N.Y. Retirement & Social Security Law § 16-c: Amortization of a portion of the state's contribution bill for fiscal year ending March thirty-first, two thousand five

§ 16-c. Amortization of a portion of the state's contribution bill for

fiscal year ending March thirty-first, two thousand five. a. If the

comptroller, in his or her discretion, decides to permit amortization of

employer contributions, then, on or before October fifteenth, two

thousand three on the basis of the annual actuarial valuation provided

for in this chapter, the comptroller shall determine the amount

(exclusive of payments for group term life insurance, deficiency

payments, adjustments relating to prior fiscal years' obligations and

obligations pertaining to retirement incentives or any other obligations

that the state is permitted to pay on an amortized basis) required to be

paid pursuant to section twenty-three-a of this article for the fiscal

year ending March thirty-first, two thousand five. The amount by which

the contribution amount with respect to the fiscal year ending March

thirty-first, two thousand five exceeds seven percent of the estimated

pensionable salary base for fiscal year ending March thirty-first, two

thousand five shall be the "amount eligible for amortization." The

"amount eligible for amortization" may be amortized over a ten-year

period at eight percent interest per annum with the first of ten equal

payments payable during fiscal year ending March thirty-first, two

thousand six, provided, however, that on or before September first, two

thousand four, the comptroller, in his or her discretion, may establish

a fixed rate of interest per annum to be applied to the amounts eligible

for amortization of all employers, which more closely approximates a

market rate of return on taxable fixed rate securities with similar

terms issued by comparable issuers.

b. The state may, in lieu of paying its bill for fiscal year ending

March thirty-first, two thousand five, pay a lesser amount during fiscal

year ending March thirty-first, two thousand five which shall be the

entire bill for the fiscal year ending on March thirty-first, two

thousand five, calculated pursuant to section twenty-three-a of this

article (without reference to this section) less the "amount eligible

for amortization".

b-1. If the state makes the payment provided for in subdivision b of

this section, the state shall pay during the fiscal year ending March

thirty-first, two thousand six an amount determined by the comptroller

by adding the following two amounts together:

(1) the state's entire bill for the fiscal year ending March

thirty-first, two thousand six, calculated pursuant to section

twenty-three-a of this article (without reference to this section), less

the "amount eligible for amortization" determined pursuant to section

sixteen-d of this article, if applicable; and

(2) the first annual installment of the "amount eligible for

amortization" determined pursuant to this section.

c. The remaining amortized payments shall be due and payable each

subsequent fiscal year during the amortization period. The comptroller

shall have the authority to permit the pre-payment of the remaining

balance of the "amount eligible for amortization," subject to the

following:

(1) on or before August first, two thousand four, in addition to

advising with respect to the amount due for the current year billing,

the comptroller shall advise the state of the total amount due and be

authorized to accept pre-payment in full of said amount for fiscal year

ending March thirty-first, two thousand five.

(2) on or before each subsequent August first during the amortization

period, in addition to the amount due for the current year billing and

for the payment of the annual amortized installment, the comptroller

shall advise the state of the total amount still outstanding and be

authorized to accept the pre-payment of any balance remaining to be paid

for that fiscal year.