2023 New York Laws › RSS - Retirement and Social Security › Article 2 - New York State Employees' Retirement System › Title 2 - Establishment, Management, Supervision and Financing › 16-D - Amortization of a Portion of the State's Contribution Bill for Fiscal Year Ending March Thirty-First, Two Thousand Six.

§ 16-d. Amortization of a portion of the state's contribution bill for
fiscal  year  ending  March  thirty-first,  two  thousand six. a. If the
comptroller, in his or her discretion, decides to permit amortization of
employer contributions pursuant to this section, then, on the  basis  of
the annual actuarial valuation made as of April first, two thousand four
as  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 the state is permitted to pay on an amortized basis) required to be
paid pursuant to section twenty-three-a of this article for  the  fiscal
year ending March thirty-fist, two thousand six. The amount by which the
contribution  amount  with  respect  to  the  fiscal  year  ending March
thirty-first, two thousand six 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."  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 during the fiscal year ending March
thirty-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 unpaid balance of 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. The state may, in lieu of paying its bill for  fiscal  year  ending
March  thirty-first,  two  thousand  six, pay a lesser amount during the
fiscal year ending March thirty-first, two thousand six which  shall  be
determined  by  the  comptroller  by  adding  the  following two amounts
together:
(1) the entire bill for the fiscal year ending on March  thirty-first,
two  thousand six, 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 sixteen-c
of this article, if applicable.
c. If the state makes the payment provided for  in  subdivision  b  of
this  section,  the  state shall pay during the fiscal year ending March
thirty-first, two thousand seven an amount determined by the comptroller
by adding the following three amounts together:
(1)  the  state's  entire  bill  for  the  fiscal  year  ending  March
thirty-first,   two  thousand  seven,  calculated  pursuant  to  section
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, and
(3)  the  second  annual  installment  of  the  "amount  eligible  for
amortization" determined pursuant to subdivision a of section  sixteen-c
of this title, if applicable.
d.  The  remaining  amortized  payments determined pursuant to section
sixteen-c of this title and pursuant to this section shall  be  due  and
payable  each  subsequent fiscal 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  August  first,  two thousand five, in addition to
advising with respect to the amount due for the current year billing and
for the payment of the amortized annual installments determined pursuant
to section sixteen-c of this title and pursuant  to  this  section,  the
comptroller  shall  advise  the  state  of  the  total amount due and be
authorized to accept pre-payment in full of said amount for fiscal  year
ending March thirty-first, two thousand six.
(2)  on or before each subsequent August first during the amortization
periods, 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 state of the total  amount  still  outstanding  and  be
authorized to accept the pre-payment of any balance remaining to be paid
for that fiscal year.