NY Ret & SS L § 316-C (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 316-C - Amortization of a Portion of the State's Contribution Bills for Fiscal Year Ending March Thirty-First, Two Thousand Five.

§  316-c.  Amortization of a portion of the state's contribution bills for fiscal year ending March thirty-first, two thousand five. a. If  the comptroller, in his or her discretion, decides to permit amortization of employer  contributions,  then,  on  or  before  October  fifteenth, two thousand three on the basis of the annual actuarial  valuation  provided for  in  this chapter, the comptroller shall determine the annual 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 the state is permitted to pay on an amortized basis) required to be paid pursuant to section three hundred twenty-three-a  of  this  article for  the  fiscal  year ending March thirty-first, two thousand five. The amount by which the contribution amount  with  respect  to  fiscal  year ending  March  thirty-first,  two thousand five exceeds seven percent of the pensionable salary base for fiscal year ending  March  thirty-first, two  thousand  five shall be the "amount eligible for amortization." The "amount eligible for amortization" shall be amortized  over  a  ten-year period  at eight percent interest per annum, with the first of ten equal payments payable during  fiscal  year  ending  March  thirty-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.  The  state  may, in lieu of paying its bill for fiscal year ending March thirty-first, two thousand five, pay a lesser amount during fiscal year ending March thirty-first, two thousand five  which  shall  be  the entire  bill  for  the  fiscal  year  ending  on March thirty-first, two thousand  five,   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. If the state makes the payment provided for in subdivision  b  of this  section,  the  state  shall  pay  during  fiscal year ending March thirty-first, two thousand six an amount determined by  the  comptroller by adding the following two amounts together:  (1)  the  state's  entire  bill  for  the  fiscal  year  ending  March thirty-first, two thousand six, calculated  pursuant  to  section  three hundred  twenty-three-a  of  this  article  (without  reference  to this section),  less  the  "amount  eligible  for  amortization"   determined pursuant  to  section  three  hundred  sixteen-d  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 each subsequent fiscal 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  August  first,  two  thousand four in addition to advising with respect to the amount due for the  current  year  billing, the  comptroller  shall  advise the state of the total amount due and be authorized to accept pre-payment in full of said amount for  the  fiscal year ending March thirty-first, two thousand five.  (2)  on or before each subsequent August first during the amortization period, in addition to the amount due for the current year  billing  and for  the  payment  of  the annual amortized installment, the comptroller shall advise the state of the total  amount  still  outstanding  and  be  authorized to accept the pre-payment of any balance remaining to be paid for that fiscal year.