NY Ret & SS L § 317-B (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 3 - Establishment, Management, Supervision and Financing 317-B - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Four--Two Thousand Five Fiscal Year.

§  317-b.  Amortization  of  a  portion of the bills for participating employers for the two thousand four--two thousand five fiscal  year.  a. If  the  comptroller,  in  his  or  her  discretion,  decides  to permit amortization of  employer  contributions,  then,  on  or  about  October fifteenth,  two  thousand  three,  on  the basis of the annual actuarial valuation provided for in this chapter, the comptroller shall  determine the  amount  (exclusive  of  payments  for  group  term  life insurance, deficiency  payments,  adjustments  relating  to  prior  fiscal   years' obligations  and  obligations pertaining to retirement incentives or any other obligations that a participating employer is permitted to  pay  on an  amortized  basis)  of  the  annual  contribution for a participating employer pursuant  to  section  three  hundred  twenty-three-a  of  this article  due for the fiscal year ending March thirty-first, two thousand five, as of December fifteenth, two thousand four. The amount  by  which such  contribution  exceeds  seven  percent of the estimated pensionable salary base for the fiscal year ending March thirty-first, two  thousand five  shall  be  the  "amount  eligible  for  amortization". The "amount eligible for amortization" may be amortized over a  ten-year  period  at eight  percent  interest per annum, with the first of ten equal payments payable on February first, two thousand six, provided, however, that  on or  before September first, two thousand four the comptroller, in his or her discretion, may establish a fixed rate of interest per annum  to  be applied to the amounts eligible for amortization of all employers, which more  closely approximates a market rate of return on taxable fixed rate securities with similar terms issued by comparable issuers.   b. A participating  employer,  may,  in  lieu  of  paying  its  entire February  first, two thousand five bill, pay a lesser amount on February first, two thousand five which shall be the entire February  first,  two thousand  five  bill,  calculated  pursuant  to  section  three  hundred twenty-three-a of this article (without reference to this section)  less the "amount eligible for amortization".   b-1. A participating employer making a payment pursuant to subdivision b  of  this  section  shall  pay  on February first, two thousand six an amount determined by the comptroller by adding the following two amounts together:  (1) the entire February  first,  two  thousand  six  bill,  calculated pursuant to section twenty-three-a of this article (without reference to this  section),  less  the "amount eligible for amortization" determined pursuant to section  three  hundred  seventeen-c  of  this  article,  if applicable; and  (2)   the  first  annual  installment  of  the  "amount  eligible  for amortization" determined pursuant to this section.   c. The remaining amortized  payments  shall  be  due  and  payable  on February  first  of  each  year  during  the  amortization  period.  The comptroller shall have the authority to permit the  pre-payment  of  the remaining  balance of the "amount eligible for amortization", subject to the following:  (1) on or before November fifteenth, two thousand four in addition  to the  amount  due  for  the  current  year billing, the comptroller shall advise each participating employer  of  the  total  amount  due  and  be authorized  to  accept  pre-payment  in  full of said amount by February first, two thousand five.  (2) on or before each November fifteenth thereafter,  in  addition  to the  amount  due for the current year billing and for the payment of the annual  amortized  installment,  the  comptroller  shall   advise   each participating  employer  of  the  total  amount still outstanding and be authorized to accept the pre-payment of any balance remaining to be paid by February first of the succeeding year.