§ 316-D — Amortization of a portion of the state's contribution bills for fiscal year ending March thirty-first, two thousand six

New York § 316-D

• 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-d. Amortization of a portion of the state's contribution bills\nfor fiscal year ending March thirty-first, two thousand six. a. If the\ncomptroller, in his or her discretion, decides to permit amortization of\nemployer contributions pursuant to this section, then, on the basis of\nthe annual actuarial valuation made as of April first, two thousand four\nas provided for in this chapter, the comptroller shall determine the\nannual 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 the state is permitted to pay on an amortized\nbasis) required to be paid pursuant to section three hundred\ntwenty-three-a of this article for the fiscal year ending March\nthirty-first, two thousand six. The amount by which the contribution\namount with respect to fiscal year ending March thirty-first, two\nthousand six exceeds nine and one-half percent of the estimated\npensionable salary base for fiscal year ending March thirty-first, two\nthousand six shall be the "amount eligible for amortization." The\n"amount eligible for amortization" shall be amortized over a ten-year\nperiod at eight percent interest per annum, with the first of ten equal\npayments payable during fiscal year ending March thirty-first, two\nthousand seven, provided, however, that on or before September first,\ntwo thousand five the comptroller, in his or her discretion, may\nestablish a fixed rate of interest per annum to be applied to the unpaid\nbalance of 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. The state may, in lieu of paying its bill for the fiscal year\nending March thirty-first, two thousand six, pay a lesser amount during\nthe fiscal year ending March thirty-first, two thousand six which shall\nbe determined by the comptroller by adding the following two amounts\ntogether:\n (1) the entire bill for the fiscal year ending on March thirty-first,\ntwo thousand six, calculated pursuant to section three hundred\ntwenty-three-a of this article (without reference to this section) less\nthe "amount eligible for amortization" determined pursuant to\nsubdivision a of this section; and\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to section three hundred sixteen-c of\nthis title, if applicable.\n c. If the state makes the payment provided for in subdivision b of\nthis section, the state shall pay during the fiscal year ending March\nthirty-first, two thousand seven an amount determined by the comptroller\nby adding the following three amounts together:\n (1) the state's entire bill for the fiscal year ending March\nthirty-first, two thousand seven, calculated pursuant to section three\nhundred twenty-three-a of this article (without reference to this\nsection);\n (2) the first annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of this section; and\n (3) the second annual installment of the "amount eligible for\namortization" determined pursuant to subdivision a of section three\nhundred sixteen-c of this title, if applicable.\n d. The remaining amortized payments determined pursuant to section\nthree hundred sixteen-c of this title and pursuant to this section shall\nbe due and payable each subsequent fiscal year during the applicable\namortization period. The comptroller shall have the authority to permit\nthe pre-payment of the remaining balance of the "amount eligible for\namortization" determined pursuant to both such section subject to the\nfollowing:\n (1) on or before August first, two thousand five in addition to\nadvising with respect to the amount due for the current year billing and\nfor the payment of the amortized annual installments determined pursuant\nto section three hundred sixteen-c of this title and pursuant to this\nsection, the comptroller shall advise the state of the total amount due\nand be authorized to accept pre-payment in full of said amount for the\nfiscal year ending March thirty-first, two thousand six.\n (2) on or before each subsequent August first during the amortization\nperiod, in addition to the amount due for the current year billing and\nfor the payment of the annual amortized installment, the comptroller\nshall advise the state of the total amount still outstanding and be\nauthorized to accept the pre-payment of any balance remaining to be paid\nfor that fiscal year.\n