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

§  316-d.  Amortization of a portion of the state's contribution bills for fiscal year ending March thirty-first, two thousand six. a.  If  the comptroller, in his or her discretion, decides to permit amortization of employer  contributions  pursuant to this section, then, on the basis of the annual actuarial valuation made as of April first, two thousand four as 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  six.  The amount by which the contribution amount with respect  to  fiscal  year  ending  March  thirty-first,  two thousand  six  exceeds  nine  and  one-half  percent  of  the  estimated pensionable salary base for fiscal year ending March  thirty-first,  two thousand  six  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  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 unpaid balance  of 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 the fiscal year ending March thirty-first, two thousand six, pay a lesser amount  during the  fiscal year ending March thirty-first, two thousand six which shall be determined by the comptroller by adding  the  following  two  amounts together:  (1)  the entire bill for the fiscal year ending on 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 subdivision a of this section; and  (2)   the  first  annual  installment  of  the  "amount  eligible  for amortization" determined pursuant to section three hundred sixteen-c  of this title, if applicable.   c.  If  the  state  makes the payment provided for in subdivision b of this section, the state shall pay during the fiscal  year  ending  March thirty-first, two thousand seven an amount determined by the comptroller by adding the following three amounts together:  (1)  the  state's  entire  bill  for  the  fiscal  year  ending  March thirty-first, two thousand seven, calculated pursuant to  section  three hundred  twenty-three-a  of  this  article  (without  reference  to this section);  (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  three hundred sixteen-c of this title, if applicable.   d.  The  remaining  amortized  payments determined pursuant to section three hundred sixteen-c of this title and pursuant to this section shall be due and payable each subsequent fiscal  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 section subject to the following:  (1)  on  or  before  August  first,  two  thousand five in addition to advising with respect to the amount due for the current year billing and for the payment of the amortized annual installments determined pursuant to section three hundred sixteen-c of this title and  pursuant  to  this section,  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 six.  (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.