N.Y. Retirement & Social Security Law § 317-d: Amortization of a portion of the bills for participating employers for the two thousand six--two thousand seven fiscal year

§ 317-d. Amortization of a portion of the bills for participating

employers for the two thousand six--two thousand seven fiscal year. a.

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

amortization of employer contributions pursuant to this section, then,

on or about October fifteenth, two thousand five, 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

seven. The amount by which such contribution exceeds ten and one-half

percent of the estimated pensionable salary base for the fiscal year

ending March thirty-first, two thousand seven 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 eight, provided, however, that on or before

September first, two thousand six, 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 seven bill, pay a lesser amount on February

first, two thousand seven which shall be determined by the comptroller

by adding the following three amounts together:

(1) the entire February first, two thousand seven 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 subdivision a of this section;

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

amortization" determined pursuant to subdivision a of section three

hundred seventeen-c of this article, if applicable; and

(3) the second annual installment of the "amount eligible for

amortization" determined pursuant to subdivision a of section three

hundred seventeen-b of this article, if applicable.

c. A participating employer making a payment pursuant to subdivision b

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

amount determined by the comptroller by adding the following four

amounts together:

(1) the entire February first, two thousand eight bill, calculated

pursuant to section three hundred twenty-three-a of this article

(without reference to this section);

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

amortization" determined pursuant to subdivision a of this section;

(3) the second annual installment of the "amount eligible for

amortization" determined pursuant to subdivision a of section three

hundred seventeen-c of this article, if applicable; and

(4) the third annual installment of the "amount eligible for

amortization" determined pursuant to subdivision a of section three

hundred seventeen-b of this article, if applicable.

d. Amortized payments determined pursuant to sections three hundred

seventeen-b, three hundred seventeen-c and pursuant to this section

shall be due and payable on February first of each year during the

applicable amortization period. The comptroller shall have the authority

to permit the pre-payment of the remaining balance of the "amount

eligible for amortization" determined pursuant to both such sections

subject to the following:

(1) on or before November fifteenth, two thousand six in addition to

the amount due for the current year billing and for the payment of the

amortized annual installment determined pursuant to section three

hundred seventeen-b, three hundred seventeen-c and pursuant to this

section, 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 seven.

(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 installments, 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.