§ 17 — Annual appropriation by participating employers

New York § 17

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

Text

§ 17. Annual appropriation by participating employers. a. On or before\nthe fifteenth day of November, nineteen hundred eighty-nine and of each\nsucceeding calendar year, the comptroller shall determine the amount\nwhich each participating employer is required to pay to the retirement\nsystem to discharge its obligations thereto for the fiscal year of the\nretirement system which ends on March thirty-first of nineteen hundred\nninety and of each succeeding calendar year on account of its employees\nwho are members of this system. The comptroller shall submit to the\nfiscal officer of each such employer a statement of the amount so\npayable.\n This amount shall consist of the amount deemed necessary to provide\nfor payment in full of (i) all estimated obligations of each\nparticipating employer for the current fiscal year of the retirement\nsystems and (ii) any additional obligation, plus interest on such\namount, for fiscal years preceding the current fiscal year. If as a\nresult of the amount determined to be paid for any fiscal year, a\nparticipating employer overpaid its actual obligation to the retirement\nsystem for that year, the amount to be determined by the comptroller for\nthe next succeeding November fifteenth shall reflect the amount of the\noverpayment, plus interest as defined in section sixteen of this article\non such amount, as a reduction in the amount otherwise required to be\npaid by such participating employer.\n b. Each participating employer annually shall appropriate a sum\nsufficient to pay such amount. In the event the comptroller's statement\nis not received before annual appropriations are made by such employer,\na sum estimated by the comptroller to be sufficient for such purpose\nshall be included with such annual appropriations.\n c. Payment of the amount specified in the comptroller's statement\nshall be made by a participating employer within seventy-eight days\nafter the receipt of such statement; provided, however, that in no case\nshall any participating employer be required to make this payment before\nFebruary first of the calendar year next succeeding the calendar year in\nwhich such statement is received. The comptroller is authorized to\nprovide for and accept pre-payment.\n d. If payment of the full amount of such obligations is not made by\nthe date required by subdivision c of this section, interest at a rate\ndetermined in accordance with the provisions of section sixteen of this\narticle shall commence to run against the unpaid balance thereof on the\nfirst day after the date required by said subdivision c.\n e. The comptroller shall have full power and authority to bring suit\nin the supreme court against any participating employer to recover any\nsum, payment of which is not made as herein required. While any such sum\nshall remain due and unpaid he may refuse to audit any claim for funds\ndue to such employer from the state.\n