§ 316-A — Amortization of amounts outstanding

New York § 316-A

• 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-a. Amortization of amounts outstanding. a. On or before\nSeptember first, nineteen hundred eighty-six, on the basis of the annual\nactuarial valuation and appraisal procedure provided for in this\narticle, the comptroller shall determine the annual amounts that, had\nthis section not been enacted, would have been required to be paid into\nthe pension accumulation fund and the New York state public employees\ngroup life insurance plan, as appropriate, from the general fund of the\nstate for all obligations of the state to the police and fire retirement\nsystem, not discharged prior to such date, for state fiscal years ending\nMarch thirty-first, nineteen hundred eighty-five and March thirty-first,\nnineteen hundred eighty-six and amounts for the state's contribution for\nthe retirement incentive program that would, had this section not been\nenacted, be due to be paid into the pension accumulation fund during\nfiscal years ending March thirty-first, nineteen hundred eighty-seven\nand March thirty-first, nineteen hundred eighty-eight. Such amounts\nshall include interest, as defined in section three hundred sixteen of\nthis article through the last day of February, nineteen hundred\neighty-seven. The sum of such amounts shall be called the "amount to be\namortized".\n b. The amount to be amortized shall be paid into the pension\naccumulation fund and the New York state public employees group life\ninsurance plan, as appropriate, according to a schedule of equal annual\ninstallments during any years remaining in the amortization period. The\n"amortization period" shall be seventeen years. The first payment shall\nbe made March first, nineteen hundred eighty-seven.\n c. The amount of the annual payment to be made in any subsequent\nfiscal year shall be the amount that would be required to pay in full,\nin equal annual installments over the remainder of the amortization\nperiod, any unpaid balance of the amount to be amortized and interest on\nsuch unpaid balance computed at eight percent per annum.\n d. On or before October fifteenth of nineteen hundred eighty-six and\neach succeeding year during the amortization period, the comptroller\nshall file with the director of the budget an estimate of the amount of\nthe annual payment required to be made pursuant to this section in the\nstate fiscal year beginning the first day of April next succeeding such\nOctober fifteenth.\n e. An item of appropriation sufficient to provide for such payment\nshall be included in the next annual budget bill for the support of\ngovernment presented to the legislature for passage. The amounts so\nappropriated shall be paid from the general fund of the state upon\nwarrant of the comptroller on March first of each state fiscal year\nduring the amortization period.\n