NY Ret & SS L § 17-C (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 2 - Establishment, Management, Supervision and Financing 17-C - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Five--Two Thousand Six Fiscal Year.

§  17-c.  Amortization  of  a  portion  of the bills for participating employers for the two thousand five--two thousand six fiscal year. a. If the  comptroller,  in  his  or  her  discretion,   decides   to   permit amortization  of  employer contributions pursuant to this section, then, on or about October fifteenth, two thousand four, 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  twenty-three-a  of  this article  due for the fiscal year ending March thirty-first, two thousand six. The amount by which such contribution  exceeds  nine  and  one-half percent  of  the  estimated  pensionable salary base for the fiscal year ending March  thirty-first,  two  thousand  six  shall  be  the  "amount eligible  for  amortization".  An  amount up to 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 seven, provided, however, that on or before September first, two thousand five,  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 six bill, pay a lesser amount  on  February first,  two thousand six which shall be 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 subdivision a of this section; and  (2)  the  first  annual  installment  of  the  "amount  eligible   for amortization"   determined   pursuant   to   subdivision  a  of  section seventeen-b of this article, if applicable.   c. A participating employer making a payment pursuant to subdivision b of this section shall pay on  February  first,  two  thousand  seven  an amount  determined  by  the  comptroller  by  adding the following three amounts together:  (1) the entire February first, two  thousand  seven  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 seventeen-d of this article, if applicable;  (2)  the  first  annual  installment  of  the  "amount  eligible   for amortization" determined pursuant to subdivision a of this section; and  (3)  the  second  annual  installment  of  the  "amount  eligible  for amortization"  determined  pursuant  to   subdivision   a   of   section seventeen-b of this article, if applicable.   d.  Amortized  payments determined pursuant to section seventeen-b and pursuant to this section shall be due and payable on February  first  of each  year  during  the  applicable amortization period. The comptroller shall have the authority to permit  the  pre-payment  of  the  remaining balance of the "amount eligible for amortization" determined pursuant to both such sections subject to the following:  (1)  on  or before November fifteenth, two thousand six in addition to the amount due for the current year billing and for the payment  of  the amortized  annual installment determined pursuant to section seventeen-b  and  pursuant  to  this  section,  the  comptroller  shall  advise   the participating  employer  of  the  total  amount due and be authorized to accept pre-payment in  full  of  said  amount  by  February  first,  two thousand seven.  (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   installments,  the  comptroller  shall  advise  the 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.