2023 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 › 316-A - Amortization of Amounts Outstanding.

§  316-a.  Amortization  of  amounts  outstanding.  a.  On  or  before
  September first, nineteen hundred eighty-six, 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 the general fund of  the
  state for all obligations of the state to the police and fire retirement
  system, not discharged prior to such date, for state fiscal years ending
  March thirty-first, nineteen hundred eighty-five and March thirty-first,
  nineteen hundred eighty-six and amounts for the state's contribution for
  the  retirement  incentive program that would, had this section not been
  enacted, be due to be paid into the  pension  accumulation  fund  during
  fiscal  years  ending  March thirty-first, nineteen hundred eighty-seven
  and March thirty-first,  nineteen  hundred  eighty-eight.  Such  amounts
  shall  include  interest, as defined in section three hundred sixteen of
  this  article  through  the  last  day  of  February,  nineteen  hundred
  eighty-seven.  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 made March first, nineteen hundred eighty-seven.
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 percent per annum.
d. On or before October fifteenth of nineteen hundred  eighty-six  and
  each  succeeding  year  during  the amortization period, the comptroller
  shall file with the director of the budget an estimate of the amount  of
  the  annual  payment required to be made pursuant to this section in the
  state fiscal year beginning the first day of April next succeeding  such
  October fifteenth.
e.  An  item  of  appropriation sufficient to provide for such payment
  shall be included in the next annual budget  bill  for  the  support  of
  government  presented  to  the  legislature  for passage. The amounts so
  appropriated shall be paid from the  general  fund  of  the  state  upon
  warrant  of  the  comptroller  on  March first of each state fiscal year
  during the amortization period.