§ 17-B — Amortization of a portion of the bills for participating employers for the two thousand four--two thousand five fiscal year

New York § 17-B

• 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-b. Amortization of a portion of the bills for participating\nemployers for the two thousand four--two thousand five fiscal year. a.\nIf the comptroller, in his or her discretion, decides to permit\namortization of employer contributions, then, on or about October\nfifteenth, two thousand three, on the basis of the annual actuarial\nvaluation provided for in this chapter, the comptroller shall determine\nthe amount (exclusive of payments for group term life insurance,\ndeficiency payments, adjustments relating to prior fiscal years'\nobligations and obligations pertaining to retirement incentives or any\nother obligations that a participating employer is permitted to pay on\nan amortized basis) of the annual contribution for a participating\nemployer pursuant to section twenty-three-a of this article due for the\nfiscal year ending March thirty-first, two thousand five, calculated as\nof December fifteenth, two thousand four. The amount by which such\ncontribution exceeds seven percent of the estimated pensionable salary\nbase for the fiscal year ending March thirty-first, two thousand five\nshall be the "amount eligible for amortization". An amount up to 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 on February first, two thousand six provided, however,\nthat on or before September first, two thousand four, the comptroller,\nin his or her discretion, may establish a fixed rate of interest per\nannum to be applied to the amounts eligible for amortization of all\nemployers, which more closely approximates a market rate of return on\ntaxable fixed rate securities with similar terms issued by comparable\nissuers.\n b. A participating employer, may, in lieu of paying its entire\nFebruary first, two thousand five bill, pay a lesser amount on February\nfirst, two thousand five which shall be the entire February first, two\nthousand five bill, calculated pursuant to section twenty-three-a of\nthis article (without reference to this section) less the "amount\neligible for amortization".\n b-1. A participating employer making a payment pursuant to subdivision\nb of this section shall pay on February first, two thousand six an\namount determined by the comptroller by adding the following two amounts\ntogether:\n (1) the entire February first, two thousand six bill, calculated\npursuant to section twenty-three-a of this article (without reference to\nthis section), less the "amount eligible for amortization" determined\npursuant to section seventeen-c 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 on\nFebruary first of each year during the amortization period. The\ncomptroller shall have the authority to permit the pre-payment of the\nremaining balance of the "amount eligible for amortization," subject to\nthe following:\n (1) on or before November fifteenth, two thousand four in addition to\nthe amount due for the current year billing, the comptroller shall\nadvise the participating employer of the total amount due and be\nauthorized to accept pre-payment in full of said amount by February\nfirst, two thousand five.\n (2) on or before each November fifteenth thereafter, in addition to\nthe amount due for the current year billing and for the payment of the\nannual amortized installment, the comptroller shall advise the\nparticipating employer of the total amount still outstanding and be\nauthorized to accept the pre-payment of any balance remaining to be paid\nby February first of the succeeding year.\n