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-C - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Five--Two Thousand Six Fiscal Year.

§  17-c.  Amortization  of  a  portion  of the bills for participating
employers for the two thousand five--two thousand six 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 four, 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
six. The amount by which such contribution  exceeds  nine  and  one-half
percent  of  the  estimated  pensionable salary base for the fiscal year
ending March  thirty-first,  two  thousand  six  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 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 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 six bill, pay a lesser amount  on  February
first,  two thousand six which shall be 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 subdivision a of this section; and
(2)  the  first  annual  installment  of  the  "amount  eligible   for
amortization"   determined   pursuant   to   subdivision  a  of  section
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  seven  an
amount  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 section seventeen-d of this article, if applicable;
(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
seventeen-b of this article, if applicable.
d.  Amortized  payments determined pursuant to section seventeen-b 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 seventeen-b

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.