§ 17-D — Amortization of a portion of the bills for participating employers for the two thousand six--two thousand seven fiscal year

New York § 17-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

§ 17-d. Amortization of a portion of the bills for participating\nemployers for the two thousand six--two thousand seven fiscal year. a.\nIf the comptroller, in his or her discretion, decides to permit\namortization of employer contributions pursuant to this section, then,\non or about October fifteenth, two thousand five, on the basis of the\nannual actuarial valuation provided for in this chapter, the comptroller\nshall determine the amount (exclusive of payments for group term life\ninsurance, deficiency payments, adjustments relating to prior fiscal\nyears' obligations and obligations pertaining to retirement incentives\nor any other obligations that a participating employer is permitted to\npay on an amortized basis) of the annual contribution for a\nparticipating employer pursuant to section twenty-three-a of this\narticle due for the fiscal year ending March thirty-first, two thousand\nseven. The amount by which such contribution exceeds ten and one-half\npercent of the estimated pensionable salary base for the fiscal year\nending March thirty-first, two thousand seven shall be the "amount\neligible for amortization". An amount up to the "amount eligible for\namortization" may be amortized over a ten-year period at eight percent\ninterest per annum, with the first of ten equal payments payable on\nFebruary first, two thousand eight, provided, however, that on or before\nSeptember first, two thousand six, the comptroller, in his or her\ndiscretion, may establish a fixed rate of interest per annum to be\napplied to the amounts eligible for amortization of all employers, which\nmore closely approximates a market rate of return on taxable fixed rate\nsecurities with similar terms issued by comparable issuers.\n b. A participating employer, may, in lieu of paying its entire\nFebruary first, two thousand seven bill, pay a lesser amount on February\nfirst, two thousand seven which shall be determined by the comptroller\nby adding the following three amounts together:\n (1) the entire February first, two thousand seven 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 subdivision a of this section;\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section\nseventeen-c of this article, if applicable; and\n (3) the second annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section\nseventeen-b of this article, if applicable.\n c. A participating employer making a payment pursuant to subdivision b\nof this section shall pay on February first, two thousand eight an\namount determined by the comptroller by adding the following four\namounts together:\n (1) the entire February first, two thousand eight bill, calculated\npursuant to section twenty-three-a of this article (without reference to\nthis section);\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of this section;\n (3) the second annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section\nseventeen-c of this article, if applicable; and\n (4) the third annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section\nseventeen-b of this article, if applicable.\n d. Amortized payments determined pursuant to sections seventeen-b,\nseventeen-c and pursuant to this section shall be due and payable on\nFebruary first of each year during the applicable amortization period.\nThe comptroller shall have the authority to permit the pre-payment of\nthe remaining balance of the "amount eligible for amortization"\ndetermined pursuant to all such sections subject to the following:\n (1) on or before November fifteenth, two thousand seven in addition to\nthe amount due for the current year billing and for the payment of the\namortized annual installment determined pursuant to section seventeen-b,\nseventeen-c and pursuant to this section, the comptroller shall advise\nthe participating employer of the total amount due and be authorized to\naccept pre-payment in full of said amount by February first, two\nthousand eight.\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 installments, 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