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

New York § 16-D

• 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-d. Amortization of a portion of the state's contribution bill for\nfiscal year ending March thirty-first, two thousand six. a. If the\ncomptroller, in his or her discretion, decides to permit amortization of\nemployer contributions pursuant to this section, then, on the basis of\nthe annual actuarial valuation made as of April first, two thousand four\nas provided for in this chapter, the comptroller shall determine the\namount (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-fist, two thousand six. The amount by which the\ncontribution amount with respect to the fiscal year ending March\nthirty-first, two thousand six exceeds nine and one-half percent of the\nestimated pensionable salary base for the fiscal year ending March\nthirty-first, two thousand six shall be the "amount eligible for\namortization." The "amount eligible for amortization" may be amortized\nover a ten-year period at eight percent interest per annum, with the\nfirst of ten equal payments payable during the fiscal year ending March\nthirty-first, two thousand seven, provided, however, that on or before\nSeptember first, two thousand five, the comptroller, in his or her\ndiscretion, may establish a fixed rate of interest per annum to be\napplied to the unpaid balance of the amounts eligible for amortization\nof all employers, which more closely approximates a market rate of\nreturn on taxable fixed rate securities with similar terms issued by\ncomparable issuers.\n b. The state may, in lieu of paying its bill for fiscal year ending\nMarch thirty-first, two thousand six, pay a lesser amount during the\nfiscal year ending March thirty-first, two thousand six which shall be\ndetermined by the comptroller by adding the following two amounts\ntogether:\n (1) the entire bill for the fiscal year ending on March thirty-first,\ntwo thousand six, calculated pursuant to section twenty-three-a of this\narticle (without reference to this section) less the "amount eligible\nfor amortization" determined pursuant to subdivision a of this section,\nand\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section sixteen-c\nof this article, if applicable.\n c. 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 seven an amount determined by the comptroller\nby adding the following three amounts together:\n (1) the state's entire bill for the fiscal year ending March\nthirty-first, two thousand seven, calculated pursuant to section\ntwenty-three-a of this article (without reference to this section),\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of this section, and\n (3) the second annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section sixteen-c\nof this title, if applicable.\n d. The remaining amortized payments determined pursuant to section\nsixteen-c of this title and pursuant to this section shall be due and\npayable each subsequent fiscal year during the applicable amortization\nperiod. The comptroller shall have the authority to permit the\npre-payment of the remaining balance of the "amount eligible for\namortization," determined pursuant to both such sections subject to the\nfollowing:\n (1) on or before August first, two thousand five, in addition to\nadvising with respect to the amount due for the current year billing and\nfor the payment of the amortized annual installments determined pursuant\nto section sixteen-c of this title and pursuant to this section, the\ncomptroller 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 six.\n (2) on or before each subsequent August first during the amortization\nperiods, in addition to the amount due for the current year billing and\nfor the payment of the annual amortized installments, 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