N.Y. Retirement & Social Security Law § 17-b: Amortization of a portion of the bills for participating employers for the two thousand four--two thousand five fiscal year

§ 17-b. Amortization of a portion of the bills for participating

employers for the two thousand four--two thousand five fiscal year. a.

If the comptroller, in his or her discretion, decides to permit

amortization of employer contributions, then, on or about 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 a participating employer is permitted to pay on

an amortized basis) of the annual contribution for a participating

employer pursuant to section twenty-three-a of this article due for the

fiscal year ending March thirty-first, two thousand five, calculated as

of December fifteenth, two thousand four. The amount by which such

contribution exceeds seven percent of the estimated pensionable salary

base for the fiscal year ending March thirty-first, two thousand five

shall be the "amount eligible for amortization". An amount up to 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 on February 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. A participating employer, may, in lieu of paying its entire

February first, two thousand five bill, pay a lesser amount on February

first, two thousand five which shall be the entire February first, two

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

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

eligible for amortization".

b-1. A participating employer making a payment pursuant to subdivision

b of this section shall pay on February first, two thousand six an

amount determined by the comptroller by adding the following two amounts

together:

(1) the entire February first, two thousand six bill, 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 seventeen-c 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 on

February first of each 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 November fifteenth, two thousand four in addition to

the amount due for the current year billing, the comptroller shall

advise the participating employer of the total amount due and be

authorized to accept pre-payment in full of said amount by February

first, two thousand five.

(2) on or before each November fifteenth thereafter, 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

participating employer of the total amount still outstanding and be

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

by February first of the succeeding year.