§ 16-A — Amortization of amounts outstanding

§ 16-a. Amortization of amounts outstanding. a. On or before September\nfirst, nineteen hundred eighty-six, on the basis of the annual actuarial\nvaluation and appraisal procedure provided for in this article, the\ncomptroller shall determine the annual amounts that, had this section\nnot been enacted, would have been required to be paid into the pension\naccumulation fund and the New York state public employees group life\ninsurance plan, as appropriate, from the general fund of the state for\nall obligations of the state to the retirement system not discharged\nprior to such date, for state fiscal years ending March thirty-first,\nnineteen hundred eighty-five and March thirty-first, nineteen hundred\neighty-six and amounts for the state's contribution for the retirement\nincentive program that would, had this section not been enacted, be due\nto be paid into the pension accumulation fund during fiscal years ending\nMarch thirty-first, nineteen hundred eighty-seven and March\nthirty-first, nineteen hundred eighty-eight. Such amounts shall include\ninterest, as defined in section sixteen of this article through the last\nday of February, nineteen hundred eighty-seven. The sum of such amounts\nshall be called the "amount to be amortized".\n b. The amount to be amortized shall be paid into the pension\naccumulation fund and the New York state public employees group life\ninsurance plan, as appropriate, according to a schedule of equal annual\ninstallments during any years remaining in the amortization period. The\n"amortization period" shall be seventeen years. The first payment shall\nbe made March first, nineteen hundred eighty-seven.\n c. The amount of the annual payment to be made in any subsequent\nfiscal year shall be the amount that would be required to pay in full,\nin equal annual installments over the remainder of the amortization\nperiod, any unpaid balance of the amount to be amortized and interest on\nsuch unpaid balance computed at eight percent per annum.\n d. On or before October fifteenth of nineteen hundred eighty-six and\neach succeeding year during the amortization period, the comptroller\nshall file with the director of the budget an estimate of the amount of\nthe annual payment required to be made pursuant to this section in the\nstate fiscal year beginning the first day of April next succeeding such\nOctober fifteenth.\n e. An item of appropriation sufficient to provide for such payment\nshall be included in the next annual budget bill for the support of\ngovernment presented to the legislature for passage. The amounts so\nappropriated shall be paid from the general fund of the state upon\nwarrant of the comptroller on March first of each state fiscal year\nduring the amortization period.\n