NY Ret & SS L § 317-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 317-D - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Six--Two Thousand Seven Fiscal Year.

§  317-d.  Amortization  of  a  portion of the bills for participating employers for the two thousand six--two thousand seven 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 five, 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 seven.  The  amount  by which such contribution exceeds ten and one-half percent of the estimated pensionable salary base  for  the  fiscal  year ending  March  thirty-first,  two  thousand  seven  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 eight, provided, however, that on or before September  first,  two  thousand  six,  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 seven bill, pay a lesser amount on February first,  two  thousand seven which shall be 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 subdivision a of this section;  (2)  the  first  annual  installment  of  the  "amount  eligible   for amortization"  determined  pursuant  to  subdivision  a of section three hundred seventeen-c of this article, if applicable; and  (3)  the  second  annual  installment  of  the  "amount  eligible  for amortization"  determined  pursuant  to  subdivision  a of section three hundred 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  eight  an amount  determined  by  the  comptroller  by  adding  the following four amounts together:  (1) the entire February first, two  thousand  eight  bill,  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;  (3)  the  second  annual  installment  of  the  "amount  eligible  for amortization" determined pursuant to  subdivision  a  of  section  three hundred seventeen-c of this article, if applicable; and  (4)   the  third  annual  installment  of  the  "amount  eligible  for amortization" determined pursuant to  subdivision  a  of  section  three hundred seventeen-b of this article, if applicable.   d.  Amortized  payments  determined pursuant to sections three hundred seventeen-b, three hundred seventeen-c  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  three hundred seventeen-b, three hundred  seventeen-c  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.