N.Y. Retirement & Social Security Law § 16-a: Amortization of amounts outstanding

§ 16-a. Amortization of amounts outstanding. a. On or before September

first, nineteen hundred eighty-six, on the basis of the annual actuarial

valuation and appraisal procedure provided for in this article, the

comptroller shall determine the annual amounts that, had this section

not been enacted, would have been required to be paid into the pension

accumulation fund and the New York state public employees group life

insurance plan, as appropriate, from the general fund of the state for

all obligations of the state to the retirement system not discharged

prior to such date, for state fiscal years ending March thirty-first,

nineteen hundred eighty-five and March thirty-first, nineteen hundred

eighty-six and amounts for the state's contribution for the retirement

incentive program that would, had this section not been enacted, be due

to be paid into the pension accumulation fund during fiscal years ending

March thirty-first, nineteen hundred eighty-seven and March

thirty-first, nineteen hundred eighty-eight. Such amounts shall include

interest, as defined in section sixteen of this article through the last

day of February, nineteen hundred eighty-seven. The sum of such amounts

shall be called the "amount to be amortized".

b. The amount to be amortized shall be paid into the pension

accumulation fund and the New York state public employees group life

insurance plan, as appropriate, according to a schedule of equal annual

installments during any years remaining in the amortization period. The

"amortization period" shall be seventeen years. The first payment shall

be made March first, nineteen hundred eighty-seven.

c. The amount of the annual payment to be made in any subsequent

fiscal year shall be the amount that would be required to pay in full,

in equal annual installments over the remainder of the amortization

period, any unpaid balance of the amount to be amortized and interest on

such unpaid balance computed at eight percent per annum.

d. On or before October fifteenth of nineteen hundred eighty-six and

each succeeding year during the amortization period, the comptroller

shall file with the director of the budget an estimate of the amount of

the annual payment required to be made pursuant to this section in the

state fiscal year beginning the first day of April next succeeding such

October fifteenth.

e. An item of appropriation sufficient to provide for such payment

shall be included in the next annual budget bill for the support of

government presented to the legislature for passage. The amounts so

appropriated shall be paid from the general fund of the state upon

warrant of the comptroller on March first of each state fiscal year

during the amortization period.