JurisdictionNew YorkLaw RSSRetirement & Social Security
Title 3Establishment, Management, Supervision and Financing
Art. 8New York State and Local Police and Fire Retirement System
This text of New York § 317-A (Amortization of amounts outstanding) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 317-a. Amortization of amounts outstanding.
a.On or before\nSeptember first, nineteen hundred eighty-nine 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 participating\nemployers for all obligations including unpaid amounts for the\nretirement incentive program and payments for any other benefit funded\non other than an annual basis of participating employers to the\nretirement system not discharged prior to such date, for fiscal years\nending March thirty-first, nineteen hun
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§ 317-a. Amortization of amounts outstanding. a. On or before\nSeptember first, nineteen hundred eighty-nine 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 participating\nemployers for all obligations including unpaid amounts for the\nretirement incentive program and payments for any other benefit funded\non other than an annual basis of participating employers to the\nretirement system not discharged prior to such date, for fiscal years\nending March thirty-first, nineteen hundred eighty-eight and March\nthirty-first, nineteen hundred eighty-nine. Such amounts shall include\ninterest, as defined in section three hundred sixteen of this article,\nthrough the fifteenth day of December, nineteen hundred eighty-nine. The\nsum of such amounts shall be called the "amount to be amortized".\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 payable by December fifteenth, nineteen hundred eighty-nine.\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 and three-quarters percent per\nannum.\n d. An amount sufficient to provide for such payment shall be included\nin the next annual budget for each participating employer. The amounts\ndue shall be paid on December fifteenth of each year during the\namortization period.\n e. The state comptroller is directed to promulgate regulations to\npermit the pre-payment of the amounts outstanding. Such regulation shall\nprovide that:\n (1) On or before November fifteenth, nineteen hundred eighty-nine, in\naddition to the amount due for the current year billing and for the\npayment of the amortized annual installment, the comptroller shall\nfurnish the total amount due and be authorized to accept pre-payment in\nfull of said amount by December fifteenth, nineteen hundred eighty-nine.\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 furnish the total\namount still outstanding and be authorized to accept the pre-payment of\nany balance remaining to be paid by December fifteenth of that year.\n