Section 13-331. Contributions of the city and their use; contingent reserve fund

a. (1) The contingent reserve fund shall  be  the  fund  in  which  shall  be  accumulated  the  reserve  necessary  to  pay  all retirement
  allowances, withdrawal allowances and all death  benefits  allowable  by
  the pension fund on account of the city-service of original plan members
  as provided in this subchapter and other applicable provisions of law.
    (2)  The  contingent  reserve fund shall be the fund in which shall be
  accumulated  the  reserve  necessary  to  pay  all  pensions   and   the
  reserve-for-increased-take-home-pay, and all death benefits allowable by
  the  city  on  account  of  the  city-service  of improved benefits plan
  members as provided in this subchapter and other  applicable  provisions
  of law.
    b.  (1)  (a)  Subject  to  the  provisions  of  paragraph five of this
  subdivision, the city shall contribute to the contingent reserve fund:
    (i)  annually,   beginning   with   fiscal   year   nineteen   hundred
  eighty--nineteen hundred eighty-one, an amount to be known as the normal
  contribution; and
    (ii)  in each city fiscal year during the period beginning with fiscal
  year nineteen hundred eighty--nineteen hundred eighty-one, and ending on
  the last day of fiscal year two thousand fourteen--two thousand fifteen,
  the annual installment, applicable to such fiscal year, of an additional
  amount  which  shall  be  known  as  the  unfunded   accrued   liability
  contribution   and   which  shall  be  determined  as  provided  for  in
  subparagraphs  (b),  (c),  (d)  and  (e)  of  paragraph  three  of  this
  subdivision; and
    (iii) in each city fiscal year during the period beginning with fiscal
  year  nineteen  hundred  eighty-one--nineteen  hundred  eighty-two,  and
  ending on the last day of fiscal year two thousand twenty--two  thousand
  twenty-one,  the  annual installment, applicable to such fiscal year, of
  an additional amount which shall be known as the balance sheet liability
  contribution and which shall be determined as provided for in  paragraph
  four of this subdivision; and
    (iv)   in   fiscal  year  nineteen  hundred  eighty--nineteen  hundred
  eighty-one, the amount of one year's interest, at the rate of seven  and
  one-half  per  centum  per  annum,  on  the  amount of the balance sheet
  liability as of June thirtieth, nineteen hundred eighty,  as  determined
  pursuant to the provisions of paragraph four of this subdivision; and
    (v)  in  each  city  fiscal  year, beginning with fiscal year nineteen
  hundred eighty--nineteen hundred eighty-one and ending on the  last  day
  of   fiscal   year   nineteen   hundred   ninety-four--nineteen  hundred
  ninety-five, (A) the amount required  to  fulfill  the  public  employer
  obligation,  if  any,  which  accrued  in  such  fiscal year, to provide
  accumulations-for-increased-take-home-pay  (as  defined  in  subdivision
  fifteen  of section 13-313 of this subchapter) of original plan members,
  and (B) the amount required to fulfill the public  employer  obligation,
  if    any,   which   accrued   in   such   fiscal   year,   to   provide
  reserves-for-increased-take-home-pay   (as   defined   in    subdivision
  fifteen-b  of  such  section  13-313) of improved benefits plan members;
  provided, however, that such amount to be  contributed  hereunder  shall
  not  include  regular interest and additional interest, if any, required
  by  other  provisions  of  this  subchapter  to  be  included  in   such
  reserves-for-increased-take-home-pay; and
    (vi)  in  each  city  fiscal year, beginning with fiscal year nineteen
  hundred eighty--nineteen hundred eighty-one and ending on the  last  day
  of   fiscal   year   nineteen   hundred   ninety-four--nineteen  hundred
  ninety-five,  the  amount  required  to  fulfill  the  public   employer
  obligation,  which  accrued  in such fiscal year under the provisions of
  subdivision twenty of section two hundred forty-three  of  the  military

  law,  to  pay  in  behalf of members qualifying for such benefit, member
  contributions with respect to certain periods of the military service of
  such members.
    (b)  (i)  If  the  nineteen  hundred eighty unfunded accrued liability
  adjustment determined pursuant to subparagraph (e) of paragraph three of
  this subdivision b is a credit, the total of the amounts required to  be
  contributed  by  the  city  to  the contingent reserve fund in each city
  fiscal year,  commencing  with  the  nineteen  hundred  eighty--nineteen
  hundred  eighty-one  fiscal  year  and  ending  with  the  two  thousand
  nine--two thousand ten fiscal year, pursuant to subparagraph (a) of this
  paragraph one and otherwise pursuant to law  shall  be  reduced  by  the
  amount  of  one  annual  installment  of  such  nineteen  hundred eighty
  unfunded accrued liability adjustment.
    (ii)  If  the  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment determined pursuant to such subparagraph (e) is a charge, the
  city  shall  contribute  in  each  city fiscal year, commencing with the
  nineteen hundred eighty--nineteen hundred  eighty-one  fiscal  year  and
  ending  with  the  two  thousand  nine--two thousand ten fiscal year, in
  addition to the amounts required to be contributed under the  provisions
  of  subparagraph  (a)  of this paragraph, one annual installment of such
  nineteen hundred eighty unfunded accrued liability adjustment.
    (iii) The total of the amounts  required  to  be  contributed  to  the
  contingent  reserve  fund  in  each city fiscal year commencing with the
  nineteen hundred eighty-two--nineteen hundred eighty-three  fiscal  year
  and ending with the two thousand eleven--two thousand twelve fiscal year
  pursuant  to  items (i), (ii), (iii), (iv), (v) and (vi) of subparagraph
  (a) of this paragraph (1) and the applicable provisions of items (i) and
  (ii) of this subparagraph (b) and otherwise pursuant  to  law  shall  be
  reduced  by the amount of one annual installment of the nineteen hundred
  eighty-two unfunded accrued liability adjustment determined pursuant  to
  subparagraph (f) of paragraph (3) of this subdivision b.
    * (iv)  The  total  of  the  amounts required to be contributed to the
  contingent reserve fund in each city fiscal  year  commencing  with  the
  nineteen  hundred  eighty-five--nineteen  hundred eighty-six fiscal year
  and ending with the two thousand fourteen--two thousand  fifteen  fiscal
  year  pursuant  to  items  (i),  (ii),  (iii),  (iv),  (v)  and  (vi) of
  subparagraph (a) of this paragraph one and the applicable provisions  of
  items  (i)  and  (ii) of this subparagraph (b) and otherwise pursuant to
  law shall be increased by the amount of one annual  installment  of  the
  nineteen  hundred  eighty-five  unfunded  accrued  liability  adjustment
  determined pursuant to subparagraph  (g)  of  paragraph  three  of  this
  subdivision b.
    * NB There are two item (iv)'s
    * (iv)   For   the   purpose  of  effectuating  the  nineteen  hundred
  eighty-eight unfunded  accrued  liability  adjustment  provided  for  in
  section  13-638.1  of  the code, contributions to the contingent reserve
  fund shall be made by the responsible obligor (as defined  in  paragraph
  six  of  subdivision  a  of such section) or credits shall be allowed to
  such obligor against contributions otherwise payable by such obligor, as
  the case may be, to the extent and in the manner provided  for  in  such
  section.  The annual determination of the normal contribution for fiscal
  years occurring during the period  beginning  on  July  first,  nineteen
  hundred  eighty-eight  and  ending  on  June thirtieth, nineteen hundred
  ninety-eight shall appropriately take account of  the  nineteen  hundred
  eighty-eight unfunded accrued liability adjustment and the provisions of
  subparagraph  (b) of paragraph two of this subdivision b shall be deemed
  to be conformably modified for such purpose.
    * There are two item (iv)'s

    (c) (i) Any amount required by the provisions of  items  (ii),  (iii),
  (iv),  (v)  and  (vi)  of  subparagraph  (a)  of  this paragraph one and
  subparagraph (b) of this paragraph one and section 13-704 of this  title
  to  be contributed to the contingent reserve fund in the city's nineteen
  hundred   eighty--nineteen   hundred   eighty-one  fiscal  year  or  any
  subsequent fiscal year shall be payable with interest on such amount  at
  a  rate  per  centum  per  annum  equal to the rate per centum per annum
  required to  be  used  for  the  purpose  of  any  actuarial  valuation,
  determination  or  appraisal  made to determine the amount of the normal
  contribution payable in such fiscal year.
    (ii) Any amount  required  to  be  contributed  by  the  city  to  the
  retirement  allowance  accumulation  fund  prior to July first, nineteen
  hundred eighty-one, other than the contributions required to be made  by
  the  city  prior  to  such date with regular interest as provided for by
  paragraph one of subdivision b of section 13-325 of this subchapter,  as
  in  effect  prior  to  such  July  first,  shall  be deemed to have been
  required to be paid with regular interest on such amount.
    (iii) It is hereby declared that the provisions of items (i) and  (ii)
  of this subparagraph (c), in so far as they relate to provisions of this
  article or other laws requiring payment of employer contributions to the
  pension  fund  prior  to  such  July  first,  express the intent of such
  provisions of this article or other laws requiring such payment.
    (2) Normal contribution. (a)(i) Upon the basis of the latest mortality
  and other tables herein authorized and  regular  interest,  the  actuary
  shall determine, as of June thirtieth, nineteen hundred eighty and as of
  each  succeeding  June  thirtieth, the amount of the total liability for
  all benefits provided in this  subchapter,  in  article  eleven  of  the
  retirement  and  social  security  law  and in any other law prescribing
  benefits payable by the pension fund, on  account  of  all  members  and
  beneficiaries,   excluding   the   liability   on   account   of  future
  increased-take-home-pay contributions, if any,  and  the  liability  for
  benefits  attributable  to  the annuity savings fund, provided, however,
  that in determining such total liability for all  benefits  as  of  June
  thirtieth,  nineteen  hundred ninety-five and as of each succeeding June
  thirtieth, the actuary shall include (A) the  liability  on  account  of
  future  increased-take-home-pay contributions, if any, (B) the liability
  on account of future public employer obligations under the provisions of
  subdivision twenty of section two hundred forty-three  of  the  military
  law,  to  pay  in  behalf of members qualifying for such benefit, member
  contributions with respect to certain periods of the military service of
  such members and (C) the liability  for  benefits  attributable  to  the
  annuity savings fund.
    (ii)  For  the purposes of subparagraphs (b) and (c) of this paragraph
  two, the actuary shall determine, as of June thirtieth, nineteen hundred
  ninety-five  and  as  of  each  succeeding  June  thirtieth,  the  total
  liability  of the pension fund which shall be an amount equal to the sum
  of (A) the total liability for all benefits as  determined  pursuant  to
  item  (i)  of  this subparagraph and (B) the amount, as estimated by the
  actuary, of the total liability of the pension fund on  account  of  all
  payments  which the pension fund may be required to make for base fiscal
  years (as defined by the  applicable  provisions  of  paragraph  one  of
  subdivision  b  of section 13-335.1 of this subchapter and paragraph one
  of subdivision b of section 13-335.3 of this subchapter) beginning on or
  after July first, nineteen  hundred  ninety-four  to  the  firefighters'
  variable  supplements  fund, pursuant to subdivisions d, e and f of such
  section 13-335.1 and to the fire  officers'  variable  supplements  fund
  pursuant to subdivisions d, e and f of such section 13-335.3.

    (a-1)  Notwithstanding any other provision of law to the contrary, for
  the purpose of calculating the amount of  the  normal  contribution  due
  from  the  city  to the contingent reserve fund pursuant to subparagraph
  (c) of this paragraph in fiscal year  two  thousand  five--two  thousand
  six, and in each fiscal year thereafter, both the total liability of the
  pension   fund,   as  calculated  by  the  actuary  in  accordance  with
  subparagraph (a) of this paragraph, and the normal rate of contribution,
  as calculated by the actuary in accordance with subparagraph (b) of this
  paragraph, shall be determined as of June thirtieth of the second fiscal
  year preceding the fiscal year  in  which  the  normal  contribution  is
  payable,  provided,  however,  that  (i)  the actuary shall use for such
  calculations the mortality and other tables that are applicable  at  the
  time he or she performs such calculations; (ii) the total funds on hand,
  as  determined  by  the  actuary pursuant to sub-item (G) of item (i) of
  subparagraph (b) of this paragraph, shall be adjusted by adding to  such
  amount  the  present  value of all employer contributions required to be
  paid into the contingent reserve fund in the fiscal year next  preceding
  the  fiscal  year  in  which  the  normal  contribution  is  payable, as
  determined  by  the  actuary;  and  (iii)  the  present  value  of   the
  prospective  future  salaries of all members, as computed by the actuary
  for the purposes of item (ii) of subparagraph  (b)  of  this  paragraph,
  shall  be  reduced  by  the present value of the salaries expected to be
  paid to all members in the fiscal year next preceding the fiscal year in
  which the normal contribution is payable, as determined by the actuary.
    (b) The normal rate of contribution  shall  be  the  rate  per  centum
  obtained:
    (i) by deducting from the amount of such total liability the sum of:
    (A)  (1)  the  amount obtained by adding together the present value of
  all required future revised unfunded accrued liability contributions and
  the present value of all required future payments of installments of the
  nineteen  hundred  eighty   unfunded   accrued   liability   adjustment,
  determined  pursuant  to  subparagraph  (e)  of  paragraph three of this
  subdivision b, if such adjustment is a charge; or
    (2) the remainder obtained by subtracting from the  present  value  of
  all  required  future  unfunded  accrued  liability  contributions,  the
  present value of all future installments of the nineteen hundred  eighty
  unfunded  accrued  liability adjustment required to be credited, if such
  nineteen hundred eighty adjustment is a credit;
    (3) minus (whether (1) or (2) of this sub-item (A) is applicable)  the
  present  value  of  all  future  installments  of  the  nineteen hundred
  eighty-two unfunded accrued liability adjustment; and
    (A-1) the present value of all future  installments  of  the  nineteen
  hundred  eighty-five  unfunded  accrued  liability adjustment determined
  pursuant to subparagraph (g) of paragraph three of this  subdivision  b;
  and
    (B)  the  present value of all required future balance sheet liability
  contributions, plus, in the case of  the  determination  of  the  normal
  contribution  payable  in  fiscal year nineteen hundred eighty--nineteen
  hundred eighty-one, the present value, as of  June  thirtieth,  nineteen
  hundred  eighty,  of  the  payment  of  interest  on  the  balance sheet
  liability as required by item (iv) of subparagraph (a) of paragraph  one
  of this subdivision b; and
    (C)  the  present value of all required future member contributions of
  original plan members (as  defined  in  subdivision  four-b  of  section
  13-313 of this subchapter); and
    (D) the present value of all future member contributions on account of
  dependent benefits; and

    (E)  the  present  value  of all required future payments, pursuant to
  section 13-704 of this title, of installments of  losses  in  excess  of
  installments  of  gains on dispositions of securities within the meaning
  of such section; and
    (F)  in  the  case  of  the  determination  of the normal contribution
  payable in each fiscal year commencing with fiscal year nineteen hundred
  ninety-five--nineteen hundred ninety-six, the present  value  of  future
  member contributions of all members; and
    (G) the total funds on hand, including the amount of any unpaid moneys
  appropriated  pursuant  to section 13-334 of this subchapter and, in the
  case of the determination of the normal  contribution  payable  in  each
  fiscal    year    commencing   with   fiscal   year   nineteen   hundred
  ninety-five--nineteen hundred ninety-six, including the  amount  in  the
  annuity savings fund; and
    (H)  the  present  value  of  all other future installments of accrued
  liability contributions to the pension fund required by  the  applicable
  provisions  of  section  13-638.3 of this title which are not covered by
  the preceding subitems of this item (i); and
    (ii) by dividing the remainder by one per centum of the present  value
  of  the  prospective  future salaries of all members, as computed by the
  actuary on the basis of the latest mortality and service tables  adopted
  pursuant  to  section  13-321  of  this  subchapter, and on the basis of
  regular interest. The normal rate  of  contribution  determined  by  the
  actuary  shall  not be less than zero, shall be certified by the actuary
  after each such valuation and shall continue in  force  until  the  next
  succeeding valuation and certification.
    (c)(i)  The amount of the normal contribution due from the city to the
  contingent reserve fund in each city fiscal year,  commencing  with  the
  nineteen  hundred  eighty--nineteen  hundred  eighty-one fiscal year and
  ending with the two thousand four--two thousand five fiscal year,  shall
  be  the  amount obtained by multiplying the normal rate of contribution,
  as determined by the actuary as of June thirtieth  next  preceding  such
  fiscal  year,  by  the  aggregate annual salaries of the members on such
  next preceding June thirtieth, and shall be payable in such fiscal  year
  next  following such June thirtieth, together with such regular interest
  thereon which may be due, if any, as calculated by the actuary.
    (ii) The amount of the normal contribution due from the  city  to  the
  contingent  reserve  fund  in each city fiscal year, commencing with the
  two thousand five--two thousand six fiscal year,  shall  be  the  amount
  obtained  by  multiplying the normal rate of contribution, as determined
  by the actuary as of the second June thirtieth preceding the fiscal year
  in which the normal contribution is  payable,  in  accordance  with  the
  provisions  of  subparagraphs  (a-1)  and  (b) of this paragraph, by the
  aggregate amount of the salaries expected to  be  paid  to  the  members
  during  the  fiscal year in which the normal contribution is payable, as
  determined by the actuary, and such normal contribution shall be payable
  in the second fiscal year following the June thirtieth as of  which  the
  normal  rate  of  contribution is determined, together with such regular
  interest thereon which may be due, if any, as calculated by the actuary.
    (iii) In the case of the normal contribution payable in  the  nineteen
  hundred  eighty--nineteen  hundred  eighty-one  fiscal  year  and in any
  subsequent fiscal year, the term "regular interest",  as  used  in  this
  subparagraph  (c),  shall  mean  regular  interest  as  defined  by  the
  applicable provisions of paragraph (f) or paragraph (g)  of  subdivision
  eight of section 13-313 of this subchapter.
    (d)(i)  For  the purposes of this subparagraph (d), the terms "pension
  fund, subchapter one" and "fire subchapter one beneficiary"  shall  have

  the  meanings  set  forth  in paragraphs one and three, respectively, of
  subdivision a of section 13-312.1 of this chapter.
    (ii)  The  amount  of the normal contribution due from the city to the
  contingent   reserve   fund   in    the    city's    nineteen    hundred
  ninety-four--nineteen  hundred ninety-five fiscal year shall be equal to
  the  amount  of  the  normal  contribution  for  such  fiscal  year,  as
  calculated in accordance with the provisions of subparagraph (c) of this
  paragraph,  minus  the sum (calculated by the actuary to reflect regular
  interest in accordance with the provisions of subparagraph (c)  of  this
  paragraph) of the following:
    (A)  the  amount of the assets deemed to have been transferred on July
  first, nineteen hundred ninety-four from pension fund, subchapter one to
  this pension fund  and  credited  to  the  contingent  reserve  fund  in
  accordance  with  the  provisions  of  subdivisions  b  and g of section
  13-312.1 of this chapter, as if such transfer actually had been made  on
  such July first; and
    (B)  the  amount  of  the benefits payable during the nineteen hundred
  ninety-four--nineteen hundred ninety-five fiscal year by  pension  fund,
  subchapter one to fire subchapter one beneficiaries; and
    (C)  the  amount  of supplemental benefits payable during the nineteen
  hundred ninety-four--nineteen hundred ninety-five fiscal year, including
  the increase in certain of such benefits provided by paragraph  four  of
  subdivision  a  of section 13-687 of this title, as added by the chapter
  of  the  laws  of  nineteen  hundred  ninety-five   which   added   this
  subparagraph,  by  the  city supplemental pension fund established under
  section 13-650 of this title to fire subchapter one beneficiaries.
    (3) (a) The unfunded accrued liability contribution shall be an amount
  determined as prescribed in subparagraphs  (b),  (c)  and  (d)  of  this
  paragraph three.
    (b) (i) The "assumed original unfunded accrued liability contribution"
  shall  be  a  hypothetical  amount  determined  as  provided for in this
  subparagraph (b).
    (ii) On the basis of the actuarial tables adopted pursuant to  section
  13-321  of  this  subchapter  for the purpose of determining the assumed
  original unfunded accrued liability contribution  and  interest  at  the
  rate of five and one-half per centum per annum, there shall be computed,
  as  of  June thirtieth, nineteen hundred seventy-five, the amount of the
  total liability for all benefits provided in this subchapter, in article
  eleven of the retirement and social security law and in  any  other  law
  prescribing  benefits  payable  by  the  pension fund, on account of all
  members and beneficiaries, excluding the liability on account of  future
  increased-take-home-pay contributions.
    (iii) From such total liability computed pursuant to item (ii) of this
  subparagraph (b), there shall be subtracted the sum of:
    (A) the present value, as of such June thirtieth, of all then required
  future member contributions pursuant to the provisions of section 13-325
  of this subchapter, as then in effect; and
    (B)  the  sum  obtained by adding together the total funds on hand and
  the balance sheet liability as of such June thirtieth, as such liability
  is determined pursuant to the provisions of subparagraphs  (c)  to  (i),
  inclusive, of paragraph four of this subdivision b; and
    (C) the present value, as of such June thirtieth, of all then required
  future  payments, pursuant to section 13-704 of this article (as then in
  effect) of installments of losses in excess of installments of gains  on
  dispositions of securities within the meaning of such section; and
    (D)  the  present  value,  as of such June thirtieth, of future normal
  costs of the pension fund, computed pursuant to  the  entry  age  normal
  cost method of determining such normal costs.

    (iv)  The  assumed  original  unfunded  accrued liability contribution
  shall be a hypothetical amount, which, if paid to the  pension  fund  in
  forty  equal  annual  installments,  commencing  with payment of a first
  installment  in  the  city's  nineteen  hundred  seventy-seven--nineteen
  hundred seventy-eight fiscal year, would be the actuarial equivalent, on
  the  basis  of  five  and one-half per centum interest and the actuarial
  tables adopted pursuant to section 13-321 of  this  subchapter  for  the
  purpose  of  determining the assumed original unfunded accrued liability
  contributions, of the remainder computed pursuant to item (iii) of  this
  subparagraph (b).
    (c) (i) To the amount of the remainder computed pursuant to item (iii)
  of  subparagraph  (b)  of  this  paragraph  three,  there shall be added
  interest thereon at the rate of five and one-half per centum  per  annum
  for  the  period  from July first, nineteen hundred seventy-five to June
  thirtieth, nineteen hundred eighty.
    (ii) There shall be computed in the manner provided for in item
    (iii) of this subparagraph (c), the discounted value of  each  of  the
  installments   of   the  assumed  original  unfunded  accrued  liability
  contribution which would have been hypothetically payable,  pursuant  to
  the provisions of item (iv) of subparagraph (b) of this paragraph three,
  in   the   city's   nineteen   hundred  seventy-seven--nineteen  hundred
  seventy-eight,   nineteen   hundred   seventy-eight--nineteen    hundred
  seventy-nine,  nineteen  hundred  seventy-nine--nineteen hundred eighty,
  nineteen  hundred  eighty--nineteen  hundred  eighty-one  and   nineteen
  hundred eighty-one--nineteen hundred eighty-two fiscal years.
    (iii) Such discounted value of each such installment shall be computed
  as  of  January  first  of  the  city's second fiscal year preceding the
  fiscal year in which such installment  would  have  been  hypothetically
  payable  and  on  the basis of five and one-half per centum interest per
  annum on the amount of such installment.
    (iv) There shall be computed with respect to such discounted value  of
  each  such  installment,  interest  thereon  from  January first of such
  second fiscal year preceding the fiscal year in which  such  installment
  would  have  been  hypothetically  payable  to  June thirtieth, nineteen
  hundred eighty at the rate of five and one-half per centum per annum.
    (v) The discounted values of all of such installments with respect  to
  such  fiscal  years, computed as provided for in items (ii) and (iii) of
  this subparagraph (c), together with interest on each  such  installment
  as  provided  for  in  item  (iv)  of  this subparagraph, shall be added
  together.
    (vi) From the sum computed pursuant to item (i) of  this  subparagraph
  (c), the sum computed pursuant to item (v) of this subparagraph shall be
  subtracted.
    (d)  (i)  With  respect  to each city fiscal year occurring during the
  period beginning on July first, nineteen hundred eighty  and  ending  on
  June  thirtieth,  nineteen  hundred  eighty-two,  the  revised  unfunded
  accrued  liability  contribution  shall  be  the   annual   installment,
  applicable  to  such  fiscal  year,  of  an amount which, if paid to the
  contingent  reserve  fund  in  thirty-five  equal  annual  installments,
  commencing  with  payment  of a first installment in the city's nineteen
  hundred eighty--nineteen hundred eighty-one fiscal year,  would  be  the
  actuarial  equivalent,  on  the  basis  of seven and one-half per centum
  interest per annum, of the remainder computed pursuant to item  (vi)  of
  subparagraph (c) of this paragraph three.
    (ii) With respect to each city fiscal year occurring during the period
  beginning  on July first, nineteen hundred eighty-two and ending on June
  thirtieth, nineteen hundred eighty-eight, the revised  unfunded  accrued
  liability  contribution  shall  be the annual installment, applicable to

  such fiscal year, of an amount which, if paid to the contingent  reserve
  fund  in thirty-three equal annual installments, commencing with payment
  of   a   first   installment   in   the    city's    nineteen    hundred
  eighty-two--nineteen  hundred  eighty-three  fiscal  year,  would be the
  actuarial equivalent, on the basis of  eight  per  centum  interest  per
  annum,  of  the  present  value,  as of June thirtieth, nineteen hundred
  eighty-two on the basis of seven and one-half per  centum  interest  per
  annum,   of   those  installments  of  the  unfunded  accrued  liability
  contribution computed pursuant to item (i)  of  this  subparagraph  (d),
  which  installments  are  hypothetically  allocated  by such item (i) to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-two.
    (iii) With respect to each  city  fiscal  year  occurring  during  the
  period beginning on July first, nineteen hundred eighty-eight and ending
  on  June  thirtieth,  two thousand fifteen, the revised unfunded accrued
  liability contribution shall be the annual  installment,  applicable  to
  such  fiscal  year,  of  an  amount  which,  when paid to the contingent
  reserve fund in twenty-seven equal annual installments, commencing  with
  payment   of   a  first  installment  in  the  city's  nineteen  hundred
  eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the
  actuarial  equivalent,  on the basis of eight and one-quarter per centum
  interest per annum, of the present value, as of June thirtieth, nineteen
  hundred eighty-eight on the basis  of  eight  per  centum  interest  per
  annum,   of   those  installments  of  the  unfunded  accrued  liability
  contribution computed pursuant to item (ii) of  this  subparagraph  (d),
  which  installments  are  hypothetically  allocated by such item (ii) to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-eight.
    (e)  (i)  The  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment  shall  be  an amount determined as prescribed in items (ii),
  (iii), (iv) and (v) of this subparagraph (e).
    (ii) (A) Upon the basis of the actuarial tables in effect as  of  June
  thirtieth,  nineteen  hundred eighty for valuation purposes and interest
  at the rate of seven and one-half per centum per annum, there  shall  be
  determined, as of June thirtieth, nineteen hundred eighty, the amount of
  the  total  liability  for  all benefits provided in this subchapter, in
  article eleven of the retirement and social  security  law  and  in  any
  other  law  prescribing benefits payable by the pension fund, on account
  of all members and beneficiaries, excluding the liability on account  of
  future increased-take-home-pay contributions.
    (B)  From  such  total  liability computed pursuant to sub-item (A) of
  this item (ii), there shall be subtracted the sum of:
    (1) the present value, as of June thirtieth, nineteen hundred  eighty,
  of  all  future  normal costs, computed pursuant to the entry age normal
  cost method of determining such normal costs; and
    (2) the present value, as  of  such  June  thirtieth,  of  all  future
  installments  of the balance sheet liability contribution (as defined in
  paragraph four of this subdivision b); and
    (3) the present value, as of such June thirtieth, of all then required
  future  payments,  pursuant  to  section  13-704  of  this   title,   of
  installments   of   losses   in  excess  of  installments  of  gains  on
  dispositions of securities within the meaning of such section; and
    (4) the present value, as of such  June  thirtieth,  of  all  required
  future  member  contributions  at  the  rates  of member contribution in
  effect as of such June thirtieth; and
    (5) the total funds on hand as of such June thirtieth,  including  the
  amount  of  any unpaid moneys appropriated pursuant to section 13-334 of
  this subchapter.

    (iii) (A) If the  amount  computed  pursuant  to  item  (ii)  of  this
  subparagraph  (e)  is  larger  than the amount computed pursuant to item
  (vi) of subparagraph (c) of this  paragraph  three,  the  latter  amount
  shall  be  subtracted from the former amount and the remainder resulting
  from such subtraction shall constitute a charge.
    (B)  If the amount computed pursuant to item (ii) of this subparagraph
  (e) is smaller than  the  amount  computed  pursuant  to  item  (vi)  of
  subparagraph   (c)  of  this  paragraph,  the  former  amount  shall  be
  subtracted from the latter amount and the remainder resulting from  such
  subtraction shall constitute a credit.
    (iv)  (A)  If  the  remainder  computed pursuant to item (iii) of this
  subparagraph is a charge, the nineteen hundred eighty  unfunded  accrued
  liability adjustment shall be an amount which, if paid to the contingent
  reserve  fund  in  thirty  equal  annual  installments,  commencing with
  payment  of  a  first  installment  in  the  city's   nineteen   hundred
  eighty--nineteen  hundred eighty-one fiscal year, would be the actuarial
  equivalent, on the basis of seven and one-half per centum  interest  per
  annum, of such remainder.
    (B)  If  the  remainder  computed  pursuant  to  item  (iii)  of  this
  subparagraph is a credit, the nineteen hundred eighty  unfunded  accrued
  liability  adjustment  shall  be  an amount which, if credited in thirty
  equal annual installments (the first of  which  installments  is  to  be
  credited   in  the  city's  nineteen  hundred  eighty--nineteen  hundred
  eighty-one fiscal year) in reduction of the amounts which the city would
  otherwise be required to pay to the contingent reserve fund pursuant  to
  subparagraph  (a)  of  paragraph  one of this subdivision b or otherwise
  pursuant to law, would be the actuarial  equivalent,  on  the  basis  of
  seven and one-half per centum interest per annum, of such remainder.
    (v)  (A)  With respect to determination of the amount of contributions
  payable to the contingent reserve fund in each of  the  city's  nineteen
  hundred   eighty--nineteen   hundred  eighty-one  and  nineteen  hundred
  eighty-one--nineteen  hundred  eighty-two  fiscal  years,   the   annual
  installment  of  the  nineteen hundred eighty unfunded accrued liability
  adjustment computed pursuant to item  (iv)  of  this  subparagraph  (e),
  which installment is applicable to such fiscal year, shall be applied as
  a  charge  or  a  credit,  as  the  case  may  be,  in  relation to such
  contributions payable in such fiscal year.
    (B) With respect to  determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-two  and ending on June thirtieth, nineteen hundred eighty-eight,
  the nineteen hundred eighty unfunded accrued liability adjustment  shall
  be  an  amount which, if paid (if a charge) or credited (if a credit) in
  twenty-eight equal annual installments, commencing  with  a  payment  or
  credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred
  eighty-two--nineteen hundred eighty-three  fiscal  year,  would  be  the
  actuarial  equivalent,  on  the  basis  of eight per centum interest per
  annum, of the present value, as  of  June  thirtieth,  nineteen  hundred
  eighty-two  on  the  basis of seven and one-half per centum interest per
  annum, of those installments of the  nineteen  hundred  eighty  unfunded
  accrued  liability  adjustment  computed  pursuant  to item (iv) of this
  subparagraph (e), which installments  are  hypothetically  allocated  by
  such   item  (iv)  to  designated  city  fiscal  years  succeeding  June
  thirtieth, nineteen hundred eighty-two.
    (C) With respect to  determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-eight  and  ending  on  June  thirtieth,  two  thousand  ten, the

  nineteen hundred eighty unfunded accrued liability adjustment  shall  be
  in an amount which, when paid (if a charge) or credited (if a credit) in
  twenty-two  equal  annual  installments,  commencing  with  a payment or
  credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred
  eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the
  actuarial  equivalent,  on the basis of eight and one-quarter per centum
  interest per annum, of the present value, as of June thirtieth, nineteen
  hundred eighty-eight on the basis  of  eight  per  centum  interest  per
  annum,  of  those  installments  of the nineteen hundred eighty unfunded
  accrued liability adjustment computed pursuant to sub-item (B)  of  this
  item  (v),  which  installments  are  hypothetically  allocated  by such
  sub-item (B) to designated city fiscal years succeeding June  thirtieth,
  nineteen hundred eighty-eight.
    (D)  With  respect  to  determination  of  the amount of contributions
  payable to the contingent reserve fund in each of such city fiscal years
  referred to in sub-item (B) or sub-item (C) of this item (v), the annual
  installment of the nineteen hundred eighty  unfunded  accrued  liability
  adjustment  computed  pursuant  to  sub-item (B) or sub-item (C) of this
  item (v), which installment is applicable to such fiscal year, shall  be
  applied  as  a charge or credit, as the case may be, in relation to such
  contributions payable in such fiscal year.
    (f) (i) The nineteen hundred  eighty-two  unfunded  accrued  liability
  adjustment  shall  be  an amount determined as prescribed in items (ii),
  (iii), (iv) and (v) of this subparagraph (f).
    (ii) Upon the basis of the actuarial  tables  in  effect  as  of  June
  thirtieth,  nineteen  hundred  eighty-one  for  valuation  purposes  and
  interest at the rate of seven and one-half per centum per  annum,  there
  shall  be determined, as of June thirtieth, nineteen hundred eighty-two,
  the amount of the actuarial  accrued  liability  of  the  pension  fund,
  computed  pursuant  to  the entry age normal cost method of ascertaining
  such actuarial accrued liability.
    (iii) Upon the basis of the actuarial tables  in  effect  as  of  June
  thirtieth,  nineteen  hundred  eighty-two  for  valuation  purposes  and
  interest at the rate of eight per  centum  per  annum,  there  shall  be
  determined,  as  of  June  thirtieth,  nineteen  hundred eighty-two, the
  amount of the actuarial accrued liability of the pension fund,  computed
  pursuant  to  the  entry  age  normal  cost  method of ascertaining such
  actuarial accrued liability.
    (iv) With respect to determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-two  and ending on June thirtieth, nineteen hundred eighty-eight,
  the nineteen hundred eighty-two unfunded  accrued  liability  adjustment
  shall   be   an  amount  which,  if  credited  in  thirty  equal  annual
  installments (the first of which installments is to be credited  in  the
  city's nineteen hundred eighty-two--nineteen hundred eighty-three fiscal
  year)  in  reduction  of  the  amounts which the city would otherwise be
  required to pay to the contingent reserve fund pursuant  to  items  (i),
  (ii),  (iii),  (v) and (vi) of subparagraph (a) of paragraph (1) of this
  subdivision b or otherwise pursuant  to  law,  would  be  the  actuarial
  equivalent,  on the basis of eight per centum interest per annum, of the
  excess of the amount computed pursuant to item (ii) of this subparagraph
  (f)  over  the  amount  computed  pursuant  to  item   (iii)   of   this
  subparagraph.
    (v)  With  respect  to  determination  of  the amount of contributions
  payable to  the  contingent  reserve  fund  in  each  city  fiscal  year
  occurring  during  the  period beginning on July first, nineteen hundred
  eighty-eight and ending on June  thirtieth,  two  thousand  twelve,  the

  nineteen  hundred eighty-two unfunded accrued liability adjustment shall
  be  an  amount  which,  when  credited  in  twenty-four   equal   annual
  installments  (the  first of which installments is to be credited in the
  city's   nineteen  hundred  eighty-eight--nineteen  hundred  eighty-nine
  fiscal year) in reduction of the amounts which the city would  otherwise
  be required to pay to the contingent reserve fund pursuant to items (i),
  (ii),  (iii),  (v) and (vi) of subparagraph (a) of paragraph (1) of this
  subdivision b or otherwise pursuant  to  law,  shall  be  the  actuarial
  equivalent,  on  the  basis of eight and one-quarter per centum interest
  per annum, of the present value, as of June thirtieth, nineteen  hundred
  eighty-eight on the basis of eight per centum interest per annum, of the
  installments   of  the  nineteen  hundred  eighty-two  unfunded  accrued
  liability adjustment computed pursuant to item (iv) of this subparagraph
  (f), which installments are hypothetically allocated by such  item  (iv)
  to  designated  city  fiscal  years  succeeding June thirtieth, nineteen
  hundred eighty-eight.
    (g) (i) The nineteen hundred eighty-five  unfunded  accrued  liability
  adjustment  shall  be  an amount determined as prescribed in items (ii),
  (iii) and (iv) of this subparagraph (g).
    (ii) Upon the basis of the actuarial tables in  effect  for  valuation
  purposes with respect to determination of the normal contribution to the
  contingent    reserve    fund    in    the   city's   nineteen   hundred
  eighty-four--nineteen hundred eighty-five fiscal year, and  interest  at
  the rate of eight per centum per annum, there shall be determined, as of
  June   thirtieth,  nineteen  hundred  eighty-five,  the  amount  of  the
  actuarial accrued liability of the pension fund,  computed  pursuant  to
  the  entry age normal cost method of ascertaining such actuarial accrued
  liability.
    (iii) Upon the basis of the actuarial tables in effect  for  valuation
  purposes with respect to determination of the normal contribution to the
  contingent    reserve    fund    in    the   city's   nineteen   hundred
  eighty-five--nineteen hundred eighty-six fiscal year,  and  interest  at
  the rate of eight per centum per annum, there shall be determined, as of
  June   thirtieth,  nineteen  hundred  eighty-five,  the  amount  of  the
  actuarial accrued liability of the pension fund,  computed  pursuant  to
  the  entry age normal cost method of ascertaining such actuarial accrued
  liability.
    (iv) (A) With respect to determination of the amount of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-five and ending on June thirtieth, nineteen hundred eighty-eight,
  the  nineteen  hundred eighty-five unfunded accrued liability adjustment
  shall be an amount which, if paid to  the  contingent  reserve  fund  in
  thirty  equal  annual  installments,  commencing with payment of a first
  installment in the city's nineteen hundred eighty-five--nineteen hundred
  eighty-six fiscal year, would be the actuarial equivalent, on the  basis
  of  eight  per  centum  interest  per annum, of the excess of the amount
  computed pursuant to item (iii) of this subparagraph (g) over the amount
  computed pursuant to item (ii) of this subparagraph.
    (B) With respect to  determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-eight  and  ending  on  June thirtieth, two thousand fifteen, the
  nineteen hundred eighty-five unfunded accrued liability adjustment shall
  be an amount  which,  when  paid  to  the  contingent  reserve  fund  in
  twenty-seven  equal  annual  installments,  commencing with payment of a
  first installment in the city's nineteen hundred  eighty-eight--nineteen
  hundred  eighty-nine  fiscal year, shall be the actuarial equivalent, on

  the basis of eight and one-quarter per centum interest per annum, of the
  present value, as of June thirtieth, nineteen  hundred  eighty-eight  on
  the  basis of eight per centum interest per annum, of those installments
  of   the   nineteen   hundred  eighty-five  unfunded  accrued  liability
  adjustment computed pursuant to sub-item (A) of this  item  (iv),  which
  installments  are  hypothetically  allocated  by  such  sub-item  (A) to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-eight.
    (4) (a) As used in this section,  the  following  words  and  phrases,
  unless  a  different  meaning  is plainly required by the context, shall
  have the following meanings:
    (i) (A) "Normal contribution for balance  sheet  liability  purposes."
  The hypothetical amount which the assumed normal contribution payable in
  each  city  fiscal  year  occurring  during the period beginning on July
  first, nineteen hundred  seventy-four  and  ending  on  June  thirtieth,
  nineteen  hundred  eighty  would  have  equalled  if such assumed normal
  contribution had been required by law to be paid to the pension fund  in
  the city fiscal year in which the obligation to make such assumed normal
  contribution  accrued  and  such  assumed  normal  contribution had been
  required by law to be determined in the manner provided for in sub-items
  (B), (C) and (D) of this item (i).
    (B) Upon the basis of the mortality and other tables adopted  pursuant
  to  section 13-321 of this subchapter for the purpose of determining the
  balance sheet liability contribution and interest at the  rate  of  five
  and  one-half  per  centum per annum, the actuary shall determine, as of
  June thirtieth next preceding each  such  fiscal  year  for  which  such
  assumed normal contribution is being determined (hereinafter referred to
  as the "subject fiscal year") the amount of the then total liability for
  all  benefits  provided  in  this  subchapter,  in article eleven of the
  retirement and social security law and  in  any  other  law  prescribing
  benefits payable by the pension fund, on account of all then members and
  beneficiaries,  excluding the then liability on account of future annual
  contributions, for balance  sheet  liability  purposes,  on  account  of
  accumulations-for-increased-take-home-pay  (as  defined  in item (iv) of
  this subparagraph (a)), if any.
    (C) The assumed normal  rate  of  contribution  with  respect  to  the
  subject fiscal year shall be the rate per centum obtained:
    (i) by deducting from the amount of such total liability, the sum of:
    (A)  the  present  value  of all then required future unfunded accrued
  liability contributions for balance sheet liability purposes (as defined
  in item (ii) of this subparagraph (a)); and
    (B)  the  present  value  of   all   then   required   future   annual
  contributions,  for  balance  sheet  liability  purposes,  on account of
  amortization of losses on dispositions of certain securities within  the
  meaning  of  section 13-704 of this article (as defined in item (iii) of
  this subparagraph (a)); and
    (C) the present value of all then required future member contributions
  on account of dependent benefits; and
    (D) the amount obtained by adding together the total funds on hand and
  the balance sheet liability as of such June thirtieth next preceding the
  subject fiscal year; and
    (ii) by dividing the remainder by one per centum of the  then  present
  value  of the prospective future salaries of all members, as computed on
  the basis of the  mortality  and  service  tables  adopted  pursuant  to
  section  13-321  of  this  subchapter for the purpose of determining the
  balance sheet liability contribution, and on the basis  of  interest  at
  the rate of five and one-half per centum per annum.

    (D)  The  amount  of the assumed normal contribution for balance sheet
  liability purposes hypothetically payable in  the  subject  fiscal  year
  shall be the amount obtained (1) by multiplying such assumed normal rate
  of  contribution computed with respect to the subject fiscal year by the
  aggregate  annual  salaries  of  the members as of June thirtieth of the
  subject  fiscal  year  and  (2)  by  adding  to  the  product  of   such
  multiplication interest on such product at the rate of five and one-half
  per centum per annum for a period of six months.
    (ii)  "Unfunded  accrued  liability  contribution  for  balance  sheet
  liability purposes." (A) With respect to  the  city's  nineteen  hundred
  seventy-four--nineteen hundred seventy-five fiscal year, such term shall
  mean  a  hypothetical amount which, if paid to the pension fund in forty
  equal annual installments, beginning with payment of a first installment
  in  the   city's   nineteen   hundred   seventy-four--nineteen   hundred
  seventy-five  fiscal  year,  would  be  the actuarial equivalent, on the
  basis of interest at the rate of five and one-half per centum per annum,
  of the remainder computed in the manner prescribed by sub-items (B)  and
  (C) of this item (ii).
    (B)  Upon  the  basis of the actuarial tables adopted pursuant to such
  section  13-321  for  the  purpose  of  determining  the  balance  sheet
  liability contribution and interest at the rate of five and one-half per
  centum  per  annum,  there  shall  be  computed,  as  of June thirtieth,
  nineteen hundred seventy-four, the amount of the total liability for all
  benefits  provided  by  this  subchapter,  in  article  eleven  of   the
  retirement  and  social  security  law  and in any other law prescribing
  benefits payable by the pension fund, on  account  of  all  members  and
  beneficiaries,   excluding   the   liability   on   account   of  future
  increased-take-home-pay contributions.
    (C) From such total liability computed pursuant  to  sub-item  (B)  of
  this item there shall be subtracted the sum of:
    (1) the present value, as of such June thirtieth, of all then required
  future member contributions pursuant to the provisions of section 13-325
  of this subchapter, as then in effect; and
    (2)  the  sum  obtained by adding together the total funds on hand and
  the balance sheet liability as of such June thirtieth, as such liability
  is determined pursuant to the provisions of  subparagraph  (b)  of  this
  paragraph four; and
    (3) the present value, as of such June thirtieth, of all then required
  future  payments, pursuant to section 13-704 of this article (as then in
  effect) of installments of losses in excess of installments of gains  on
  dispositions of securities within the meaning of such section; and
    (4)  the  present  value,  as of such June thirtieth, of future normal
  costs of the pension fund, computed pursuant to  the  entry  age  normal
  cost method of determining such normal costs.
    (D)  With  respect to each of the city's fiscal years occurring during
  the period from  July  first,  nineteen  hundred  seventy-five  to  June
  thirtieth,  nineteen hundred eighty, such term shall mean a hypothetical
  amount which, if  paid  to  the  pension  fund  in  forty  equal  annual
  installments,  beginning  with  payment  of  a  first installment in the
  city's  nineteen  hundred  seventy-five--nineteen  hundred   seventy-six
  fiscal year, would be the actuarial equivalent, on the basis of interest
  at  the rate of five and one-half per centum per annum, of the remainder
  computed pursuant to sub-items (E) and (F) of this item (ii).
    (E) Upon the basis of the actuarial tables adopted pursuant to section
  13-321 of this subchapter for the purpose  of  determining  the  balance
  sheet  liability  contribution  and  interest  at  the  rate of five and
  one-half per centum per annum, there  shall  be  computed,  as  of  June
  thirtieth,  nineteen  hundred  seventy-five,  the  amount  of  the total

  liability for all benefits  provided  by  this  subchapter,  in  article
  eleven  of  the  retirement and social security law and in any other law
  prescribing benefits payable by the pension  fund,  on  account  of  all
  members  and beneficiaries, excluding the liability on account of future
  increased-take-home-pay contributions.
    (F) From such total liability computed pursuant  to  sub-item  (E)  of
  this item (ii), there shall be subtracted the sum of:
    (1) the present value, as of such June thirtieth, of all then required
  future member contributions pursuant to the provisions of section 13-325
  of this subchapter, as then in effect; and
    (2)  the  sum  obtained by adding together the total funds on hand and
  the balance sheet liability as of such June thirtieth, as such liability
  is determined pursuant to the provisions of subparagraphs  (c)  to  (i),
  inclusive, of this paragraph four; and
    (3) the present value, as of such June thirtieth, of all then required
  future  payments, pursuant to section 13-704 of this article (as then in
  effect) of installments of losses in excess of installments of gains  on
  dispositions of securities within the meaning of such section; and
    (4)  the  present  value,  as of such June thirtieth, of future normal
  costs of the pension fund, computed pursuant to  the  entry  age  normal
  cost method of determining such normal costs.
    (iii)  "Annual  contribution, for balance sheet liability purposes, on
  account of amortization of losses on dispositions of certain  securities
  within  the  meaning  of section 13-704 of this article." A hypothetical
  annual payment to the retirement allowance accumulation fund in each  of
  the  city's  fiscal  years occurring during the period beginning on July
  first, nineteen hundred  seventy-four  and  ending  on  June  thirtieth,
  nineteen hundred eighty, of the amount of the excess of the installments
  (payable  in  such  year)  of losses on prior dispositions of securities
  within  the  meaning  of  section  13-704  of  this  article  over   the
  installments  (creditable  in  such  fiscal year) of gains on such prior
  dispositions, which annual amount shall  be  determined  in  the  manner
  provided in subdivision h of such section 13-704.
    (iv)  "Annual  contribution,  for balance sheet liability purposes, on
  account of  accumulations-for-increased-take-home-pay."  A  hypothetical
  annual  payment to the retirement allowance accumulation fund in each of
  the city's fiscal years occurring during the  period  from  July  first,
  nineteen  hundred  seventy-four  to  June  thirtieth,  nineteen  hundred
  eighty,  of  the  amount  required  to  fulfill  the   public   employer
  obligation,   which   accrued   in   such   fiscal   year,   to  provide
  accumulations-for-increased-take-home-pay  (as  defined  in  subdivision
  fifteen of section 13-313 of this subchapter).
    (v)  "Annual  military  law  contribution  or  balance sheet liability
  purposes." A hypothetical annual payment  to  the  retirement  allowance
  accumulation  fund  in  each of the city's fiscal years occurring during
  the period beginning on July first, nineteen  hundred  seventy-four  and
  ending  on  June  thirtieth,  nineteen  hundred  eighty,  of  the amount
  required to fulfill the public employer  obligation,  which  accrued  in
  such  year  under  the  provisions  of subdivision twenty of section two
  hundred forty-three of the military law, to pay  in  behalf  of  members
  qualifying  for  such  benefit,  member  contributions  with  respect to
  certain periods of military service of such members.
    (vi) "Contribution on account of  amortization,  pursuant  to  section
  13-704   of   this   article,  of  losses  on  dispositions  of  certain
  securities."  The  total  annual  amount  by  which  the  sum   of   the
  installments  of  losses,  payable  pursuant  to  section 13-704 of this
  chapter (as in effect prior to July first, nineteen hundred  eighty)  in
  each  of  the  city's fiscal years occurring during the period from July

  first, nineteen hundred seventy-four to June thirtieth, nineteen hundred
  eighty in relation to dispositions of securities within the  meaning  of
  such section, exceeds the sum of the installments of gains creditable in
  the same fiscal year in relation to the same dispositions of securities.
    (b) The balance sheet liability as of June thirtieth, nineteen hundred
  seventy-four  shall  be  the  sum  of  eighty-seven  million, sixty-four
  thousand, two hundred seventy-three dollars ($87,064,273), consisting of
  the sum of:
    (i) the discounted value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-four,  of  the sum of forty-two million, ninety thousand dollars
  ($42,090,000), which constituted the amount payable into the  retirement
  allowance   accumulation   fund   in   the   city's   nineteen   hundred
  seventy-four--nineteen hundred seventy-five fiscal year by the  city  in
  fulfillment of its obligations to make contributions to the pension fund
  payable  in  such  fiscal year, such discounting being calculated on the
  basis of interest at the rate of five and one-half per centum per  annum
  and a discount period of six months extending retroactively from January
  first, nineteen hundred seventy-five to June thirtieth, nineteen hundred
  seventy-four,  and such discounted value being the sum of forty million,
  nine hundred seventy-eight thousand, one  hundred  ninety-three  dollars
  ($40,978,193); and
    (ii)  the  discounted  value,  as  of June thirtieth, nineteen hundred
  seventy-four, of the sum  of  forty-nine  million,  nine  hundred  forty
  thousand  dollars ($49,940,000), which constituted the amount payable to
  the retirment allowance accumulation fund in the city's nineteen hundred
  seventy-five--nineteen hundred seventy-six fiscal year by  the  city  in
  fulfillment of its obligations to make contributions to the pension fund
  payable  in  such  fiscal year, such discounting being calculated on the
  basis of interest at the rate of five and one-half per centum per  annum
  and  a  discount  period of eighteen months extending retroactively from
  January first, nineteen hundred seventy-six to June thirtieth,  nineteen
  hundred  seventy-four,  and  such  discounted  value  being  the  sum of
  forty-six million, eighty-six thousand, eighty dollars ($46,086,080).
    (c) The balance sheet liability, as of each June thirtieth  succeeding
  June  thirtieth,  nineteen  hundred  seventy-four  to and including June
  thirtieth, nineteen hundred eighty, shall be determined as provided  for
  in subparagraphs (d) to (j), inclusive, of this paragraph four.
    (d)  To the amount of the balance sheet liability as of June thirtieth
  next preceding the June thirtieth (which last-mentioned  June  thirtieth
  is  hereinafter referred to as the "subject June thirtieth") as of which
  the balance sheet liability is  being  determined  as  provided  for  in
  subparagraph (c) of this paragraph four, there shall be added one year's
  interest  on such amount at the rate of five and one-half per centum per
  annum.
    (e) With respect to the city's fiscal year ending on the subject  June
  thirtieth  (hereinafter  referred to as the "subject fiscal year") there
  shall  be  added  together  the  contribution   components   hereinafter
  specified  in  this subparagraph (e), which components, for the purposes
  of this paragraph four, are hypothetically deemed to have accrued in the
  subject fiscal year and to have been payable therein, as follows:
    (i) the amount of the normal contribution for balance sheet  liability
  purposes  (as  defined in item (i) of subparagraph (a) of this paragraph
  four); and
    (ii) the amount of the applicable installment of the unfunded  accrued
  liability  contribution for balance sheet liability purposes (as defined
  in item (ii) of subparagraph (a) of this paragraph); and
    (iii) the  amount  of  the  annual  contribution,  for  balance  sheet
  liability purposes, on account of amortization of losses on dispositions

  of  certain  securities  within  the  meaning  of section 13-704 of this
  chapter  (as  defined  in  item  (iii)  of  subparagraph  (a)  of   this
  paragraph); and
    (iv)  the  amount  of  the  annual  contribution,  for  balance  sheet
  liability          purposes,           on           account           of
  accumulations-for-increased-take-home-pay  (as  defined  in item (iv) of
  subparagraph (a) of this paragraph); and
    (v) the amount of the annual military  law  contribution  for  balance
  sheet  liability purposes (as defined in item (v) of subparagraph (a) of
  this paragraph).
    (f)  To  the  amount  resulting  from  the  addition   prescribed   by
  subparagraph  (e)  of this paragraph four, there shall be added interest
  thereon at the rate of five and  one-half  per  centum  per  annum  from
  January  first  of  the  subject  fiscal  year to June thirtieth of such
  fiscal year.
    (g) The amount computed pursuant to subparagraph (d) of this paragraph
  four in relation to the balance sheet liability  as  of  June  thirtieth
  next  preceding  the  subject  June  thirtieth (together with one year's
  interest on such  balance  sheet  liability  as  provided  for  in  such
  subparagraph)  shall  be  added  to  the  amount  computed  pursuant  to
  subparagraph (f) of this paragraph in relation  to  the  subject  fiscal
  year.
    (h)  From  the  amount  computed  pursuant to subparagraph (g) of this
  paragraph, there shall be subtracted the sum of:
    (i) the total amount of:
    (A) the sum paid to the retirement allowance accumulation fund  during
  the  subject  fiscal  year  by the city as contributions pursuant to the
  provisions of section 13-325 of this subchapter as then in effect; and
    (B) the  amount  of  the  contribution  on  account  of  amortization,
  pursuant to section 13-704 of this chapter, of losses on dispositions of
  certain  securities (as defined in item (vi) of subparagraph (a) of this
  paragraph four) payable in the subject fiscal year; and
    (C) the amount payable in  the  subject  fiscal  year  on  account  of
  accumulations-for-increased-take-home-pay; and
    (D) the amount payable in the subject fiscal year in behalf of members
  pursuant to subdivision twenty of section two hundred forty-three of the
  military law; plus
    (ii)  interest  on  such  total amount referred to in item (i) of this
  subparagraph (h) at the rate of five and one-half per centum  per  annum
  from January first of the subject fiscal year to June thirtieth thereof.
    (i)  The  remainder  resulting  from  the  subtraction  prescribed  by
  subparagraph (h) of this paragraph  four  shall  be  the  balance  sheet
  liability as of June thirtieth of the subject fiscal year.
    (j) The balance sheet liability as of June thirtieth, nineteen hundred
  eighty shall be the amount resulting from the successive computations of
  the  balance  sheet  liability as of each June thirtieth succeeding June
  thirtieth, nineteen  hundred  seventy-four  up  to  and  including  June
  thirtieth,  nineteen  hundred eighty, as prescribed by subparagraphs (c)
  to (i), inclusive, of this paragraph four.
    (k) The balance sheet liability contribution  payable  in  the  city's
  nineteen  hundred  eighty-one--nineteen  hundred  eighty-two fiscal year
  shall be the first annual installment of an amount which, if paid to the
  contingent reserve fund in forty equal annual  installments,  commencing
  with  payment  of  a  first  installment  in the city's nineteen hundred
  eighty-one--nineteen  hundred  eighty-two  fiscal  year,  would  be  the
  actuarial equivalent, as of June thirtieth, nineteen hundred eighty-one,
  on  the basis of seven and one-half per centum interest per annum, of an

  amount equal to the  balance  sheet  liability  as  of  June  thirtieth,
  nineteen hundred eighty.
    (l)  The  balance  sheet  liability  contribution payable in each city
  fiscal year during the period beginning on July first, nineteen  hundred
  eighty-two  and  ending on June thirtieth, nineteen hundred eighty-eight
  shall be one annual installment of an  amount  which,  if  paid  to  the
  contingent  reserve  fund  in  thirty-nine  equal  annual  installments,
  commencing  with  a  first  payment  in  the  city's  nineteen   hundred
  eighty-two--nineteen  hundred  eighty-three  fiscal  year,  would be the
  actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two,
  on the basis of eight per centum interest  per  annum,  of  the  present
  value, as of June thirtieth, nineteen hundred eighty-two on the basis of
  seven  and one-half per centum interest per annum, of those installments
  of  the  balance  sheet  liability  contribution  computed  pursuant  to
  subparagraph   (k)  of  this  paragraph  four,  which  installments  are
  hypothetically allocated by such subparagraph  (k)  to  designated  city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
    (m)  The  balance  sheet  liability  contribution payable in each city
  fiscal year during the period beginning on July first, nineteen  hundred
  eighty-eight and ending on June thirtieth, two thousand twenty-one shall
  be  one  annual  installment  of  an  amount  which,  when  paid  to the
  contingent reserve  fund  in  thirty-three  equal  annual  installments,
  commencing   with  a  first  payment  in  the  city's  nineteen  hundred
  eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the
  actuarial   equivalent,   as   of   June   thirtieth,  nineteen  hundred
  eighty-eight, on the basis of eight and one-quarter per centum  interest
  per  annum, of the present value, as of June thirtieth, nineteen hundred
  eighty-eight on the basis of eight per centum  interest  per  annum,  of
  those  installments of the balance sheet liability contribution computed
  pursuant to subparagraph (1) of this paragraph four, which  installments
  are hypothetically allocated by such subparagraph (1) to designated city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
    (5)  Contributions  to the contingent reserve fund payable by the city
  in fiscal years of the city beginning on or after July  first,  nineteen
  hundred  ninety  shall be governed by the provisions of this section, as
  modified and supplemented by sections  13-638.2  and  13-638.3  of  this
  title, and such other laws as may be applicable.
    (6) (a) On the basis of interest at the rate of eight and one-half per
  centum  per  annum  and the actuarial tables in effect as of July first,
  nineteen hundred ninety-four, the actuary shall  determine  the  present
  value,  as  of  such  July first, of the future liability of the pension
  fund for paying all benefits and supplemental benefits on and after such
  date to fire subchapter one beneficiaries (as defined in paragraph three
  of subdivision a of section 13-312.1 of this chapter),  which  liability
  is  deemed  to have been transferred to and assumed by the fund pursuant
  to subdivisions d, e and g of section 13-312.1 of this  chapter,  as  if
  such transfers actually had been made on such July first.
    (b)  The  city  shall  pay to the contingent reserve fund in ten equal
  annual installments, commencing with payment of a first  installment  in
  the  city's  nineteen  hundred ninety-four--nineteen hundred ninety-five
  fiscal year, an amount which, when paid in  such  installments,  is  the
  actuarial  equivalent  of the amount determined pursuant to subparagraph
  (a) of this paragraph.
    c. Whenever the board,  upon  recommendation  by  the  actuary,  shall
  determine  that  it  is  necessary  to increase the reserves held in the
  retirement allowance reserve fund, the annuity reserve fund, the pension
  reserve fund or dependent benefit reserve fund,  the  board  may  direct

  that  the  amount  so  needed  shall  be  transferred  thereto  from the
  contingent reserve fund.
    d.  The  cash benefits payable under the provisions of this subchapter
  or other applicable laws to, or upon the death of, a  member  in  active
  service shall be paid from such contingent reserve fund.
    e.  (1)  Upon  the retirement of such a member who is an original plan
  member, or upon his or her death in the performance of duty,  an  amount
  equal  to  the retirement allowance reserve for the retirement allowance
  payable on account of his or her city-service  as  a  member,  shall  be
  transferred from the contingent reserve fund to the retirement allowance
  reserve fund.
    (2)  Upon  the  retirement  of  a  member  in active service who is an
  improved  benefits  plan  member  or  upon  his  or  her  death  in  the
  performance  of  duty,  an  amount  equal to the pension reserve for the
  pension payable by the city on account of his or her city-service  as  a
  member,  together with the reserve-for-increased-take-home-pay, shall be
  transferred from the contingent reserve  fund  to  the  pension  reserve
  fund.  Contributions  shall be paid into the contingent reserve fund, in
  the manner and to  the  extent  specified  by  section  13-326  of  this
  subchapter, to provide reserves-for-increased-take-home-pay.