N.Y. Retirement & Social Security Law § 317-a: Amortization of amounts outstanding

§ 317-a. Amortization of amounts outstanding. a. On or before

September first, nineteen hundred eighty-nine 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 participating

employers for all obligations including unpaid amounts for the

retirement incentive program and payments for any other benefit funded

on other than an annual basis of participating employers to the

retirement system not discharged prior to such date, for fiscal years

ending March thirty-first, nineteen hundred eighty-eight and March

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

interest, as defined in section three hundred sixteen of this article,

through the fifteenth day of December, nineteen hundred eighty-nine. 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 payable by December fifteenth, nineteen hundred eighty-nine.

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 and three-quarters percent per

annum.

d. An amount sufficient to provide for such payment shall be included

in the next annual budget for each participating employer. The amounts

due shall be paid on December fifteenth of each year during the

amortization period.

e. The state comptroller is directed to promulgate regulations to

permit the pre-payment of the amounts outstanding. Such regulation shall

provide that:

(1) On or before November fifteenth, nineteen hundred eighty-nine, in

addition to the amount due for the current year billing and for the

payment of the amortized annual installment, the comptroller shall

furnish the total amount due and be authorized to accept pre-payment in

full of said amount by December fifteenth, nineteen hundred eighty-nine.

(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 furnish the total

amount still outstanding and be authorized to accept the pre-payment of

any balance remaining to be paid by December fifteenth of that year.