§ 16-b. Notice of change. (1) The comptroller, on or before the
fifteenth day of October of each year, shall submit to the director of
the division of the budget and the chairmen of the senate finance
committee and the assembly ways and means committee written notice of
any proposed material change in the annual actuarial valuation provided
for in this article or any other material change, other than those
provided by legislation or resolution, affecting the state's or any
other participating employer's estimated or actual obligations to the
pension accumulation fund and the New York state public employees group
life insurance plan for the succeeding fiscal year.

(2) Notwithstanding any provision of law to the contrary, for fiscal
years commencing April first, nineteen hundred eighty-eight, April
first, nineteen hundred eighty-nine and April first, nineteen hundred
ninety the actuarial value of assets shall be calculated using the five
year smoothing method that was used for the fiscal year commencing April
first, nineteen hundred eighty-seven which method has been determined to
be actuarially sound.