Section 13-527. Contributions of the city and their use; contingent reserve fund

a. (1) Subject to the provisions of sections 13-528 and 13-529  of  this  chapter  and  subdivision  i  of  this  section,  the  city  shall
  contribute to the contingent reserve fund:
    (a) annually an amount computed pursuant  to  subdivision  b  of  this
  section, to be known as the "normal contribution"; and
    (b)  in  equal  annual  installments  during the period beginning with
  fiscal   year   nineteen   hundred    seventy-seven--nineteen    hundred
  seventy-eight and ending on the last day of fiscal year nineteen hundred
  seventy-nine--nineteen  hundred  eighty,  an  additional amount computed
  pursuant to subdivision c of this section, to be known as the  "original
  unfunded accrued liability contribution"; and
    (c)  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 computed pursuant to subdivision d of this section, to  be  known
  as the "revised unfunded accrued liability contribution"; and
    (d)  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 computed pursuant to subdivision f of this section,
  to be known as the "balance sheet liability contribution"; and
    (e)   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 subdivision f of this section; and
    (f)  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  city's  obligation,  if
  any, which accrued in such fiscal year, to make contributions on account
  of increased-take-home-pay; and
    (g)  in  each 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 city's 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
  contributors  qualifying  for  such  benefit,  member contributions with
  respect to certain periods of the military service of such contributors.
    (2) (a)  Subject  to  the  provisions  of  subparagraph  (d)  of  this
  paragraph two, if the nineteen hundred eighty unfunded accrued liability
  adjustment  determined  pursuant  to  subdivision e of this section is a
  credit, the total of the amounts  required  to  be  contributed  to  the
  contingent reserve fund by the city 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  subparagraphs  (a),  (c),  (d), (e), (f) and (g) of
  paragraph one of this subdivision a and otherwise pursuant to law  shall
  be  reduced  by  the  amount  of one annual installment of such nineteen
  hundred eighty unfunded accrued liability adjustment.
    (b) Subject to the provisions of sections 13-528 and  13-529  of  this
  chapter,  if  the  nineteen  hundred  eighty  unfunded accrued liability
  adjustment determined pursuant to such subdivision 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  one  of  this subdivision a, one annual installment of
  such nineteen hundred eighty unfunded accrued liability adjustment.
    (c) Subject to the provisions of subparagraph (d)  of  this  paragraph
  two,  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 the applicable provisions of subparagraphs  (a),  (c),  (d),
  (f)  and  (g)  of paragraph one of this subdivision a and the applicable
  provisions of subparagraphs (a)  and  (b)  of  this  paragraph  two  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  paragraph  nine  of
  subdivision e of this section.
    (c-1) Subject to the provisions of subparagraph (d) of this  paragraph
  two,  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  the applicable provisions of subparagraphs (a), (c),
  (d), (f) and (g)  of  paragraph  one  of  this  subdivision  a  and  the
  applicable provisions of subparagraphs (a) and (b) of this paragraph two
  and  otherwise  pursuant  to  law  shall be reduced by the amount of one
  annual installment of the nineteen hundred eighty-five unfunded  accrued
  liability adjustment determined pursuant to paragraph ten of subdivision
  e of this section.
    (c-2)  Subject to the provisions of subparagraph (d) of this paragraph
  two, 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-six--nineteen hundred eighty-seven  fiscal  year
  and  ending  with  the two thousand fifteen--two thousand sixteen fiscal
  year pursuant to the applicable provisions of  subparagraphs  (a),  (c),
  (d),  (f)  and  (g)  of  paragraph  one  of  this  subdivision a and the
  applicable provisions of subparagraphs (a) and (b) of this paragraph two
  and otherwise pursuant to law shall be reduced  by  the  amount  of  one
  annual  installment  of the nineteen hundred eighty-six unfunded accrued
  liability  adjustment  determined  pursuant  to  paragraph   eleven   of
  subdivision e of this section.
    (d)  The  installments  of  the  nineteen  hundred eighty-two unfunded
  accrued  liability  adjustment  and  the  nineteen  hundred  eighty-five
  unfunded  accrued liability adjustment (determined pursuant to paragraph
  ten  of  subdivision  e  of  this  section)  and  the  nineteen  hundred
  eighty-six unfunded accrued liability adjustment (determined pursuant to
  paragraph  eleven  of  such subdivision e), and, if the nineteen hundred
  eighty  unfunded  accrued  liability  adjustment  is   a   credit,   the
  installments  of such credit shall be allocated among the city and other
  obligors required to pay public employer  contributions  on  account  of
  members  of  the  retirement  system,  such  allocation  to  be  made in
  accordance with the shares of such  installments  attributable  to  them
  pursuant  to the provisions of law prescribing their obligations to make
  or assume responsibility for employer contributions.
    (e) 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 on account  of
  charges  shall  be made by responsible obligors (as defined in paragraph

  six of subdivision a of such section) or credits  shall  be  allowed  to
  such  obligors  against  contributions otherwise payable by them, 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  in  the  manner
  provided for in such section 13-638.1 and the provisions of  subdivision
  b  of  this  section shall be deemed to be conformably modified for such
  purpose.
    (3) (i) Any amount required by the provisions  of  subparagraphs  (c),
  (d), (e), (f) and (g) of paragraph one of this subdivision a 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 to the  contingent  reserve
  fund  in  any  fiscal  year  of  the city preceding the nineteen hundred
  eighty--nineteen hundred eighty-one fiscal year shall be deemed to  have
  been  required  to  be  paid  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 to the contingent reserve fund in such fiscal year.
    (iii)  It  is hereby declared that the provisions of subparagraphs (i)
  and (ii) of this paragraph three, in so far as they relate to provisions
  of  this  chapter  or  other  laws   requiring   payment   of   employer
  contributions  to  the  retirement  system  prior  to July thirty-first,
  nineteen hundred eighty-one, express the intent of  such  provisions  of
  this chapter or other laws requiring such payment.
    b. Normal contribution. (1) 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 chapter, in articles eleven  and  fourteen  of
  the  retirement and social security law and in any other law prescribing
  benefits payable by the retirement system on account of all contributors
  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 and  to  the  variable
  annuity  savings fund, provided, however, that in determining such total
  liability 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   reserve-for-increased-take-home-pay
  contributions,  if  any,  (b)  the  liability  on account of future city
  obligations under the provisions of subdivision twenty  of  section  two
  hundred   forty-three   of  the  military  law,  to  pay  in  behalf  of
  contributors qualifying for  such  benefit,  member  contributions  with
  respect to certain periods of the military service of such contributors,
  and  (c)  the liability for benefits attributable to the annuity savings
  fund and to the variable annuity savings fund, and provided further that
  in determining such total  liability  as  of  June  thirtieth,  nineteen
  hundred  ninety-nine  and  as  of  each  succeeding  June thirtieth, the
  actuary shall include any other liability, as determined by the actuary,

  for benefits attributable to the variable annuity programs, and provided
  further that in determining such total liability as of  June  thirtieth,
  two thousand and as of each succeeding June thirtieth, the actuary shall
  include  the  amount,  if any, as estimated by the actuary, of the total
  liability of the retirement system on  account  of  payments  which  the
  retirement  system  may  be required to make to any other fund without a
  corresponding offset in the liabilities of the retirement system.
    (1-a) 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 paragraph  four
  of  this subdivision in fiscal year two thousand five--two thousand six,
  and in each fiscal year thereafter, both  the  total  liability  of  the
  retirement  system,  as  calculated  by  the  actuary in accordance with
  paragraph one of this subdivision, and the normal rate of  contribution,
  as calculated by the actuary in accordance with paragraphs two and three
  of  this  subdivision,  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 (a) the actuary shall
  use for such calculations  the  mortality  and  other  tables  that  are
  applicable  at  the  time  he or she performs such calculations; (b) the
  total funds on hand, as determined by the actuary pursuant to  item  (v)
  of  subparagraph  (a)  of  paragraph  two  of this subdivision, 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 (c) the
  present value of the prospective future  salaries  of  all  members,  as
  computed  by  the  actuary  for  the  purposes  of  subparagraph  (c) of
  paragraph two of this subdivision, 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.
    (2) The normal rate of contribution  shall  be  the  rate  per  centum
  obtained: (a) by adding together:
    (i)  (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  the  nineteen
  hundred   eighty   unfunded  accrued  liability  adjustment,  determined
  pursuant to subdivision e of this  section,  if  such  adjustment  is  a
  charge; or
    (2)  the  remainder  obtained by subtracting from the present value of
  all required future revised 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; and
    (3) minus (whether (1) or (2) of this item (i) is applicable) the  sum
  of  the present value of all future installments of the nineteen hundred
  eighty-two unfunded accrued liability adjustment and the  present  value
  of  all future installments of the nineteen hundred eighty-five unfunded
  accrued liability adjustment and (with respect  to  calculation  of  the
  normal contribution for fiscal years succeeding June thirtieth, nineteen
  hundred  eighty-six) the present value of all future installments of the
  nineteen hundred eighty-six unfunded accrued liability adjustment; and
    (ii) 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  subparagraph  (e)  of  paragraph  one  of
  subdivision a of this section; and
    (iii)  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
    (iv) 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 contributors; and
    (v) the total funds on hand, excluding the amount in  pension  reserve
  fund  number  two,  but  including  the  amount  of  any  unpaid  moneys
  appropriated pursuant to section 13-533 of this chapter 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
  in the variable annuity savings fund; and
    (vi) the present value of all other  future  installments  of  accrued
  liability  contributions  to  the  retirement  system  required  by  the
  applicable provisions of section 13-638.2 of this title  which  are  not
  covered by the preceding items of this subparagraph (a); and
    (b)  by  subtracting from the amount of the total liability determined
  pursuant to paragraph one of this subdivision b the sum  resulting  from
  the addition prescribed by subparagraph (a) of this paragraph two; and
    (c)   by   dividing   the  remainder  resulting  from  the  applicable
  subtraction prescribed by subparagraph (b) of this paragraph two by  one
  per  centum  of  the present value of the prospective future salaries of
  all contributors, as computed by the actuary on the basis of the  latest
  mortality  and service tables adopted pursuant to section 13-514 of this
  chapter, and on the basis of regular interest.
    (3) The normal rate of contribution determined by  the  actuary  shall
  not  be  less  than  zero,  shall be certified by the actuary after each
  valuation  and  shall  continue  in  force  until  the  next  succeeding
  valuation and certification.
    (4) (a) 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
  June  thirtieth  next preceding such fiscal year in which such amount is
  due 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.
    (b)  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 paragraphs one-a, two and three of  this  subdivision,  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.

    (c)  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
  paragraph four shall mean regular interest as defined by the  applicable
  provisions  of  subparagraph (ii) or subparagraph (iii) of paragraph (c)
  or paragraph (d) of subdivision twenty-two of  section  13-501  of  this
  chapter.
    c.  Unfunded  accrued  liability  contributions. The original unfunded
  accrued liability contribution shall be 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
  seventy-seven--nineteen  hundred seventy-eight fiscal year, would be the
  actuarial equivalent, on  the  basis  of  five  and  one-half  percentum
  interest  and  the actuarial tables in effect as of July first, nineteen
  hundred  seventy-seven,  of  the  difference  between  (1)  the  accrued
  liability  (excluding  the  liability  for  benefits attributable to the
  annuity savings fund and  the  variable  annuity  savings  fund  and  to
  pension  reserve  fund  number two), on June thirtieth, nineteen hundred
  seventy-five and (2) the total funds on hand, excluding  the  amount  in
  the  annuity  savings  fund  and  variable  annuity  savings fund and in
  pension reserve fund number two, but including the amount of any  unpaid
  moneys appropriated pursuant to section 13-533 of this chapter.
    d. (1) The revised unfunded accrued liability contribution shall be an
  amount  determined  as  prescribed in paragraphs two, three, four, five,
  six and seven of this subdivision d.
    (2) To the amount of the difference constituting the unfunded  accrued
  liability as of June thirtieth, nineteen hundred seventy-five heretofore
  determined  pursuant  to the provisions of subdivision c of this section
  as in effect on July first, nineteen hundred seventy-seven, 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.
    (3)   (a)   There  shall  be  computed,  in  the  manner  provided  in
  subparagraph (b) of this paragraph three, the discounted value  of  each
  of  the  installments  of  the  unfunded  accrued liability contribution
  which,  in  the  absence  of  the  enactment  of  chapter  nine  hundred
  fifty-seven  of the laws of nineteen hundred eighty-one, were payable or
  would   have   been   payable   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 year.
    (b) 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 was payable  or  would  have  been
  payable  and  on  the basis of five and one-half per centum interest per
  annum on the amount of such installment.
    (c) There shall be  added  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  was  or  would
  have been payable to June thirtieth, nineteen hundred eighty at the rate
  of five and one-half per centum per annum.
    (d)  The discounted values of all of such installments with respect to
  such fiscal years, computed as provided for in subparagraphs (a) and (b)
  of this paragraph three, together with interest on each such installment
  as provided for in subparagraph (c) of this paragraph,  shall  be  added
  together.

    (4)   From  the  sum  computed  pursuant  to  paragraph  two  of  this
  subdivision d, the sum computed pursuant  to  paragraph  three  of  this
  subdivision shall be subtracted.
    (5)  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 paragraph four of this subdivision.
    (6) 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  the  installments  of the revised unfunded accrued liability
  contribution computed pursuant to paragraph five  of  this  subdivision,
  which  installments  are hypothetically allocated by such paragraph five
  to designated city fiscal  years  succeeding  June  thirtieth,  nineteen
  hundred eighty-two.
    (7)  With respect to each city fiscal year occurring during the period
  beginning on July first, nineteen hundred eighty-eight and  ending  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 the installments of
  the revised unfunded accrued liability contribution computed pursuant to
  paragraph six of this subdivision, which installments are hypothetically
  allocated  by  such  paragraph  six  to  designated  city  fiscal  years
  succeeding June thirtieth, nineteen hundred eighty-eight.
    e.   (1)  The  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment shall be an amount determined  as  prescribed  in  paragraphs
  two, three, four, five, six and seven of this subdivision e.
    (2)  (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  chapter,  in
  articles  eleven  and fourteen of the retirement and social security law
  and in any other law prescribing  benefits  payable  by  the  retirement
  system  on  account of all contributors and beneficiaries, excluding the
  liability on account of future increased-take-home-pay contributions, if
  any, the liability for benefits attributable to the annuity savings fund

  and to the variable annuity savings fund and the liability  attributable
  to pension reserve fund number two.
    (b) From such total liability computed pursuant to subparagraph (a) of
  this paragraph two, there shall be subtracted the sum of:
    (i)  the present value, as of June thirtieth, nineteen hundred eighty,
  of all future normal costs of the retirement system,  computed  pursuant
  to  the  entry  age normal cost method of determining such normal costs;
  and
    (ii) the present value, as of  such  June  thirtieth,  of  all  future
  installments  of the balance sheet liability contribution (as defined in
  subdivision f of this section); and
    (iii) 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
    (iv)  the  present  value, as of such June thirtieth, of future member
  contributions  of  contributors  subject  to  article  fourteen  of  the
  retirement and social security law; and
    (v)  the  total funds on hand as of such June thirtieth, excluding the
  amount in the annuity savings fund and in the variable  annuity  savings
  fund and in pension reserve fund number two, but including the amount of
  any  unpaid  moneys  appropriated  pursuant  to  section  13-533 of this
  chapter.
    (3) (a) If the amount computed  pursuant  to  paragraph  two  of  this
  subdivision  e  is larger than the amount computed pursuant to paragraph
  four of subdivision d of  this  section,  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  paragraph  two  of  this
  subdivision  is  smaller  than the amount computed pursuant to paragraph
  four of subdivision d of  this  section,  the  former  amount  shall  be
  subtracted  from the latter amount and the remainder resulting from such
  subtraction shall constitute a credit.
    (4) (a) If the remainder computed pursuant to paragraph three of  this
  subdivision  e 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, shall 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  paragraph  three  of  this
  subdivision  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 amount which the city (and
  other obligors required to make public employer contributions on account
  of contributors to the retirement system) would otherwise be required to
  pay to the contingent reserve fund pursuant to subparagraphs  (a),  (c),
  (d), (e), (f) and (g) of paragraph one of subdivision a of this section,
  would  be  the  actuarial equivalent, on the basis of seven and one-half
  per centum interest per annum, of such remainder.
    (5)  If  the  nineteen  hundred  eighty  unfunded  accrued   liability
  adjustment  is  a  credit,  the  installments  of  such  credit shall be
  allocated among the city and such other obligors in accordance with  the
  shares  thereof  attributable  to them pursuant to the provisions of law

  prescribing their obligations  to  make  or  assume  responsibility  for
  employer contributions.
    (6)  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 paragraph four of  this  subdivision  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.
    (7) (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-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 the installments  of  the  nineteen  hundred  eighty  unfunded
  accrued liability adjustment computed pursuant to paragraph four of this
  subdivision  e,  which installments are hypothetically allocated by such
  paragraph  four  to  designated  city  fiscal  years   succeeding   June
  thirtieth, nineteen hundred eighty-two.
    (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  ten,  the
  nineteen  hundred  eighty unfunded accrued liability adjustment shall be
  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 subparagraph (a) of
  this paragraph seven, which installments are hypothetically allocated by
  such subparagraph (a) to designated city fiscal  years  succeeding  June
  thirtieth, nineteen hundred eighty-eight.
    (8)  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  paragraph  seven  of  this  subdivision  e,  the  annual
  installment  of  the  nineteen hundred eighty unfunded accrued liability
  adjustment computed pursuant to such paragraph seven, 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.
    (9) (a) The nineteen hundred  eighty-two  unfunded  accrued  liability
  adjustment  shall be an amount determined as prescribed in subparagraphs
  (b), (c), (d) and (e) of this paragraph nine.
    (b) 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 retirement  system,
  computed  pursuant  to  the entry age normal cost method of ascertaining
  such actuarial accrued liability.
    (c) 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  retirement  system,
  computed  pursuant  to  the entry age normal cost method of ascertaining
  such actuarial accrued liability.
    (d) 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 (and other obligors
  required to pay public employer  contribution  on  account  of  members)
  would  otherwise  be  required  to  pay  to  the contingent reserve fund
  pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
  subdivision a of this section 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 subparagraph (b)
  of this paragraph nine over the amount computed pursuant to subparagraph
  (c) of this paragraph.
    (e)  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 (and other
  obligors required to pay public  employer  contribution  on  account  of
  members)  would  otherwise  be required to pay to the contingent reserve
  fund pursuant to subparagraphs (a), (c), (d), (f) and (g)  of  paragraph
  one of subdivision a of this section 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 those installments  of  the  nineteen  hundred  eighty-two
  unfunded  accrued liability adjustment computed pursuant to subparagraph
  (d) of  this  paragraph  nine,  which  installments  are  hypothetically
  allocated  by  such  subparagraph  (d)  to  designated city fiscal years
  succeeding June thirtieth, nineteen hundred eighty-eight.
    (10) (a) The nineteen hundred eighty-five unfunded  accrued  liability
  adjustment  shall be an amount determined as prescribed in subparagraphs
  (b), (c), (d) and (e) of this paragraph ten.
    (b) Upon the basis of the actuarial tables  in  effect  for  valuation
  purposes  with  respect  to  determination  of  the  normal contribution
  payable 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 retirement system, computed pursuant
  to the entry age normal  cost  method  of  ascertaining  such  actuarial
  accrued liability.
    (c)  Upon  the  basis  of the actuarial tables in effect for valuation
  purposes with  respect  to  determination  of  the  normal  contribution
  payable  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 retirement system, computed  pursuant
  to  the  entry  age  normal  cost  method of ascertaining such actuarial
  accrued liability.
    (d) 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  credited  in  thirty   equal   annual
  installments  (the  first of which installments is to be credited in the
  city's nineteen hundred eighty-five--nineteen hundred eighty-six  fiscal
  year)  in  reduction  of  the amounts which the city (and other obligors
  required to pay public employer contributions  on  account  of  members)
  would  otherwise  be  required  to  pay  to  the contingent reserve fund
  pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
  subdivision a of this section 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 subparagraph (b)
  of  this paragraph ten over the amount computed pursuant to subparagraph
  (b)  of  this  paragraph  ten  over  the  amount  computed  pursuant  to
  subparagraph (c) of this paragraph.
    (e)  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  credited  in  twenty-seven  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  (and  other
  obligors  required  to  pay  public employer contributions on account of
  members) would otherwise be required to pay to  the  contingent  reserve
  fund  pursuant  to subparagraphs (a), (c), (d), (f) and (g) of paragraph
  one of subdivision a of this section 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  those  installments of the nineteen hundred eighty-five
  unfunded accrued liability adjustment computed pursuant to  subparagraph
  (d)  of  this  paragraph  ten,  which  installments  are  hypothetically
  allocated by such subparagraph  (d)  to  designated  city  fiscal  years
  succeeding June thirtieth, nineteen hundred eighty-eight.
    (11)  (a)  The  nineteen hundred eighty-six unfunded accrued liability
  adjustment shall be an amount determined as prescribed in  subparagraphs
  (b), (c), (d) and (e) of this paragraph eleven.
    (b)  Upon  the  basis  of the actuarial tables in effect for valuation
  purposes with  respect  to  determination  of  the  normal  contribution
  payable  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-six, the amount of the actuarial
  accrued  liability  of  the  retirement system, computed pursuant to the
  entry age normal cost method  of  ascertaining  such  actuarial  accrued
  liability.
    (c)  Upon  the  basis  of the actuarial tables in effect for valuation
  purposes with  respect  to  determination  of  the  normal  contribution
  payable  to  the  contingent reserve fund in the city's nineteen hundred
  eighty-six--nineteen hundred eighty-seven fiscal year  and  interest  at
  the rate of eight per centum per annum, there shall be determined, as of
  June thirtieth, nineteen hundred eighty-six, the amount of the actuarial
  accrued  liability  of  the  retirement system, computed pursuant to the
  entry age normal cost method  of  ascertaining  such  actuarial  accrued
  liability.
    (d)  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-six and ending on June thirtieth, nineteen hundred  eighty-eight,
  the  nineteen  hundred  eighty-six 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-six--nineteen hundred eighty-seven fiscal
  year) in reduction of the amounts which the  city  (and  other  obligors
  required  to  pay  public  employer contributions on account of members)
  would otherwise be required  to  pay  to  the  contingent  reserve  fund
  pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
  subdivision a of this section 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 subparagraph (b)
  of  this  paragraph  eleven  over  the  amount  computed   pursuant   to
  subparagraph (c) of this paragraph.
    (e)  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  sixteen,  the
  nineteen  hundred eighty-six unfunded accrued liability adjustment shall
  be  an  amount  which,  when  credited  in  twenty-eight  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 (and other
  obligors required to pay public employer  contributions  on  account  of
  members)  would  otherwise  be required to pay to the contingent reserve
  fund pursuant to subparagraphs (a), (c), (d), (f) and (g)  of  paragraph
  one of subdivision a of this section 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 those installments  of  the  nineteen  hundred  eighty-six
  unfunded  accrued liability adjustment computed pursuant to subparagraph
  (d) of this paragraph  eleven,  which  installments  are  hypothetically
  allocated by such subparagraph (d) to designated fiscal years succeeding
  June thirtieth, nineteen hundred eighty-eight.
    f.  (1)  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:
    (a)  (i)  "Normal  contribution for balance sheet liability purposes".
  The hypothetical amount which the 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 normal contribution had been
  required  by  law  to be paid to the contingent reserve fund in the city
  fiscal year in which the obligation to  make  such  normal  contribution
  accrued  and  such  normal  contribution  had been required by law to be
  determined in the manner provided for in items (ii), (iii) and  (iv)  of
  this subparagraph (a).
    (ii)  Upon the basis of the mortality and other tables effective under
  this chapter as  of  July  first,  nineteen  hundred  seventy-seven  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  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  chapter,  in
  articles  eleven  and fourteen of the retirement and social security law
  and in any other law prescribing  benefits  payable  by  the  retirement
  system  on account of all then contributors and beneficiaries, excluding
  the then liability  on  account  of  future  annual  contributions,  for
  balance      sheet     liability     purposes,     on     account     of
  reserves-for-increased-take-home-pay (as defined in subparagraph (d)  of
  this  paragraph  one)  if  any,  and  the  then  liability  for benefits
  attributable to the  annuity  savings  fund  and  the  variable  annuity
  savings fund.
    (iii) The hypothetical normal rate of contribution with respect to the
  subject fiscal year shall be the rate per centum obtained:
    (A) by adding together:
    (1)  the  present  value  of all then required future unfunded accrued
  liability contributions for balance sheet liability purposes (as defined
  in subparagraph (b) of this paragraph one); and
    (2)  the  present  value  of   all   then   required   future   annual
  contributions,  for  balance  sheet  liability  purposes,  on account of
  amortization of losses on dispositions of securities within the  meaning
  of  section 13-704 of this title (as defined in subparagraph (c) of this
  paragraph one); and
    (3) the present value of future member contributions  of  contributors
  subject  to  article fourteen of the retirement and social security law;
  and
    (4) the amount obtained by adding together the  total  funds  on  hand
  (excluding  therefrom the then amount in the annuity savings fund and in
  the variable annuity savings fund and in  pension  reserve  fund  number
  two)  and  balance  sheet  liability  as  of  such  June  thirtieth next
  preceding the subject fiscal year; and
    (B) by subtracting from the amount of the total  liability  determined
  pursuant  to  item  (ii) of this subparagraph (a) the sum resulting from
  the addition prescribed by sub-item (A) of this item (iii); and
    (C)  by  dividing  the  remainder  resulting   from   the   applicable
  subtraction  prescribed  by  sub-item  (B) of this item (iii) by one per
  centum of the present value of the prospective future  salaries  of  all
  contributors,  as  computed  on  the  basis of the mortality and service
  tables adopted pursuant to section 13-514 of this chapter and in  effect
  on  July  first,  nineteen  hundred  seventy-seven  and  on the basis of
  interest at the rate of five and one-half per centum per annum.
    (iv) The amount of the normal contribution for balance sheet liability
  purposes hypothetically payable in the subject fiscal year shall be  the
  amount obtained (1) by multiplying such hypothetical normal contribution
  rate  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.
    (b)   "Unfunded  accrued  liability  contribution  for  balance  sheet
  liability purposes".
    (i) 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 contingent reserve 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  items  (ii) and (iii) of this
  subparagraph (b).
    (ii) Upon the basis of the actuarial  tables  in  effect  as  of  July
  first,   nineteen  hundred  seventy-seven  for  valuation  purposes  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
  chapter, in article eleven of the retirement and social security law and
  in  any  other  law prescribing benefits payable by retirement system on
  account of all contributors and beneficiaries, excluding  the  liability
  on  account  of  future  increased-take-home-pay  contributions  and the
  liability for benefits attributable to the annuity savings fund and  the
  variable annuity savings fund.
    (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  June  thirtieth,  nineteen  hundred
  seventy-four, of all future  normal  costs  of  the  retirement  system,
  computed  pursuant  to  the  entry age normal cost method of determining
  such normal costs; and
    (B) the present value, as of such June thirtieth, of all then required
  future payments, pursuant to section 13-704 of this title  (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
    (C) the sum obtained by adding together the balance sheet liability as
  of  such June thirtieth (as such liability is determined pursuant to the
  provisions of paragraph two of this subdivision f) and the  total  funds
  on  hand  as of such June thirtieth, excluding the amount in the annuity
  savings fund and the variable annuity savings fund,  but  including  the
  amount  of  any unpaid moneys appropriated pursuant to section 13-533 of
  this chapter.
    (iv) 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 contingent reserve 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 items (v) and (vi) of this subparagraph (b).
    (v) Upon the basis of the actuarial tables in effect as of July first,
  nineteen  hundred  seventy-seven  for valuation purposes 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 chapter,
  in article eleven of the retirement and social security law and  in  any
  other  law  prescribing  benefits  payable  by  the retirement system on

  account of all contributors and beneficiaries, excluding  the  liability
  on  account  of  future  increased-take-home-pay  contributions  and the
  liability for benefits attributable to the annuity savings fund and  the
  variable annuity savings fund.
    (vi)  From  such total liability computed pursuant to item (v) of this
  subparagraph (b), there shall be subtracted the sum of:
    (A)  the  present  value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-five,  of  all  future  normal  costs  of the retirement system,
  computed pursuant to the entry age normal  cost  method  of  determining
  such normal costs; and
    (B) the present value, as of such June thirtieth, of all then required
  future  payments,  pursuant  to section 13-704 of this title (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
    (C) the sum obtained by adding together the balance sheet liability as
  of such June thirtieth (as such liability is determined pursuant to  the
  provisions   of   subparagraphs   three  to  nine,  inclusive,  of  this
  subdivision (f) and the total funds on hand, as of such June  thirtieth,
  excluding  the  amount  in  the  annuity  savings  fund and the variable
  annuity savings fund, but including the  amount  of  any  unpaid  moneys
  appropriated pursuant to section 13-533 of this chapter.
    (c)  "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 title". A hypothetical
  annual payment to the contingent reserve 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 installments (payable in
  such year) of losses on prior  dispositions  of  securities  within  the
  meaning of section 13-704 of this title over installments (creditable in
  such  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.
    (d)  "Annual  contribution,  for  balance sheet liability purposes, on
  account of reserves-for-increased-take-home-pay". A hypothetical  annual
  payment  to  the  contingent  reserve  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 year, to make contributions on account of increased-take-home-pay.
    (e)  "Annual  military  law  contribution  for balance sheet liability
  purposes". A hypothetical annual payment to the contingent reserve  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.
    (f) "Deficiency contribution". The total annual  amount  which,  under
  the  provisions  of  subdivisions  a,  c  and f of this section, as such
  provisions were in effect during the period from  July  first,  nineteen
  hundred  seventy-two  to June thirtieth, nineteen hundred seventy-seven,
  the city was required to pay to the contingent reserve fund in  each  of
  the city's nineteen hundred seventy-four--nineteen hundred seventy-five,
  and  nineteen  hundred  seventy-five--nineteen  hundred  seventy-six and

  nineteen  hundred  seventy-six--nineteen  hundred  seventy-seven  fiscal
  years.
    (g)  "Contribution  on  account  of  amortization, pursuant to section
  13-704 of this title, 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 title (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.
    (2) The balance sheet liability as of June thirtieth, nineteen hundred
  seventy-four shall be the sum of five hundred thirty-two million,  three
  hundred   eighty-two   thousand,   one   hundred   forty-eight   dollars
  ($532,382,148), consisting of the sum of:
    (a) The discounted value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-four,  of  the  sum  of  two  hundred fifty million, six hundred
  fifty-four thousand, two hundred  forty  dollars  ($250,654,240),  which
  constituted  the  amount  payable  to the contingent reserve 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  retirement  system  payable  in  such  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  two  hundred forty-four million,
  thirty-three thousand, two hundred eight dollars ($244,033,208); and
    (b) the discounted value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-four,  of  the sum of three hundred twelve million, four hundred
  sixty-one thousand, nine hundred  forty  dollars  ($312,461,940),  which
  constituted  the  amount  payable  to the contingent reserve 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 retirement system 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  from  January  first,  nineteen  hundred  seventy-six
  retroactively to June thirtieth, nineteen hundred seventy-four, and such
  discounted value being the sum  of  two  hundred  eighty-eight  million,
  three   hundred   forty-eight   thousand,  nine  hundred  forty  dollars
  ($288,348,940).
    (3) 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 paragraphs four to ten, inclusive, of this subdivision f.
    (4)  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
  paragraph  three  of this subdivision f, there shall be added one year's
  interest on such amount at the rate of five and one-half per centum  per
  annum.
    (5)  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 paragraph five, which components, for the purposes  of
  this  subdivision  f,  are  hypothetically deemed to have accrued in the
  subject fiscal year and to have been payable therein, as follows:

    (a) the amount of the normal contribution for balance sheet  liability
  purposes  (as  defined  in  subparagraph  (a)  of  paragraph one of this
  subdivision f); and
    (b)  the  amount of the applicable installment of the unfunded accrued
  liability contribution for balance sheet liability purposes (as  defined
  in subparagraph (b) of paragraph one of this subdivision); and
    (c) 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  title
  (as  defined  in subparagraph (c) of paragraph one of this subdivision);
  and
    (d) the amount of the annual contribution, for balance sheet liability
  purposes, on account of reserves-for-increased-take-home-pay (as defined
  in subparagraph (d) of paragraph one of this subdivision); and
    (e) the amount of the annual military  law  contribution  for  balance
  sheet  liability  purposes  (as defined in subparagraph (e) of paragraph
  one of this subdivision).
    (6) To the amount resulting from the addition prescribed by  paragraph
  five  of  this subdivision, 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.
    (7) The amount computed pursuant to paragraph four of this subdivision
  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) shall be added to the  amount  computed
  pursuant to paragraph six of this subdivision in relation to the subject
  fiscal year.
    (8)  From  the  amount  computed  pursuant  to paragraph seven of this
  subdivision, there shall be subtracted the sum of:
    (a) The total amount of the sums paid to the contingent  reserve  fund
  during   the  subject  fiscal  year  by  the  city  on  account  of  its
  obligations,  which  accrued  during  the  city's  second  fiscal   year
  preceding the subject fiscal year, to provide:
    (i)  the  normal contribution payable in the subject fiscal year under
  the provisions of subdivisions a and b  of  this  section,  as  then  in
  effect; and
    (ii)  the  installment  of  the deficiency contribution (as defined in
  subparagraph (f)  of  paragraph  one  of  this  subdivision  f)  or  the
  installment  of the original unfunded accrued liability contribution (as
  defined in subparagraph (b) of paragraph one of subdivision  a  of  this
  section), as the case may be, payable in the subject fiscal year; and
    (iii)  the  amount  of  the  contribution  on account of amortization,
  pursuant to section 13-704 of this title, of losses on  dispositions  of
  certain  securities  (as defined in subparagraph (g) of paragraph one of
  this subdivision f) payable in the subject fiscal year; and
    (iv) the amount payable in the  subject  fiscal  year  on  account  of
  reserves-for-increased-take-home-pay; and
    (v)  the  amount  payable  in  the  subject  fiscal  year in behalf of
  contributors pursuant to  subdivision  twenty  of  section  two  hundred
  forty-three of the military law; plus
    (b)  interest  on such total amount referred to in subparagraph (a) of
  this paragraph eight at the rate of five and  one-half  per  centum  per
  annum  from  January  first of the subject fiscal year to June thirtieth
  thereof.
    (9)  The  remainder  resulting  from  the  subtraction  prescribed  by
  paragraph  eight  of  this  subdivision  f  shall  be  the balance sheet
  liability as of June thirtieth of the subject fiscal year.

    (10) 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
  paragraphs four to nine, inclusive, of this subdivision f.
    (11) (a) 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 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.
    (b)  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   (a)  of  this  paragraph  (11),  which  installments  are
  hypothetically allocated by such subparagraph  (a)  to  designated  city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
    (c)  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 (b) of this paragraph (11), which  installments
  are hypothetically allocated by such subparagraph (b) to designated city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
    g.  Whenever  the  board,  upon  recommendation  by the actuary, shall
  determine that it is necessary to increase  the  reserves  held  in  the
  annuity reserve fund, the pension reserve fund number one or the pension
  reserve  fund  number  two  or  upon  recommendation  by  the  executive
  director, shall determine that it is necessary to increase the  reserves
  held in the expense fund, the board may direct that the amount so needed
  shall be transferred thereto from the contingent reserve fund.
    h. Contributions shall be paid into the contingent reserve fund in the
  manner  and to the extent specified by subparagraph (f) of paragraph one
  of     subdivision     a     of     this     section,     to     provide
  reserves-for-increased-take-home-pay.

    i.  Contributions  to  the  contingent  reserve fund payable in fiscal
  years of the city beginning on and after July  first,  nineteen  hundred
  ninety   by   the   city  and  other  obligors  required  to  make  such
  contributions shall be governed by the provisions of  this  section,  as
  modified  and  supplemented  by  section  13-638.2  of  this  title  and
  subdivision k of section 13-582 thereof, and such other laws as  may  be
  applicable.