NY Ret & SS L § 17-A (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-A - Amortization of Amounts Outstanding.

§  17-a.  Amortization  of  amounts  outstanding.    a.  On  or before September first, nineteen hundred  eighty-nine,  on  the  basis  of  the annual  actuarial valuation and appraisal procedure provided for in this article, the comptroller shall determine the annual  amounts  that,  had this  section not been enacted, would have been required to be paid into the pension accumulation fund and the New York state  public  employees' group  life  insurance  plan,  as  appropriate,  from each participating employer  for  all  obligations,  including  unpaid  amounts   for   the retirement  incentive  program and payments for any other benefit funded on other than an annual basis, of each  participating  employer  to  the retirement  system  not  discharged prior to such date, for fiscal years ending March  thirty-first,  nineteen  hundred  eighty-eight  and  March thirty-first,  nineteen hundred eighty-nine.  Such amounts shall include interest, as defined in section sixteen of  this  article,  through  the fifteenth day of December, nineteen hundred eighty-nine. The sum of such amounts shall be called the "amount to be amortized".   b.  The  amount  to  be  amortized  shall  be  paid  into  the pension accumulation fund and the New York state public  employees'  group  life insurance  plan, as appropriate, according to a schedule of equal annual installments during any years remaining in the amortization period.  The "amortization  period" shall be seventeen years. The first payment shall be payable by December fifteenth, nineteen hundred eighty-nine.   c. The amount of the annual payment  to  be  made  in  any  subsequent fiscal  year  shall be the amount that would be required to pay in full, in equal annual installments over  the  remainder  of  the  amortization period, any unpaid balance of the amount to be amortized and interest on such  unpaid  balance  computed  at eight and three-quarters percent per annum.   d. An amount sufficient to provide for such payment shall be  included in  the  next annual budget for each participating employer. The amounts due shall be payable on December  fifteenth  of  each  year  during  the amortization period.   e.  The  state  comptroller  is  directed to promulgate regulations to permit the pre-payment of the amounts outstanding. Such regulation shall provide that:  (1) On or before November fifteenth, nineteen hundred  eighty-nine  in addition  to  the  amount  due  for the current year billing and for the payment of the  amortized  annual  installment,  the  comptroller  shall furnish  the total amount due and be authorized to accept pre-payment in full of said amount by December fifteenth, nineteen hundred eighty-nine.  (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  furnish  the  total amount  still outstanding and be authorized to accept the pre-payment of any balance remaining to be paid by December fifteenth of that year.