§ 16-C — Amortization of a portion of the state's contribution bill for fiscal year ending March thirty-first, two thousand five

New York § 16-C

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 2: Establishment, Management, Supervision and Financing
• Art. 2: New York State Employees' Retirement System

Text

§ 16-c. Amortization of a portion of the state's contribution bill for\nfiscal year ending March thirty-first, two thousand five. a. If the\ncomptroller, in his or her discretion, decides to permit amortization of\nemployer contributions, then, on or before October fifteenth, two\nthousand three on the basis of the annual actuarial valuation provided\nfor in this chapter, the comptroller shall determine the amount\n(exclusive of payments for group term life insurance, deficiency\npayments, adjustments relating to prior fiscal years' obligations and\nobligations pertaining to retirement incentives or any other obligations\nthat the state is permitted to pay on an amortized basis) required to be\npaid pursuant to section twenty-three-a of this article for the fiscal\nyear ending March thirty-first, two thousand five. The amount by which\nthe contribution amount with respect to the fiscal year ending March\nthirty-first, two thousand five exceeds seven percent of the estimated\npensionable salary base for fiscal year ending March thirty-first, two\nthousand five shall be the "amount eligible for amortization." The\n"amount eligible for amortization" may be amortized over a ten-year\nperiod at eight percent interest per annum with the first of ten equal\npayments payable during fiscal year ending March thirty-first, two\nthousand six, provided, however, that on or before September first, two\nthousand four, the comptroller, in his or her discretion, may establish\na fixed rate of interest per annum to be applied to the amounts eligible\nfor amortization of all employers, which more closely approximates a\nmarket rate of return on taxable fixed rate securities with similar\nterms issued by comparable issuers.\n b. The state may, in lieu of paying its bill for fiscal year ending\nMarch thirty-first, two thousand five, pay a lesser amount during fiscal\nyear ending March thirty-first, two thousand five which shall be the\nentire bill for the fiscal year ending on March thirty-first, two\nthousand five, calculated pursuant to section twenty-three-a of this\narticle (without reference to this section) less the "amount eligible\nfor amortization".\n b-1. If the state makes the payment provided for in subdivision b of\nthis section, the state shall pay during the fiscal year ending March\nthirty-first, two thousand six an amount determined by the comptroller\nby adding the following two amounts together:\n (1) the state's entire bill for the fiscal year ending March\nthirty-first, two thousand six, calculated pursuant to section\ntwenty-three-a of this article (without reference to this section), less\nthe "amount eligible for amortization" determined pursuant to section\nsixteen-d of this article, if applicable; and\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to this section.\n c. The remaining amortized payments shall be due and payable each\nsubsequent fiscal year during the amortization period. The comptroller\nshall have the authority to permit the pre-payment of the remaining\nbalance of the "amount eligible for amortization," subject to the\nfollowing:\n (1) on or before August first, two thousand four, in addition to\nadvising with respect to the amount due for the current year billing,\nthe comptroller shall advise the state of the total amount due and be\nauthorized to accept pre-payment in full of said amount for fiscal year\nending March thirty-first, two thousand five.\n (2) on or before each subsequent August first during the amortization\nperiod, in addition to the amount due for the current year billing and\nfor the payment of the annual amortized installment, the comptroller\nshall advise the state of the total amount still outstanding and be\nauthorized to accept the pre-payment of any balance remaining to be paid\nfor that fiscal year.\n