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 › 317-B - Amortization of a Portion of the Bills for Participating Employers for the Two Thousand Four--Two Thousand Five Fiscal Year.

§  317-b.  Amortization  of  a  portion of the bills for participating
employers for the two thousand four--two thousand five fiscal  year.  a.
If  the  comptroller,  in  his  or  her  discretion,  decides  to permit
amortization of  employer  contributions,  then,  on  or  about  October
fifteenth,  two  thousand  three,  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  three  hundred  twenty-three-a  of  this
article  due for the fiscal year ending March thirty-first, two thousand
five, as of December fifteenth, two thousand four. The amount  by  which
such  contribution  exceeds  seven  percent of the estimated pensionable
salary base for the fiscal year ending March thirty-first, two  thousand
five  shall  be  the  "amount  eligible  for  amortization". 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 six, provided, however, that  on
or  before September first, two thousand four 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 five bill, pay a lesser amount on February
first, two thousand five which shall be the entire February  first,  two
thousand  five  bill,  calculated  pursuant  to  section  three  hundred
twenty-three-a of this article (without reference to this section)  less
the "amount eligible for amortization".
b-1. A participating employer making a payment pursuant to subdivision
b  of  this  section  shall  pay  on February first, two thousand six an
amount 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 section  three  hundred  seventeen-c  of  this  article,  if
applicable; and
(2)   the  first  annual  installment  of  the  "amount  eligible  for
amortization" determined pursuant to this section.
c. The remaining amortized  payments  shall  be  due  and  payable  on
February  first  of  each  year  during  the  amortization  period.  The
comptroller shall have the authority to permit the  pre-payment  of  the
remaining  balance of the "amount eligible for amortization", subject to
the following:
(1) on or before November fifteenth, two thousand four in addition  to
the  amount  due  for  the  current  year billing, the comptroller shall
advise each participating employer  of  the  total  amount  due  and  be
authorized  to  accept  pre-payment  in  full of said amount by February
first, two thousand five.
(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   advise   each
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.