§ 311. Duties of comptroller; the actuary. a. The comptroller shall be
the administrative head of the police and fire retirement system.
Subject to the limitations of this article and of law, he or she shall
adopt and may amend, from time to time, rules and regulations for the
administration and transaction of the business of the police and fire
retirement system and for the custody and control of its funds. The
comptroller shall:

1. Maintain all necessary accounting records, and

2. Keep in convenient form such data as shall be necessary for the
actuarial valuation of the various funds of the police and fire
retirement system, and

3. Establish funds, in addition to those provided for by this article,
which in his or her judgment are necessary or required for the proper
fiscal management of the police and fire retirement system, and

4. Perform such other functions as are required for the execution of
the provisions of this article.

b. The comptroller shall engage the services of an actuary and may
employ such other necessary technical and administrative assistance as
he or she may require. For the purpose of determining upon the proper
tables to be prepared and submitted to the comptroller for adoption, the
actuary, from time to time, but at least once in each five years, shall
make such investigation of the mortality, service and compensation
experience of the members as the comptroller may authorize. On the basis
of such investigation and upon the recommendations of the actuary, the
comptroller shall:

1. Adopt for the police and fire retirement system such mortality and
other tables as shall be deemed necessary, and

2. Certify the rates of deduction, if any, from compensation computed
to be necessary to pay the annuities authorized under the provisions of
this article.

3. From time to time, but at least once in each five years, promulgate
a rate or rates of estimated future investment earnings.

4. From time to time, but at least once in every five years,
promulgate a rate or rates of regular interest.

c. On the basis of such aforesaid tables and an estimated rate or
rates of future investment earnings as the comptroller shall adopt:

1. The actuary shall make an annual valuation of the assets and
liabilities of the funds of the police and fire retirement system, and

2. The comptroller shall certify annually the rates expressed as
proportions of payroll of members, which shall be used in computing the
contributions required to be made by employers to the pension
accumulation fund.

d. The comptroller shall make an annual report showing the valuation
of the assets and liabilities of the funds of the police and fire
retirement system, as certified by the actuary, a statement of receipts
and disbursements and his or her recommendations in regard thereto. Such
report shall be published with and as a part of the annual report of the
comptroller.

e. Special interest, if any, shall be credited annually in the same
manner as regular interest pursuant to subdivision i of section three
hundred thirteen of this article to the individual annuity savings
accounts of persons who are members as of the close of the fiscal year.

f. The records of the police and fire retirement system shall be open
to public inspection.

g. The comptroller shall adopt and amend pursuant to this article only
such rules and regulations as he or she determines to be for the best
interest of the retirement system and its members.