NY Ret & SS L § 17-B (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-B - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Four--Two Thousand Five Fiscal Year.

§  17-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 twenty-three-a of this article due for  the fiscal  year ending March thirty-first, two thousand five, calculated 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". 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 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 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 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  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 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  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.