, it shall be the responsibility of the chairman of the committeereporting such instrument to obtain from the Fiscal Research Division anactuarial note of the fiscal and actuarial effect of the change proposed by theamendment reported. Such actuarial note shall be attached to the report of thecommittee on the measure as a supplement thereto. A floor amendment to a billor resolution to which an actuarial note was attached at the time of committeeconsideration of the bill or resolution shall not be in order, if the amendmentaffects the costs to or the revenues of a retirement system, or program ofhospital, medical, disability, or related benefits provided for teachers andState employees, unless the amendment is accompanied by an actuarial note,prepared by the Fiscal Research Division, as to the actuarial effect of theamendment. (1977, c. 503, s. 3; 1985, c. 189; 1987 (Reg. Sess.,1988), c. 1091, s. 3; 1989, c. 261.)