§ 316 — Annual appropriation by state

New York § 316

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 3: Establishment, Management, Supervision and Financing
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 316. Annual appropriation by state. a. Upon the basis of each annual\nactuarial valuation and appraisal provided for in this article, the\ncomptroller, on or before the fifteenth day of October of each year,\nshall prepare and file with the director of the budget an itemized\nestimate of the amounts necessary to be appropriated by the state to the\npension accumulation fund and the New York state public employees group\nlife insurance plan, as appropriate. Such itemized estimate may be\nrevised on or before December thirtieth of each such year. Such amounts\nshall be sufficient to provide for payment in full for (i) the\nsucceeding fiscal year of all estimated obligations of the state to the\npolice and fire retirement system; and (ii) any actual obligations of\nthe state to such retirement system, remaining unpaid, plus interest on\nsuch amount, for the fiscal year ending on the March thirty-first\npreceding such date; provided, however, that such estimate of actual\nobligations shall be made commencing with the filings due on October\nfifteenth, nineteen hundred eighty-seven and thereafter. If, as a result\nof the estimate required to be made pursuant to clause (i) of the\npreceding sentence, the state overpaid its actual obligation to the\nretirement system in any year, the amount estimated in the filing\nrequired by this subdivision next succeeding such overpayment shall\nreflect the amount of such overpayment, plus interest on such amount, as\na reduction in amounts that would otherwise be estimated to be due the\nretirement system from the state. An item of appropriation which shall\nbe sufficient to provide for such obligations shall be included in the\nnext annual appropriation bill when it is presented to the legislature\nfor passage. The amounts so appropriated or so much thereof as may be\nrequired shall be paid from the state treasury on warrant of the\ncomptroller into the pension accumulation fund and the New York state\npublic employees group life insurance plan, as appropriate, on March\nfirst of each state fiscal year. For the purposes of this section,\ninterest shall mean the rate or rates of interest used in the actuarial\nvaluations covering the period of time over which such interest is\ncomputed.\n b. On or before the fifteenth day of October of each year the\ncomptroller shall file with the director of the budget an itemized\nestimate of the expenses of the police and fire retirement system for\nthe ensuing year. The director of the budget may revise and amend such\nestimate. After such revision and amendment, if any, such director shall\napprove the same for inclusion in the executive budget. No monies shall\nbe paid out of the pension accumulation fund for such expenses unless\nexpenditures therefor shall have been authorized by law.\n c. Whenever the compensation of any member of the police and fire\nretirement system is paid from a special or administrative fund provided\nfor by law, all contributions to the police and fire retirement system\nincluding a proportionate share of the administrative expense thereof,\nwhich otherwise would be chargeable to the general fund of the state,\nshall, with the approval of the director of the budget, be paid from\nsuch special or administrative fund.\n