N.Y. Retirement & Social Security Law § 317: Annual appropriation by participating employers

§ 317. Annual appropriation by participating employers. a. On or

before the fifteenth day of November, nineteen hundred eighty-nine and

of each succeeding year, the comptroller shall determine the amount

which each participating employer is required to pay to the police and

fire retirement system to discharge its obligations thereto for the

fiscal year of the retirement system which ends on March thirty-first of

nineteen hundred ninety and of each succeeding calendar year on account

of its employees who are members of this system. The comptroller shall

submit to the fiscal officer of each of such employer a statement of the

amount so payable.

This amount shall consist of the amount deemed necessary to provide

for payment in full of (i) all estimated obligations of each

participating employer for the current fiscal year of the retirement

systems and (ii) any additional obligation, plus interest on such

amount, for fiscal years preceding the current fiscal year. If as a

result of the amount determined to be paid for any fiscal year, a

participating employer overpaid its actual obligation to the retirement

system for that year, the amount to be determined by the comptroller for

the next succeeding November fifteenth shall reflect the amount of the

overpayment, plus interest as defined in section three hundred sixteen

of this article on such amount, as a reduction in the amount otherwise

required to be paid by such participating employer.

b. Each participating employer annually shall appropriate a sum

sufficient to pay such amount. In the event the comptroller's statement

is not received before annual appropriations are made by such employer,

a sum estimated by the comptroller to be sufficient for such purpose

shall be included with such annual appropriations.

c. Payment of the amount specified in the comptroller's statement

shall be made by a participating employer within seventy-eight days

after the receipt of such statement; provided, however, that in no case

shall any participating employer be required to make this payment before

February first of the calendar year next succeeding the calendar year in

which such statement is received. The comptroller is authorized to

provide for and accept pre-payment.

d. If payment of the full amount of such obligations is not made by

the date required by subdivision c of this section, interest at a rate

determined in accordance with the provisions of section three hundred

sixteen of this article shall commence to run against the unpaid balance

thereof on the first day after the date required by said subdivision c.

e. The comptroller shall have full power and authority to bring suit

in the supreme court against any participating employer to recover any

sum, payment of which is not made as herein required. While any such sum

shall remain due and unpaid he may refuse to audit any claim for funds

due to such employer from the state.