N.Y. Retirement & Social Security Law § 316: Annual appropriation by state

§ 316. Annual appropriation by state. a. Upon the basis of each annual

actuarial valuation and appraisal provided for in this article, the

comptroller, on or before the fifteenth day of October of each year,

shall prepare and file with the director of the budget an itemized

estimate of the amounts necessary to be appropriated by the state to the

pension accumulation fund and the New York state public employees group

life insurance plan, as appropriate. Such itemized estimate may be

revised on or before December thirtieth of each such year. Such amounts

shall be sufficient to provide for payment in full for (i) the

succeeding fiscal year of all estimated obligations of the state to the

police and fire retirement system; and (ii) any actual obligations of

the state to such retirement system, remaining unpaid, plus interest on

such amount, for the fiscal year ending on the March thirty-first

preceding such date; provided, however, that such estimate of actual

obligations shall be made commencing with the filings due on October

fifteenth, nineteen hundred eighty-seven and thereafter. If, as a result

of the estimate required to be made pursuant to clause (i) of the

preceding sentence, the state overpaid its actual obligation to the

retirement system in any year, the amount estimated in the filing

required by this subdivision next succeeding such overpayment shall

reflect the amount of such overpayment, plus interest on such amount, as

a reduction in amounts that would otherwise be estimated to be due the

retirement system from the state. An item of appropriation which shall

be sufficient to provide for such obligations shall be included in the

next annual appropriation bill when it is presented to the legislature

for passage. The amounts so appropriated or so much thereof as may be

required shall be paid from the state treasury on warrant of the

comptroller into the pension accumulation fund and the New York state

public employees group life insurance plan, as appropriate, on March

first of each state fiscal year. For the purposes of this section,

interest shall mean the rate or rates of interest used in the actuarial

valuations covering the period of time over which such interest is

computed.

b. On or before the fifteenth day of October of each year the

comptroller shall file with the director of the budget an itemized

estimate of the expenses of the police and fire retirement system for

the ensuing year. The director of the budget may revise and amend such

estimate. After such revision and amendment, if any, such director shall

approve the same for inclusion in the executive budget. No monies shall

be paid out of the pension accumulation fund for such expenses unless

expenditures therefor shall have been authorized by law.

c. Whenever the compensation of any member of the police and fire

retirement system is paid from a special or administrative fund provided

for by law, all contributions to the police and fire retirement system

including a proportionate share of the administrative expense thereof,

which otherwise would be chargeable to the general fund of the state,

shall, with the approval of the director of the budget, be paid from

such special or administrative fund.