2023 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.