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-A - Amortization of Amounts Outstanding.

§  317-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  the  participating
employers   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  participating  employers  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 three hundred 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  paid  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.