Section 13-638.2. Supplementary provisions regarding employer contributions to retirement systems for fiscal years beginning on or after July first, nineteen hundred eighty-nine, for amortization of consolidated unfunded accrued liabilities and balance sheet liabilities for the nineteen hundred ninety--nineteen hundred ninety-one, nineteen hundred ninety-one--nineteen hundred ninety-two and nineteen hundred ninety-two--nineteen hundred ninety-three fiscal years, and for amortization of such liabilities and certain other unfunded accrued liabilities pursuant to the level percentage of payroll method in certain fiscal years thereafter; rates of interest

a. As used in this  section, unless the context clearly indicates otherwise,  the  following
  terms shall have the following meanings:
    1.  "Retirement  system".  Any  of  the  following:  the New York city
  employees' retirement  system;  the  teachers'  retirement  system;  the
  police  pension  fund  provided  for by subchapter two of chapter two of
  this title; the fire department pension fund provided for by  subchapter
  two  of  chapter  three  of  this  title;  and  the  board  of education
  retirement system of the city.
    2.  "Teachers'  retirement  system".  The  retirement  system  of  the
  teachers'  retirement  association  provided for by chapter four of this
  title.
    3. "NYCERS". The New York city employees' retirement system.
    4. "NYCTRS". The teachers' retirement system.
    5. "PPF". The police pension fund provided for in  subchapter  two  of
  chapter two of this title.
    6.  "FPF". The fire department pension fund provided for by subchapter
  two of chapter three of this title.
    7. "BERS". The board of education retirement system of the city.
    8. "Contingent  reserve  fund".  The  contingent  reserve  fund  of  a
  retirement system.
    9.  "Governmental  entity". The city, the state or a public authority,
  corporation or body corporate or other agency of government.
    9-a. "Fiscal year". A fiscal year of the city as  defined  in  section
  two hundred twenty-six of the New York city charter.
    9-b.  "Senior colleges". The senior colleges of the city university of
  New York.
    9-c. "UAL". Unfunded accrued liability.
    9-d. "BSL". Balance sheet liability.
    10. "Responsible obligor". Any governmental  entity  required  by  any
  provision  of  law to pay contributions to a retirement system on behalf
  of any members thereof, whether or not such entity is  the  employer  of
  such members.
    10-a.  "General  UAL  and  BSL  responsible  obligor". Any responsible
  obligor (as defined in paragraph ten of this subdivision) other than the
  state of New York and the city of New York in their capacity  as  senior
  college  UAL and BSL responsible obligors (as defined in paragraph ten-b
  of this subdivision).
    10-b. "Senior college UAL and BSL responsible obligors". The city  and
  the  state of New York, as contributors to NYCERS and NYCTRS pursuant to
  their respective shares, obligations  and  rights  as  provided  for  in
  section sixty-two hundred thirty-one of the education law.
    11.  "Valuation rate of interest". Where used herein with respect to a
  retirement system in relation to any fiscal year of the city,  the  term
  "valuation rate of interest" shall mean the rate per centum per annum of
  interest  required  by  law  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 of such
  retirement system in such fiscal year.

    12. "Special interest". (i) Such term, where used in relation  to  any
  retirement  system,  other  than  BERS,  shall  mean special interest as
  defined for such retirement system as  follows:  NYCERS  --  subdivision
  twenty-nine  of  section 13-101 of this title; PPF -- subdivision twenty
  of  section  13-214  of  this  title;  FPF -- subdivision twenty-four of
  section 13-313 of this title; and NYCTRS -- subdivision  thirty-five  of
  section 13-501 of this title.
    (ii)  Such  term,  where  used  in  relation  to  BERS,  shall  mean a
  distribution to  the  annuity  savings  fund,  in  addition  to  regular
  interest, which distribution (A) for each of the periods as to which the
  applicable  provisions  of this section grant special interest, consists
  of the amount prescribed by such provisions for such period and (B)  for
  each  such  period, is credited in such applicable amount in the annuity
  savings fund accounts of members who are eligible under such  provisions
  for crediting of such amount for such period.
    13.  "Additional  interest".  (i) Such term, where used in relation to
  any retirement system, other than BERS, shall mean  additional  interest
  as  defined for such retirement system as follows: NYCERS -- subdivision
  thirty of section 13-101 of this title; PPF -- subdivision twenty-one of
  section 13-214 of this title; FPF -- subdivision twenty-five of  section
  13-313  of  this  title; and NYCTRS -- subdivision thirty-six of section
  13-501 of this title.
    (ii) Such  term,  where  used  in  relation  to  BERS,  shall  mean  a
  distribution  to the reserve-for-increased-take-home-pay, in addition to
  regular interest, which distribution (A) for each of the periods  as  to
  which  the  applicable  provisions  of  this  section  grant  additional
  interest, consists of the amount prescribed by such provisions for  such
  period  and  (B)  for  each  such period, is included in such applicable
  amount in the reserve-for-increased-take-home-pay of each member who  is
  eligible  under  such  provisions  for inclusion of such amount for such
  period.
    14. "Supplementary interest". (i) Such term, where used in relation to
  a retirement system, other than BERS, shall mean supplementary  interest
  as  defined for such retirement system as follows: NYCERS -- subdivision
  sixty-eight  of  section  13-101  of  this  title;  PPF  --  subdivision
  twenty-four  of  section  13-214  of  this  title;  FPF  --  subdivision
  twenty-six of section 13-313 of this title; and  NYCTRS  --  subdivision
  forty-nine of section 13-501 of this title.
    (ii)  Such  term, where used in relation to BERS, shall mean an annual
  allowance, in addition to regular interest,  of  interest  on  the  mean
  amount  for  the  preceding  year  in  each of the funds creditable with
  supplementary  interest  (as  defined  in  paragraph  fifteen  of   this
  subdivision) of BERS, which allowance, (A) for each of the periods as to
  which  the  applicable  provisions  of  this section grant supplementary
  interest, consists of the amount prescribed by such provisions for  such
  period  and  (B)  for  each  such period, is credited in such applicable
  amount to such funds at the time, in  the  manner,  to  the  extent  and
  subject to the exclusions prescribed by such provisions.
    15.  "Fund creditable with supplementary interest". (a) In the case of
  NYCERS, PPF, FPF and BERS, such term shall mean  each  constituent  fund
  mentioned  in  the  applicable provisions of sections 13-124, 13-224 and
  13-324 of this title and in section eight of the rules  and  regulations
  of  BERS,  other  than  the annuity savings fund. In the case of NYCTRS,
  such term shall mean each constituent fund mentioned in  section  13-520
  of this title, other than the annuity savings fund, pension reserve fund
  number two and the expense fund.
    (b)  Nothing  contained  in  this  subdivision  shall  be construed as
  providing   for   supplementary   interest   with   respect    to    any

  reserve-for-increased-take-home-pay of any member of a retirement system
  entitled    to    such    a    reserve    or   with   respect   to   any
  accumulation-for-increased-take-home-pay  (as  defined  in   subdivision
  fifteen of section 13-313 of this title).
    16. "Significant change in an actuarial valuation method". (i) Subject
  to the provisions of subparagraphs (ii) and (iii) of this paragraph, the
  term  "significant  change  in an actuarial valuation method" shall mean
  any change in any actuarial premise, device or calculation system (other
  than the valuation rate of interest and actuarial tables)  used  by  the
  actuary  in  valuing  the assets and liabilities of a retirement system,
  which change causes the actuarial accrued liability  (computed  pursuant
  to  the  entry  age normal cost method of determining such liability) of
  such retirement system, as determined for the first fiscal year  of  the
  city for which such change is effective, to increase or decrease by more
  than  ten  per centum above or below the amount of the actuarial accrued
  liability, as determined for the fiscal year next preceding  such  first
  fiscal  year  on  the basis of the valuation rate of interest, actuarial
  tables and actuarial methods  in  effect  for  valuation  purposes  with
  respect  to  determination  of  the  normal contribution payable to such
  retirement system in such next preceding fiscal year.
    (ii) For the purposes of this  paragraph,  all  changes  in  actuarial
  premises,  devices or calculation systems (other than the valuation rate
  of  interest  and  actuarial  tables)  used  in   valuing   assets   and
  liabilities,   which   changes  take  effect  simultaneously,  shall  be
  aggregated in determining the amount of  increase  or  decrease  in  the
  actuarial  accrued  liability  pursuant  to  subparagraph  (i)  of  this
  paragraph, regardless of whether any such individual simultaneous change
  so aggregated is a significant change in an actuarial method within  the
  meaning  of  such  subparagraph  (i). In any case where the aggregate of
  such simultaneous changes causes an increase or decrease  by  more  than
  ten per centum in the actuarial accrued liability of a retirement system
  for  the first fiscal year of effectiveness of such changes as described
  in subparagraph (i) of this paragraph, such aggregate shall be deemed to
  be a significant  change  in  an  actuarial  valuation  method  for  the
  purposes of this section.
    (iii)  The  provisions  of  this  subdivision  shall  not apply to any
  changes in an actuarial computation made to correct  a  mathematical  or
  factual error.
    17.   "Post-June  thirtieth,  nineteen  hundred  ninety-nine  unfunded
  accrued liability adjustment". Any unfunded accrued liability adjustment
  calculated pursuant to subdivision k of this section.
    18. "Phase-in period". The period beginning on  July  first,  nineteen
  hundred   ninety   and   ending  on  June  thirtieth,  nineteen  hundred
  ninety-five.
    19. "Regular installment period". The period beginning on July  first,
  nineteen  hundred ninety-five and ending on June thirtieth, two thousand
  ten.
    20. "Retirement system undergoing consolidated UAL  funding".  Any  of
  the following: NYCTRS, NYCERS or BERS.
    21.  "Charge".  An amount which is required to be paid to a retirement
  system as an employer contribution.
    22. "Credit". An amount which is required to be applied  in  reduction
  of employer contributions otherwise payable to a retirement system.
    23.  "Individual  UAL  amortization  in  effect  as of June thirtieth,
  nineteen hundred ninety". Any of the following, as applicable to NYCERS,
  NYCTRS or BERS as of June thirtieth, nineteen hundred ninety  (including
  any  portion  thereof  attributable to the senior colleges): the revised
  unfunded accrued liability contribution,  the  nineteen  hundred  eighty

  unfunded  accrued  liability adjustment, the nineteen hundred eighty-two
  unfunded accrued liability adjustment, the nineteen hundred  eighty-five
  unfunded  accrued  liability adjustment, the nineteen hundred eighty-six
  unfunded accrued liability adjustment, the nineteen hundred eighty-eight
  unfunded accrued liability adjustment, the post-June thirtieth, nineteen
  hundred  eighty-nine  unfunded  accrued liability adjustment established
  for BERS pursuant to subdivision k of this section and all  installments
  of  amortization  of  bond sale gains and losses and all installments of
  funding of supplemental retirement allowances.
    24. "Recomputed annual installment of individual UAL  amortization  in
  effect  as of June thirtieth, nineteen hundred ninety". (i) With respect
  to each  retirement  system  undergoing  consolidated  UAL  funding  (as
  defined  in paragraph twenty of this subdivision), an installment amount
  computed  in  accordance  with  the  succeeding  subparagraphs  of  this
  paragraph  in  relation to each individual UAL amortization in effect as
  of June thirtieth, nineteen hundred  ninety  (as  defined  in  paragraph
  twenty-three of this subdivision) for such retirement system.
    (ii)  For each such retirement system, its actuary shall determine, as
  of June thirtieth, nineteen hundred ninety and on the basis of eight and
  one-quarter per centum interest per annum,  the  present  value  of  all
  those  annual installments of such individual UAL amortization in effect
  as of June thirtieth,  nineteen  hundred  ninety  in  relation  to  such
  retirement  system,  which installments, in the absence of the enactment
  of chapter nine hundred forty-eight of  the  laws  of  nineteen  hundred
  ninety  and  the act which added this paragraph, would have remained, as
  of such June thirtieth, due and unpaid (if a charge) or uncredited (if a
  credit) with respect to fiscal years succeeding such June thirtieth.
    (iii) The actuary of such retirement system shall determine an  amount
  which,  if  paid to its contingent reserve fund, or applied as a credit,
  as the case may be, commencing with a first payment  or  credit  in  the
  nineteen  hundred  ninety--nineteen hundred ninety-one fiscal year, in a
  number of equal annual installments equal to the number of  such  annual
  installments remaining due and unpaid or uncredited with respect to such
  retirement  system  as  of  June  thirtieth,  nineteen hundred ninety as
  described in subparagraph (ii) of this paragraph, would be the actuarial
  equivalent, as of such June thirtieth, on the basis of nine  per  centum
  interest  per  annum,  of  the present value determined pursuant to such
  subparagraph (ii).
    (iv) With respect to each individual UAL amortization in effect as  of
  June   thirtieth,  nineteen  hundred  ninety  for  a  retirement  system
  undergoing consolidated UAL funding, the recomputed  annual  installment
  of  individual UAL amortization in affect as of June thirtieth, nineteen
  hundred ninety shall be one equal  annual  installment  determined  with
  respect  to  such individual UAL amortization for such retirement system
  pursuant to subparagraph (iii) of this paragraph.
    25.  "Single-year  aggregate  of  recomputed  annual  installments  of
  individual  UAL  amortizations  in effect as of June thirtieth, nineteen
  hundred ninety".  With  respect  to  any  retirement  system  undergoing
  consolidated  UAL  funding  (as  defined  in  paragraph  twenty  of this
  subdivision), such aggregate shall be  the  total  amount  obtained,  in
  relation  to  any  fiscal  year occurring during the phase-in period (as
  defined in paragraph eighteen of this subdivision)  by  adding  together
  all  recomputed  annual  installments  of individual UAL amortization in
  effect as of June thirtieth, nineteen  hundred  ninety  (as  defined  in
  paragraph twenty-four of this subdivision), as applicable to such fiscal
  year  for  such retirement system. For the purpose of such addition, any
  such recomputed installments which constitute a credit shall be  treated
  as a negative quantity.

    26.  "General  nineteen  hundred  ninety BSL contribution". Any of the
  following: the NYCERS general nineteen hundred ninety  BSL  contribution
  determined pursuant to subdivision v of this section, the NYCTRS general
  nineteen   hundred   ninety  BSL  contribution  determined  pursuant  to
  subdivision  x  of  this  section  or  the BERS general nineteen hundred
  ninety BSL contribution determined pursuant to  subdivision  z  of  this
  section.
    27. "Nineteen hundred ninety UAL credit". (i) An amount determined for
  each  retirement  system undergoing consolidated UAL funding (as defined
  in paragraph twenty of this subdivision) which shall  be  determined  as
  hereinafter provided in this paragraph.
    (ii)  Upon  the basis of the actuarial tables and actuarial methods in
  effect for valuation purposes  with  respect  to  determination  of  the
  normal  contribution  payable  to  the  contingent  reserve fund of such
  retirement system  in  the  nineteen  hundred  ninety--nineteen  hundred
  ninety-one  fiscal  year  and  an  interest  rate of nine per centum per
  annum, there shall be determined, as of June thirtieth, nineteen hundred
  ninety, the amount of the unfunded accrued liability of such  retirement
  system,  computed  pursuant  to  the  entry  age  normal  cost method of
  ascertaining such unfunded accrued liability.
    (iii) There shall  be  determined  with  respect  to  such  retirement
  system,  as  of June thirtieth, nineteen hundred ninety, on the basis of
  an interest rate of eight and one-quarter  per  centum  per  annum,  the
  amount  obtained  by adding together (A) the present values of all those
  annual installments of individual UAL amortizations in effect as of June
  thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three
  of this subdivision), including any portion thereof attributable to  the
  senior  colleges, which installments, in the absence of the enactment of
  chapter nine hundred forty-eight of the laws of nineteen hundred  ninety
  and  the act which added this paragraph, would have remained, as of such
  June thirtieth, due and unpaid (if a charge) or uncredited (if a credit)
  with respect to fiscal years succeeding such June thirtieth, and (B) the
  present value, as of such June thirtieth, of all installments of balance
  sheet liability (including  any  portion  thereof  attributable  to  the
  senior colleges), which installments, in the absence of the enactment of
  such  chapter  nine  hundred  forty-eight  and  the act which added this
  paragraph, would have remained due and unpaid  with  respect  to  fiscal
  years succeeding such June thirtieth.
    (iv)  The  nineteen  hundred  ninety  UAL  credit with respect to such
  retirement system shall be the remainder obtained  by  subtracting  from
  the  total  amount of present values determined pursuant to subparagraph
  (iii) of this  paragraph,  the  amount  of  unfunded  accrued  liability
  determined pursuant to subparagraph (ii) of this paragraph.
    28.  "Annual  installment  of the nineteen hundred ninety UAL credit".
  Any of twenty equal annual installments of credit with respect  to  each
  retirement  system  undergoing  consolidated  UAL funding (as defined in
  paragraph twenty of this subdivision), which  installments,  if  applied
  over  a  period  of  twenty  fiscal  years, commencing with the nineteen
  hundred ninety--nineteen hundred ninety-one fiscal year,  would  be  the
  actuarial  equivalent, as of June thirtieth, nineteen hundred ninety and
  on the basis of interest at the rate of nine per centum  per  annum,  of
  the  nineteen  hundred  ninety  UAL  credit  (as  defined  in  paragraph
  twenty-seven of this subdivision),  as  applicable  to  such  retirement
  system.
    29.  "NYCERS  phase-in  installment of general nineteen hundred ninety
  consolidated UAL contribution". (i) With  respect  to  any  fiscal  year
  included  in  the  phase-in  period (as defined in paragraph eighteen of
  this  subdivision),  such  phase-in  installment  shall  consist  of  an

  installment  amount  determined  in  relation  to  NYCERS  in the manner
  hereinafter provided for in this paragraph.
    (ii)  The  single-year  aggregate of recomputed annual installments of
  UAL amortizations in effect  as  of  June  thirtieth,  nineteen  hundred
  ninety  (as  defined  in  paragraph twenty-five of this subdivision), as
  applicable to NYCERS for such fiscal year, and  one  NYCERS  computation
  installment  of  nineteen  hundred  ninety  BSL (as defined in paragraph
  thirty-seven of this subdivision) shall be added together.
    (iii) From the amount resulting from such  addition,  there  shall  be
  subtracted  the  amount  obtained  by  adding  together  (A)  one annual
  installment of the nineteen hundred ninety UAL  credit  (as  defined  in
  paragraph twenty-eight of this subdivision), as applicable to NYCERS and
  (B)  the  amount  of  one  NYCERS  comprehensive installment of nineteen
  hundred ninety BSL contribution (as defined in paragraph thirty-eight of
  this subdivision) applicable to such fiscal year.
    (iv) From the remainder resulting from such subtraction,  there  shall
  be subtracted the portion of such remainder which is attributable to the
  senior colleges.
    (v)  The  remainder  resulting  from  the  subtraction  prescribed  by
  subparagraph (iv)  of  this  paragraph  shall  be  the  NYCERS  phase-in
  installment   of   general  nineteen  hundred  ninety  consolidated  UAL
  contribution for such fiscal year.
    30.  "NYCERS  phase-in  installment   of   nineteen   hundred   ninety
  consolidated UAL contribution attributable to the senior colleges". With
  respect  to each fiscal year included in the phase-in period (as defined
  in paragraph eighteen of this subdivision),  such  phase-in  installment
  shall  consist of an installment amount for such fiscal year which shall
  equal the portion of the remainder computed for  the  same  fiscal  year
  pursuant   to  subparagraph  (iii)  of  paragraph  twenty-nine  of  this
  subdivision, which portion is attributable to the senior colleges.
    31. "NYCTRS phase-in installment of general  nineteen  hundred  ninety
  consolidated  UAL  contribution".  (i)  With  respect to any fiscal year
  included in the phase-in period (as defined  in  paragraph  eighteen  of
  this  subdivision),  such  phase-in  installment  shall  consist  of  an
  installment amount determined  in  relation  to  NYCTRS  in  the  manner
  hereinafter provided for in this paragraph.
    (ii)  The  single-year  aggregate of recomputed annual installments of
  UAL amortizations in effect  as  of  June  thirtieth,  nineteen  hundred
  ninety  (as  defined  in  paragraph twenty-five of this subdivision), as
  applicable to NYCTRS for such fiscal year, and  one  NYCTRS  computation
  installment  of  nineteen  hundred  ninety  BSL (as defined in paragraph
  thirty-seven of this subdivision) shall be added together.
    (iii) From the amount resulting from such  addition,  there  shall  be
  subtracted  the  amount  obtained  by  adding  together  (A)  one annual
  installment of the nineteen hundred ninety UAL  credit  (as  defined  in
  paragraph twenty-eight of this subdivision), as applicable to NYCTRS and
  (B)  the  amount  of  one  NYCTRS  comprehensive installment of nineteen
  hundred ninety BSL contribution (as defined in paragraph thirty-eight of
  this subdivision) applicable to such fiscal year.
    (iv) From the remainder resulting from such subtraction,  there  shall
  be subtracted the portion of such remainder which is attributable to the
  senior colleges.
    (v)  The  remainder  resulting  from  the  subtraction  prescribed  by
  subparagraph (iv)  of  this  paragraph  shall  be  the  NYCTRS  phase-in
  installment   of   general  nineteen  hundred  ninety  consolidated  UAL
  contribution for such fiscal year.
    32.  "NYCTRS  phase-in  installment   of   nineteen   hundred   ninety
  consolidated UAL contribution attributable to the senior colleges". With

  respect  to each fiscal year included in the phase-in period (as defined
  in paragraph eighteen of this subdivision),  such  phase-in  installment
  shall  consist of an installment amount for such fiscal year which shall
  equal  the  portion  of  the remainder computed for the same fiscal year
  pursuant  to  subparagraph  (iv)  of  paragraph   thirty-one   of   this
  subdivision, which portion is attributable to the senior colleges.
    33.  "BERS  phase-in  installment  of  general nineteen hundred ninety
  consolidated UAL contribution". (i) With  respect  to  any  fiscal  year
  included  in  the  phase-in  period (as defined in paragraph eighteen of
  this  subdivision),  such  phase-in  installment  shall  consist  of  an
  installment  amount  determined  in  relation  to  BERS  in  the  manner
  hereinafter provided for in this paragraph.
    (ii) The single-year aggregate of recomputed  annual  installments  of
  UAL  amortizations  in  effect  as  of  June thirtieth, nineteen hundred
  ninety (as defined in paragraph twenty-five  of  this  subdivision),  as
  applicable  to  BERS  for  such  fiscal  year,  and one BERS computation
  installment of nineteen hundred ninety  BSL  (as  defined  in  paragraph
  thirty-seven of this subdivision) shall be added together.
    (iii)  From  the  amount  resulting from such addition, there shall be
  subtracted the  amount  obtained  by  adding  together  (A)  one  annual
  installment  of  the  nineteen  hundred ninety UAL credit (as defined in
  paragraph twenty-eight of this subdivision), as applicable to  BERS  and
  (B) the amount of one BERS comprehensive installment of nineteen hundred
  ninety  BSL  contribution  (as defined in paragraph thirty-eight of this
  subdivision) applicable to such fiscal year.
    (iv)  The  reminder  resulting  from  the  subtraction  prescribed  by
  subparagraph  (iii)  of  this  paragraph  shall  be  the  BERS  phase-in
  installment  of  general  nineteen  hundred  ninety   consolidated   UAL
  contribution for such fiscal year.
    34. "Unfunded accrued liability as of June thirtieth, nineteen hundred
  ninety".  With  respect to any retirement system undergoing consolidated
  UAL funding (as defined in paragraph twenty of  this  subdivision),  the
  unfunded  accrued  liability  of  such  retirement  system as determined
  pursuant  to  subparagraph  (ii)  of  paragraph  twenty-seven  of   this
  subdivision.
    35. "Nineteen hundred ninety balance sheet liability". With respect to
  any retirement system undergoing consolidated UAL funding (as defined in
  paragraph   twenty  of  this  subdivision),  the  total  present  value,
  determined as of June thirtieth, nineteen hundred ninety on the basis of
  an interest rate of nine per centum per annum, of  all  installments  of
  general   nineteen  hundred  ninety  BSL  contribution  (as  defined  in
  paragraph twenty-six  of  this  subdivision)  and  all  installments  of
  nineteen  hundred  ninety  BSL  contribution  attributable to the senior
  colleges, if any, payable to such  retirement  system  pursuant  to  the
  applicable provisions of subdivisions w and y of this section.
    36.  "Prior  BSL  contribution".  Any of the following as in effect on
  June thirtieth, nineteen hundred ninety (including any  portion  thereof
  attributable to the senior colleges):
    (i)  the  BSL contribution of NYCERS determined pursuant to item (iii)
  of subparagraph (k) of paragraph four of subdivision b of section 13-127
  of this title; (ii) the BSL contribution of NYCTRS  determined  pursuant
  to  subparagraph  (c)  of  paragraph  eleven of subdivision f of section
  13-527 of this title; and (iii) the BSL contribution of BERS  determined
  pursuant  to  subparagraph  sixteen-b  of  paragraph  (c) of subdivision
  sixteen of section twenty-five hundred  seventy-five  of  the  education
  law.
    37.  "Computation installment of nineteen hundred ninety BSL". (i) Any
  installment amount determined as hereinafter provided in this paragraph.

    (ii) The actuary of NYCERS,  NYCTRS  and  BERS  shall  determine  with
  respect  to  each such retirement system, as of June thirtieth, nineteen
  hundred ninety on the basis of eight and one-quarter per centum interest
  per annum, the present value of the thirty-one equal annual installments
  of  the  prior  BSL  contribution (as defined in paragraph thirty-six of
  this subdivision) of  such  retirement  system  (including  any  portion
  thereof attributable to the senior colleges), which installments, in the
  absence of the enactment of chapter nine hundred forty-eight of the laws
  of  nineteen  hundred  ninety  and the act which added this subdivision,
  would have remained due and unpaid to such retirement system as of  such
  June thirtieth.
    (iii)  The  actuary  shall  determine  an amount which, if paid to the
  contingent reserve fund of such retirement system  in  thirty-one  equal
  annual  installments,  commencing  with  a first payment in the nineteen
  hundred ninety--nineteen hundred ninety-one fiscal year,  would  be  the
  actuarial  equivalent,  on  the  basis  of  an interest rate of nine per
  centum per annum, of such present value.
    (iv) Each of the first five of such installments  determined  pursuant
  to  subparagraph (iii) of this paragraph with respect to such retirement
  system shall be a computation installment  of  nineteen  hundred  ninety
  BSL.
    38.   "Comprehensive   installment  of  nineteen  hundred  ninety  BSL
  contribution". (i) An installment amount determined by  the  actuary  of
  NYCERS,  NYCTRS  and BERS with respect to each such retirement system in
  the manner hereinafter provided in this paragraph.
    (ii) The actuary shall determine an  amount  which,  if  paid  to  the
  contingent reserve fund of such retirement system in twenty equal annual
  installments,  commencing  with  a first payment in the nineteen hundred
  ninety--nineteen hundred ninety-one fiscal year, would be the  actuarial
  equivalent,  on  the  basis  of  an interest rate of nine per centum per
  annum, of the present value determined pursuant to subparagraph (ii)  of
  paragraph thirty-seven of this subdivision.
    (iii)  Each of the first five of such installments determined pursuant
  to subparagraph (ii) of this paragraph with respect to  such  retirement
  system  shall  be a comprehensive installment of nineteen hundred ninety
  BSL contribution.
    39. "NYCERS regular installment of  general  nineteen  hundred  ninety
  consolidated  UAL  contribution".  Any  installment  payable pursuant to
  subdivision o of this section.
    40.  "NYCERS  regular   installment   of   nineteen   hundred   ninety
  consolidated  UAL contribution attributable to the senior colleges". Any
  installment payable pursuant to subdivision p of this section.
    41. "NYCTRS regular installment of  general  nineteen  hundred  ninety
  consolidated  UAL  contribution".  Any  installment  payable pursuant to
  subdivision q of this section.
    42.  "NYCTRS  regular   installment   of   nineteen   hundred   ninety
  consolidated  UAL contribution attributable to the senior colleges". Any
  installment payable pursuant to subdivision r of this section.
    43. "BERS regular  installment  of  general  nineteen  hundred  ninety
  consolidated  UAL  contribution".  Any  installment  payable pursuant to
  subdivision s of this section.
    44. "General nineteen hundred ninety consolidated  UAL  contribution".
  Any  of  the following: the general nineteen hundred ninety consolidated
  UAL  contributions  for  which  phase-in  installments  are   determined
  pursuant  to paragraphs twenty-nine, thirty-one and thirty-three of this
  subdivision, the NYCERS general nineteen hundred ninety consolidated UAL
  contribution for which regular installments are determined  pursuant  to
  subdivision  o  of  this  section,  the  NYCTRS general nineteen hundred

  ninety consolidated unfunded accrued liability  contribution  for  which
  regular  installments  are  determined pursuant to subdivision q of this
  section  or  the  BERS  general  nineteen  hundred  ninety  consolidated
  unfunded  accrued  liability contribution for which regular installments
  are determined pursuant to subdivision s of this section.
    45.  "NYCERS  installment  of  general  nineteen  hundred  ninety  BSL
  contribution". Any installment payable pursuant to subdivision v of this
  section.
    46.  "NYCERS  installment  of nineteen hundred ninety BSL contribution
  attributable to the senior colleges". Any installment  payable  pursuant
  to subdivision w of this section.
    47.  "NYCTRS  installment  of  general  nineteen  hundred  ninety  BSL
  contribution". Any installment payable pursuant to subdivision x of this
  section.
    48. "NYCTRS installment of nineteen hundred  ninety  BSL  contribution
  attributable  to  the senior colleges". Any installment payable pursuant
  to subdivision y of this section.
    49.  "BERS  installment  of  general  nineteen  hundred   ninety   BSL
  contribution". Any installment payable pursuant to subdivision z of this
  section.
    50.  "UAL  subject  to  consolidated  amortization". The amount of the
  unfunded  accrued  liability  of  each  of  NYCERS,  NYCTRS   and   BERS
  (including,  in  the  case  of  NYCERS  and  NYCTRS  any  such liability
  attributable to the senior colleges), which  liability,  prior  to  July
  first,  nineteen  hundred  ninety-three, was required to be amortized by
  phase-in  and  other  consolidated  UAL  contributions   designated   in
  subdivision bb of this section.
    51.  "BSL  subject  to  consolidated  amortization". The amount of the
  balance sheet liability of each of NYCERS, NYCTRS and BERS (including in
  the case of NYCERS and NYCTRS, any such liability  attributable  to  the
  senior colleges), which liability, prior to July first, nineteen hundred
  ninety-three,  was  required  to  be amortized by phase-in and other BSL
  contributions designated in subdivision bb of this section.
    52. "Balance of unfunded UAL subject to consolidated amortization". An
  amount, separately determined for each of NYCERS, NYCTRS and BERS by its
  actuary, equal to the present value (based on an interest rate  of  nine
  per   centum   per  annum),  as  of  June  thirtieth,  nineteen  hundred
  ninety-three, of the remaining unpaid  installments,  as  of  such  June
  thirtieth,  of the amortization (as prescribed by subdivisions aa and bb
  of this section) of the UAL subject to the consolidated amortization  of
  such retirement system.
    53. "Balance of unfunded BSL subject to consolidated amortization". An
  amount, separately determined for each of NYCERS, NYCTRS and BERS by its
  actuary,  equal  to the present value (based on an interest rate of nine
  per  centum  per  annum),  as  of  June  thirtieth,   nineteen   hundred
  ninety-three,  of  the  remaining  unpaid  installments, as of such June
  thirtieth, of the amortization (as prescribed by subdivisions aa and  bb
  of  this section) of the BSL subject to the consolidated amortization of
  such retirement system.
    54. "Revised amortization period". The period beginning on July first,
  nineteen hundred ninety-three and ending on June thirtieth, two thousand
  ten.
    55. "Special provisions for funding and financing senior  college  UAL
  and BSL amortization". The provisions of the education law and any other
  law  which  apply  to  (i)  the time and manner of payment, (ii) payment
  financing, pre-financing and reimbursement, (iii) determination of  city
  and  state  shares  of  payments,  (iv) exclusion of UAL and BSL payment
  obligations from senior  college  operating  expenses  and  from  senior

  college  "approved  programs  and services", or (v) any other funding of
  financing  method  or  responsibility,  with  respect  to   contribution
  installments  required  to  be  paid  by  senior  college  UAL  and  BSL
  responsible  obligors  of each of NYCERS and NYCTRS for the fiscal years
  included in the period beginning on July first, nineteen hundred  ninety
  and   ending  on  June  thirtieth,  nineteen  hundred  ninety-three,  as
  designated in subdivision bb of this section.
    56.  "NYCERS  post-June  thirtieth,  nineteen   hundred   ninety   UAL
  established  pursuant  to  retirement  incentive  and part-time employee
  legislation".  The sum obtained by adding together:
    (i) The actuarial present value, as required to be computed by section
  twenty-six of chapter two hundred ten of the laws  of  nineteen  hundred
  ninety,  of  the  additional  benefits  payable  to NYCERS beneficiaries
  pursuant to such chapter;
    (ii) The actuarial present value, as required to be computed  pursuant
  to  section  eleven  of chapter one hundred seventy-eight of the laws of
  nineteen hundred ninety-one,  of  the  additional  benefits  payable  to
  NYCERS beneficiaries pursuant to such chapter;
    (iii)  The  actuarial  present  value, as computed pursuant to section
  eleven of chapter six  hundred  forty-three  of  the  laws  of  nineteen
  hundred  ninety-two,  of  the  additional  benefits  payable  to  NYCERS
  beneficiaries pursuant to such chapter; and
    (iv) The additional accrued employer cost,  as  computed  pursuant  to
  subdivision  gg  of  this section, of providing the rights, benefits and
  privileges conferred by chapter seven hundred forty-nine of the laws  of
  nineteen hundred ninety-two upon members of NYCERS.
    57.  "NYCERS  balance  of  retirement incentive and part-time employee
  UAL".  The amount, determined for NYCERS by  its  actuary,  obtained  by
  adding  together  the  present values (based on an interest rate of nine
  per  centum  per  annum),  as  of  June  thirtieth,   nineteen   hundred
  ninety-three,  of  the  remaining unpaid annual installments, as of such
  June thirtieth, of the amortizations (as prescribed by the provisions of
  law referred to in subparagraphs (i), (ii), (iii) and (iv) of  paragraph
  fifty-six  of  this  subdivision)  of  the  NYCERS  post-June thirtieth,
  nineteen hundred ninety UAL established pursuant to retirement incentive
  and part-time employee legislation.
    58.  "NYCTRS  post-June  thirtieth,  nineteen   hundred   ninety   UAL
  established  pursuant  to  retirement  incentive  legislation".  The sum
  obtained by adding together:
    (i) The actuarial present value, as required to be computed by section
  twenty-six of chapter two hundred ten of the laws  of  nineteen  hundred
  ninety,  of  the  additional  benefits  payable  to NYCTRS beneficiaries
  pursuant to such chapter;
    (ii) The actuarial present value, as required to be computed  pursuant
  to  section  eleven  of chapter one hundred seventy-eight of the laws of
  nineteen hundred ninety-one,  of  the  additional  benefits  payable  to
  NYCTRS beneficiaries pursuant to such chapter; and
    (iii) The actuarial present value, as required to be computed pursuant
  to  section  ten  of  chapter  four  hundred  ninety-four of the laws of
  nineteen  hundred  ninety-two,  as  amended  by  chapter  eight  hundred
  thirty-seven  of  the  laws  of  nineteen  hundred  ninety-two,  of  the
  additional benefits payable to NYCTRS  beneficiaries  pursuant  to  such
  chapters.
    59.   "NYCTRS  balance  of  retirement  incentive  UAL".  The  amount,
  determined for NYCTRS by its actuary, obtained by  adding  together  the
  present values (based on an interest rate of nine per centum per annum),
  as  of  June  thirtieth, nineteen hundred ninety-three, of the remaining
  unpaid  annual  installments,  as  of  such  June  thirtieth,   of   the

  amortizations  (as  prescribed  by  the provisions of law referred to in
  subparagraphs (i), (ii) and  (iii)  of  paragraph  fifty-eight  of  this
  subdivision) of the NYCTRS post-June thirty, nineteen hundred ninety UAL
  established pursuant to retirement incentive legislation.
    60. "BERS post-June thirtieth, nineteen hundred ninety UAL established
  pursuant  to  retirement  incentive and part-time employee legislation".
  The sum obtained by adding together:
    (i) the actuarial present value, as required to be computed by section
  twenty-six of chapter two hundred ten of the laws  of  nineteen  hundred
  ninety,  of  the  additional  benefits  payable  to  BERS  beneficiaries
  pursuant to such chapter; and
    (ii) the additional accrued employer cost,  as  computed  pursuant  to
  subdivision  gg  of  this section, of providing the rights, benefits and
  privileges conferred by chapter seven hundred forty-nine of the laws  of
  nineteen hundred ninety-two upon members of BERS.
    61. "BERS balance of retirement incentive and part-time employee UAL".
  The  amount,  determined  for  BERS  by  its actuary, obtained by adding
  together the present values (based on  an  interest  rate  of  nine  per
  centum  per annum), as of June thirtieth, nineteen hundred ninety-three,
  of the remaining unpaid annual installments, as of such June  thirtieth,
  of the amortizations (as prescribed by the provisions of law referred to
  in subparagraphs (i) and (ii) of paragraph sixty of this subdivision) of
  the  BERS  post-June  thirtieth, nineteen hundred ninety UAL established
  pursuant to retirement incentive and part-time employee legislation.
    62. "Retirement incentive act". Any  of  the  following:  chapter  two
  hundred  ten of the laws of nineteen hundred ninety, chapter one hundred
  seventy-eight of the laws of nineteen hundred ninety-one,  chapter  four
  hundred  ninety-four of the laws of nineteen hundred ninety-two, chapter
  six hundred forty-three of the laws of nineteen hundred  ninety-two  and
  chapter  eight  hundred  thirty-seven  of  the  laws of nineteen hundred
  ninety-two.
    63.  "Retirement  incentive  responsible  obligor".  Subject  to   the
  provisions  of  paragraph  seven  of subdivision ii of this section, the
  term "retirement incentive responsible obligor" shall mean a responsible
  obligor which, under the provisions of a retirement  incentive  act,  or
  any  other  law  applicable  to  contributions  required by a retirement
  incentive  act  to  fund  additional   retirement   incentive   benefits
  thereunder,   was  required,  prior  to  July  first,  nineteen  hundred
  ninety-three,  to  make  contributions  to  fund  additional  retirement
  benefits  payable  to  beneficiaries  of  a retirement system under such
  retirement incentive act.
    64. "Part-time employee responsible  obligor".  (i)  With  respect  to
  NYCERS, the term "part-time employee responsible obligor" shall mean any
  responsible  obligor  to  which  paragraph two of subdivision gg of this
  section applied prior to July first, nineteen hundred ninety-three.
    (ii) With respect to  BERS,  such  term  shall  mean  any  responsible
  obligor  to  which  paragraph three of such subdivision applied prior to
  July first, nineteen hundred ninety-three.
    65. "Beneficiary."A person in receipt of  a  pension,  an  annuity,  a
  retirement allowance, a death benefit or any other benefit provided by a
  retirement system.
    66.  "NYCERS 1995 UAL". The unfunded accrued liability of NYCERS as of
  June thirtieth, nineteen hundred ninety-five (excluding the NYCERS  1995
  balance of BSL, as defined in paragraph sixty-nine of this subdivision),
  as  determined  by  the  actuary  pursuant  to the entry age normal cost
  method of ascertaining such unfunded accrued liability, on the basis  of
  an  interest  rate  of eight and three-quarters per centum per annum and
  the actuarial tables applicable  for  the  purpose  of  determining  the

  normal    contribution    to    NYCERS    for   the   nineteen   hundred
  ninety-five--nineteen hundred ninety-six fiscal year.
    67.  "NYCTRS 1995 UAL". The unfunded accrued liability of NYCTRS as of
  June thirtieth, nineteen hundred ninety-five (excluding the NYCTRS  1995
  balance of BSL, as defined in paragraph seventy of this subdivision), as
  determined  by  the actuary pursuant to the entry age normal cost method
  of ascertaining such unfunded accrued liability,  on  the  basis  of  an
  interest  rate  of eight and three-quarters per centum per annum and the
  actuarial tables applicable for the purpose of  determining  the  normal
  contribution  to  NYCTRS  for the nineteen hundred ninety-five--nineteen
  hundred ninety-six fiscal year.
    68. "BERS 1995 UAL". The unfunded accrued liability of BERS as of June
  thirtieth, nineteen hundred ninety-five (excluding the BERS 1995 balance
  of BSL, as defined in paragraph seventy-one  of  this  subdivision),  as
  determined  by  the actuary pursuant to the entry age normal cost method
  of ascertaining such unfunded accrued liability,  on  the  basis  of  an
  interest  rate  of eight and three-quarters per centum per annum and the
  actuarial tables applicable for the purpose of  determining  the  normal
  contribution  to  BERS  for  the  nineteen hundred ninety-five--nineteen
  hundred ninety-six fiscal year.
    69. "NYCERS 1995 balance of BSL". The present value, as determined  by
  the  actuary  as  of June thirtieth, nineteen hundred ninety-five on the
  basis of an interest rate of eight and  three-quarters  per  centum  per
  annum,  of  the  total  of  all  contribution installments which, in the
  absence of the enactment of the act which added this paragraph, would be
  payable to NYCERS for fiscal years beginning on  or  after  July  first,
  nineteen  hundred ninety-five pursuant to subparagraphs (ii) and (iv) of
  paragraph two of subdivision hh of this  section  and  paragraphs  four,
  five, six and seven of such subdivision.
    70.  "NYCTRS 1995 balance of BSL". The present value, as determined by
  the actuary as of June thirtieth, nineteen hundred  ninety-five  on  the
  basis  of  an  interest  rate of eight and three-quarters per centum per
  annum, of the total of  all  contribution  installments  which,  in  the
  absence of the enactment of the act which added this paragraph, would be
  payable  to  NYCTRS  for  fiscal  years beginning on or after July first
  nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv)  of
  paragraph  two  of  subdivision  hh of this section and paragraphs four,
  five, six and seven of such subdivision.
    71. "BERS 1995 balance of BSL". The present value,  as  determined  by
  the  actuary  as  of June thirtieth, nineteen hundred ninety-five on the
  basis of an interest rate of eight and  three-quarters  per  centum  per
  annum,  of  the  total  of  all  contribution installments which, in the
  absence of the enactment of the act which added this paragraph, would be
  payable to BERS for fiscal years  beginning  on  or  after  July  first,
  nineteen  hundred ninety-five pursuant to subparagraph (ii) of paragraph
  three of subdivision hh of this section and paragraphs  four,  five  and
  seven of such subdivision.
    72.  "Fifteen-year  amortization period". The period beginning on July
  first, nineteen hundred ninety-five and ending on  June  thirtieth,  two
  thousand ten.
    73.  "NYCERS 1999 UAL". The unfunded accrued liability of NYCERS as of
  June thirtieth, nineteen hundred ninety-nine  attributable  as  of  that
  date  to  the  obligations set forth in item (ii) of subparagraph (a) of
  paragraph two of subdivision b of  section  13-127  of  this  title,  as
  determined  by  the actuary pursuant to the entry age normal cost method
  of ascertaining such unfunded accrued liability,  on  the  basis  of  an
  interest  rate  of  eight  per centum per annum and the actuarial tables
  applicable for the purpose of determining  the  normal  contribution  to

  NYCERS  for  the nineteen hundred ninety-nine--two thousand fiscal year,
  provided, however, that  in  the  event  such  calculation  of  unfunded
  accrued  liability produces a negative amount, the NYCERS 1999 UAL shall
  be zero.
    74.  "NYCTRS 1999 UAL". The unfunded accrued liability of NYCTRS as of
  June thirtieth, nineteen hundred ninety-nine  attributable  as  of  that
  date  to  the obligations set forth in paragraph (1) of subdivision b of
  section 13-527 of this title, as determined by the actuary  pursuant  to
  the  entry  age normal cost method of ascertaining such unfunded accrued
  liability, on the basis of an interest rate  of  eight  per  centum  per
  annum and the actuarial tables applicable for the purpose of determining
  the   normal   contribution   to   NYCTRS   for   the  nineteen  hundred
  ninety-nine--two thousand fiscal year, provided, however,  that  in  the
  event such calculation of unfunded accrued liability produces a negative
  amount, the NYCTRS 1999 UAL shall be zero.
    75. "BERS 1999 UAL". The unfunded accrued liability of BERS as of June
  thirtieth,  nineteen hundred ninety-nine attributable as of that date to
  the obligations set forth in item (i) of subparagraph four of  paragraph
  (c)  of  subdivision sixteen of section twenty-five hundred seventy-five
  of the education law, as determined by the actuary pursuant to the entry
  age normal cost method of ascertaining such unfunded accrued  liability,
  on  the  basis of an interest rate of eight per centum per annum and the
  actuarial tables applicable for the purpose of  determining  the  normal
  contribution  to BERS for the nineteen hundred ninety-nine--two thousand
  fiscal year, provided, however, that in the event  such  calculation  of
  unfunded  accrued liability produces a negative amount, the NYCBERS 1999
  UAL shall be zero.
    76. "Eleven-year amortization period". The period  beginning  on  July
  first,  nineteen  hundred  ninety-nine and ending on June thirtieth, two
  thousand ten.
    b. (1) For the purpose of any actuarial  valuation,  determination  or
  appraisal  which  is  made  pursuant  to this title and which is used to
  determine the amount of any contribution required to be paid by the city
  and other responsible obligors into the contingent reserve fund  of  any
  retirement  system (and into pension reserve fund number two in the case
  of NYCTRS) in any fiscal year of the city mentioned  in  the  succeeding
  provisions  of  this subdivision, "regular interest" shall mean interest
  at the rate per centum per annum, compounded  annually,  prescribed  for
  such  retirement  system  with  respect  to  such  fiscal  year  by  the
  applicable provisions of this subdivision.
    (2) With respect to each retirement  system,  such  rate  of  interest
  shall be as hereinafter set forth in this paragraph:
 
                                                  First day and
                                                  last day of
                     Rate of interest             fiscal year or
                     per centum per               series of fiscal
  Retirement         annum, compounded            years for which
  System             annually                     rate is effective
  ________________________________________________________________________
  NYCERS             8%                           July 1, 2004 to
                                                  June 30, 2010
  NYCTRS             8%                           July 1, 2004 to
                                                  June 30, 2010
  PPF                8%                           July 1, 2004 to
                                                  June 30, 2010
  FPF                8%                           July 1, 2004 to

                                                  June 30, 2010
  BERS               8%                           July 1, 2004 to
                                                  June 30, 2010
 
    c.  Nothing  contained  in  subdivision  b  of  this  section shall be
  construed as prescribing in relation to any retirement system,  for  the
  purpose  of  crediting  interest  to  individual accounts in the annuity
  savings fund or to reserve-for-increased-take-home-pay or for any  other
  purpose  besides  that  specified in such subdivision, a rate of regular
  interest other than as prescribed by the application provisions  of  the
  definition  of  regular interest set forth in the retirement act of such
  retirement system and in any other laws  applicable  to  purposes  other
  than that set forth in subdivision b of this section.
    d.  For  the  purpose  of  any  actuarial  valuation, determination or
  appraisal which is made pursuant to this title  and  which  is  used  to
  determine the amount of any contribution required to be paid by the city
  or   other   responsible  obligors  into  the  contingent  reserve  fund
  (including pension reserve fund number two in the case of NYCTRS) of any
  retirement system in any fiscal year of the  city  succeeding  the  last
  fiscal  year  for  which  subdivision  b  of  this  section prescribes a
  valuation rate of interest  with  respect  to  such  retirement  system,
  "regular   interest"  shall  mean  interest  at  such  rate  per  annum,
  compounded annually,  as  shall  be  prescribed  with  respect  to  such
  retirement  system  in  subdivision  b  of  this section by an amendment
  thereto enacted by the legislature.
    e. On or after September first of the last city fiscal year for  which
  a  valuation  rate  of  interest  is prescribed by subdivision b of this
  section with respect to a retirement system, and no later than  December
  thirty-first next succeeding such September first, the board of trustees
  of  such  retirement  system shall submit to the governor, the temporary
  president and  minority  leader  of  the  senate,  the  speaker  of  the
  assembly,  the  majority and minority leaders of the assembly, the state
  superintendent of insurance, the chairman of the permanent commission on
  public employee pension and retirement systems, the mayor of  the  city,
  and  the  council  of  the  city (by transmittal to the city clerk), the
  written recommendations of such board as to the  rate  of  interest  and
  effective  period  thereof  which  should  be  established by law as the
  valuation rate of interest to be used for such retirement  system  after
  such last fiscal year.
    f.  (1)  Subject  to  the provisions of subdivision h of this section,
  during  the  applicable  period  specified  in  paragraph  two  of  this
  subdivision,  special  interest at the rate prescribed by the applicable
  provisions of such paragraph two shall be allowed with  respect  to  the
  individual  account  of  each member in the annuity savings fund of each
  retirement system with respect to which such interest is allowed.
    (2) Such special interest shall be allowed at the rates  and  for  the
  periods set forth below in this paragraph:
 
                                                  First day and
                                                  last day of
                     Rate of interest             fiscal year or
                     per centum per               series of fiscal
  Retirement         annum, compounded            years for which
  System             annually                     rate is effective
  ________________________________________________________________________
  NYCERS              1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  NYCTRS              1 1/4%                      July 1, 2004 to

                                                  June 30, 2010
  PPF                 1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  FPF                 1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  BERS                1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
 
    (3)  Such  special  interest provided for by paragraphs one and two of
  this subdivision shall be credited to such individual  account  of  each
  member  entitled  thereto  in  the  same  manner and at the same time as
  regular interest is required to be credited to such account with respect
  to the  same  period  of  time.  Such  special  interest  shall  not  be
  considered  in  determining  rates  of contributions of members. Nothing
  contained in this subdivision f shall be construed as applicable to  any
  member  of  a  retirement  system  who  is  subject to the provisions of
  article fourteen of the retirement and social security  law  or  article
  fifteen of such law.
    g.  (1)  Subject  to  the provisions of subdivision h of this section,
  during  the  applicable  period  specified  in  paragraph  two  of  this
  subdivision,          in          the          determination         the
  reserve-for-increased-take-home-pay  of  each  member  of  a  retirement
  system  entitled  to  such  a  reserve,  additional interest at the rate
  prescribed by the applicable provisions of such paragraph two  shall  be
  included.
    (2)  Such  additional  interest shall be included at the rates and for
  the periods set forth below in this paragraph:
 
                                                  First day and
                                                  last day of
                     Rate of interest             fiscal year or
                     per centum per               series of fiscal
  Retirement         annum, compounded            years for which
  System             annually                     rate is effective
  ________________________________________________________________________
  NYCERS              1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  NYCTRS              1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  PPF                 1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  FPF                 1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
  BERS                1 1/4%                      July 1, 2004 to
                                                  June 30, 2010
 
    (3) Additional interest shall not be considered in  determining  rates
  of  contribution of members. Nothing contained in this subdivision shall
  be construed as applicable to any member of a retirement system  who  is
  subject  to  the  provisions  of  article fourteen of the retirement and
  social security law or article fifteen of such law.
    h. (1) In any case where:
    (A) the provisions of paragraph two of subdivision f or paragraph  two
  of  subdivision g of this section are amended so as to prescribe for any
  retirement system with respect to any fiscal year of the city a rate  of
  special  interest  or additional interest different from that applicable
  to such retirement system for the next preceding fiscal year; and

    (B) the date of enactment (as  such  date  is  certified  pursuant  to
  section  forty-one  of  the  legislative law) of such amendment is later
  than the first day of the fiscal year in which such changed  rate  takes
  effect; and
    (C)  during  the  period beginning on such first day and ending on the
  day next preceding such date of enactment, a member of  such  retirement
  system  dies  or  the  retirement  allowance  or  vested rights deferred
  retirement allowance of such member becomes payable; the applicable rate
  of special interest or additional interest, as the case may be, for such
  next preceding fiscal year shall  apply  to  the  crediting  of  special
  interest  or additional interest in favor or such member for the portion
  of such period preceding such death or the commencement of payability of
  such retirement allowance.
    (2) (i) Nothing contained in subdivisions f  and  g  of  this  section
  shall  be  construed  as granting special or additional interest, as the
  case may be, to any person with respect to any period wherein  (A)  such
  person  was  not  a member entitled to be credited with regular interest
  for the same period in the annuity savings fund or with respect  to  his
  or her reserve-for-increased-take-home-pay or (B) was not a discontinued
  member  entitled  to  be  credited as a discontinued member with regular
  interest for the same period.
    (ii) Nothing contained in such subdivisions f and g shall be construed
  (A) as granting special interest with respect to the  total  accumulated
  contributions (as defined in subdivision seven of section 13-313 of this
  title)  of  an original plan member (as defined in subdivision four-b of
  such section 13-313) of FPF while he or she is such a member or  (B)  as
  granting      additional     interest     with     respect     to     an
  accumulation-for-increased-take-home-pay  (as  defined  in   subdivision
  fifteen  of  such section 13-313) of an original plan member while he or
  she is such a member.
    i.  (1)  Subject  to  the  provisions  of  paragraph  three  of   this
  subdivision,  in  addition  to regular interest annually allowed for the
  applicable period specified in paragraph two of this subdivision on  the
  mean  amount  for  the  preceding  year  in  each  fund  creditable with
  supplementary interest (as defined in paragraph fifteen of subdivision a
  of this section) of each retirement  system,  there  shall  be  annually
  allowed  with  respect to such period supplementary interest at the rate
  specified in such paragraph two on such mean amount  for  the  preceding
  year  in  such  fund.  Such  supplementary  interest  shall  be annually
  credited to such funds at the same  time  and  in  the  same  manner  as
  regular interest is credited to such funds with respect to such period.
    (2)  Such supplementary interest shall be allowed at the rates and for
  the periods set forth below in this paragraph:
 
                                                  First day and
                                                  last day of
                     Rate of interest             fiscal year or
                     per centum per               series of fiscal
  Retirement         annum, compounded            years for which
  System             annually                     rate is effective
  ________________________________________________________________________
  NYCERS             1%                           July 1, 2004 to
                                                  June 30, 2010
  NYCTRS             1%                           July 1, 2004 to
                                                  June 30, 2010
  PPF                1%                           July 1, 2004 to
                                                  June 30, 2010
  FPF                1%                           July 1, 2004 to

                                                  June 30, 2010
  BERS               1%                           July 1, 2004 to
                                                  June 30, 2010
 
    (3) The provisions of paragraphs one and two of this subdivision shall
  not apply to or affect (i) the allowance of interest or the crediting of
  interest  to  accounts of members or discontinued members in the annuity
  savings fund or (ii) the allowance of interest on or  the  crediting  of
  interest    to   reserve-for-increased-take-home-pay   of   members   or
  discontinued members or (iii) the determination of  the  amount  of  any
  benefit payable to any member or beneficiary of a retirement system.
    j.  On or after September first of the last city fiscal year for which
  special, additional and supplementary interest are allowed with  respect
  to  a  retirement system pursuant to the provisions of subdivisions f, g
  and i of this section, and no  later  than  December  thirty-first  next
  succeeding   such  September  first,  the  board  of  trustees  of  such
  retirement system shall submit to the public officers and body  referred
  to  in subdivision e of this section the written recommendations of such
  board:
    (1) as to whether legislation should  be  enacted  providing  for  the
  crediting of special interest to members of such retirement system after
  such  last  fiscal  year  and  if  so,  the recommended rate thereof and
  duration of such crediting; and
    (2) as to whether legislation should be enacted providing that in  the
  determination of reserves-for-increased-take-home-pay of members of such
  retirement  system entitled to such a reserve, additional interest shall
  be included for any period after such last fiscal year, and if  so,  the
  recommended rate thereof and the period as to which such interest should
  be included; and
    (3)  as  to  whether  legislation  should be enacted providing for the
  crediting of supplementary interest after such last fiscal year to funds
  creditable with supplementary interest of such retirement system and  if
  so, the recommended rate thereof and duration of such crediting.
    k. (1)(i) Subject to the provisions of subparagraphs (iii) and (iv) of
  this  paragraph,  in any case where the valuation rate of interest for a
  retirement system is changed by law for any period beginning on or after
  July first, two thousand four, or where  the  board  of  trustees  of  a
  retirement  system,  for  any  period  beginning on or after July first,
  nineteen hundred ninety-nine, adopts changed actuarial  tables  used  in
  valuing   the   liabilities  of  such  retirement  system,  or  where  a
  significant change in an  actuarial  valuation  method  (as  defined  in
  paragraph  sixteen  of  subdivision  a  of this section) is made for any
  period beginning on or after July first, nineteen hundred ninety-nine in
  relation to a retirement system, the actuary thereof shall calculate, as
  of June thirtieth next preceding the first day of the  fiscal  year  for
  which  such  changed  rate or changed tables or significant change in an
  actuarial  valuation  method  first  becomes  or  became  effective,  an
  unfunded  accrued  liability  adjustment  applicable to each responsible
  obligor in relation to such retirement system.
    (ii) Any such adjustment (or adjustments in the  aggregate)  shall  be
  designed to amortize in installments over a period and by such method as
  shall  be  established  by  the board of trustees or retirement board of
  such retirement  system  on  the  recommendation  of  its  actuary,  and
  commencing  on such first day, the increase or decrease in the actuarial
  accrued liability of such retirement system or  pension  fund  resulting
  from  any  such  change or changes. Such period of amortization shall be
  not less than ten city fiscal years nor more than twenty such years.

    (iii) No unfunded accrued liability adjustment  shall  be  established
  under  this  subdivision  for  any retirement system with respect to any
  change in  actuarial  tables  or  significant  change  in  an  actuarial
  valuation  method,  where such changed tables or changed method apply or
  applies  to  such retirement system with respect to determination of any
  of the NYCERS 1999 UAL, the NYCTRS 1999 UAL, the BERS 1999 UAL, the  PPF
  1999 UAL (as defined in paragraph thirty-two of subdivision a of section
  13-638.3  of the code, as added by chapter six hundred eight of the laws
  of nineteen hundred ninety-one) or the  FPF  1999  UAL  (as  defined  in
  paragraph  thirty-two  of subdivision a of section 13-683.3 of the code,
  as added by chapter six hundred ten of  the  laws  of  nineteen  hundred
  ninety-one),  whether such change is adopted before or after July first,
  nineteen hundred ninety-nine.  Nothing  contained  in  this  subdivision
  shall  be  construed as requiring the continuation after June thirtieth,
  nineteen hundred ninety-nine of the amortization of any unfunded accrued
  liability adjustment established under this subdivision  prior  to  such
  June thirtieth.
    (iv)  No  unfunded  accrued  liability adjustment shall be established
  under this subdivision for any retirement system  with  respect  to  any
  change  in the valuation rate of interest, change in actuarial tables or
  significant change in an actuarial valuation method if (A) such unfunded
  accrued  liabilities,  when  added  to  any  existing  unfunded  accrued
  liability, would result in the total of all unfunded accrued liabilities
  for that retirement system equaling less than zero, or if (B) the change
  in  unfunded  actuarial liability for that retirement system would cause
  an increase or decrease of  less  than  ten  percent  in  the  actuarial
  accrued liability (computed pursuant to the entry age normal cost method
  of  determining  such  liability) and the actuary concludes that such an
  unfunded accrued liability need not be established.
    (2) Subject to the provisions of the  succeeding  paragraphs  of  this
  subdivision  and  subdivision  1  of  this  section,  each such unfunded
  accrued liability adjustment shall be calculated  with  respect  to  the
  affected  responsible  obligor, and shall be paid by or credited to such
  obligor, as the case may be, in accordance with the appropriate  methods
  set forth in subdivisions b to v, inclusive, of section 13-638.1 of this
  subchapter.
    (3)  (i)  Each  such unfunded accrued liability adjustment (other than
  any such adjustment attributable to employees of the senior colleges  of
  the  city  university)  shall  be  known  by  a  title consisting of the
  numerical designation of the calendar year in  which  the  first  fiscal
  year of the applicable amortization period begins, followed by the words
  "unfunded accrued liability adjustment attributable to," followed by the
  name  of  the  responsible obligor with respect to which such adjustment
  was calculated.
    (ii) Each such unfunded accrued liability adjustment  attributable  to
  employees  of  such senior colleges which is calculated for NYCERS shall
  be known by a title consisting  of  the  numerical  designation  of  the
  calendar  year  in  which  the  first  fiscal  year  of  the  applicable
  amortization period begins,  followed  by  the  words  "NYCERS  unfunded
  accrued liability adjustment attributable to the senior colleges."
    (iii)  Each such unfunded accrued liability adjustment attributable to
  employees of such senior colleges which is calculated for  NYCTRS  shall
  be  known  by  a  title  consisting  of the numerical designation of the
  calendar  year  in  which  the  first  fiscal  year  of  the  applicable
  amortization  period  begins,  followed  by  the  words "NYCTRS unfunded
  accrued liability adjustment attributable to the senior colleges."

    (4) For the purpose of applying the provisions of subdivisions b to v,
  inclusive, of section 13-638.1 as prescribed by paragraph  two  of  this
  subdivision:
    (i) the term "valuation rate of interest" appearing in such provisions
  shall  mean  the  applicable  valuation  rate of interest, as defined in
  paragraph eleven of subdivision a of this section; and
    (ii)  wherever  the  words  "nineteen  hundred  eighty-seven--nineteen
  hundred  eighty-eight  fiscal  year"  appear in such subdivisions, there
  shall be deemed to be substituted therefor the numerical designation  of
  the  city  fiscal  year  next  preceding  the  first  fiscal year of the
  amortization  period  applicable  pursuant  to  paragraph  one  of  this
  subdivision; and
    (iii)  wherever  the  words,  "nineteen hundred eighty-eight--nineteen
  hundred eighty-nine fiscal year"  appear  in  such  subdivisions,  there
  shall  be deemed to be substituted therefor the numerical designation of
  the first city fiscal year of such amortization period; and
    (iv)  wherever   the   words   "June   thirtieth,   nineteen   hundred
  eighty-eight"  appear  in such subdivisions, there shall be deemed to be
  substituted therefor the numerical designation of  the  month,  day  and
  year  of  the  June  thirtieth  next  preceding  the  first  day of such
  amortization period; and
    (v) wherever the words "nineteen hundred eighty-eight unfunded accrued
  liability adjustment" appear in such subdivisions, there shall be deemed
  to be substituted therefor the numerical  designation  of  the  calendar
  year  in  which  such  amortization period begins, followed by the words
  "unfunded accrued liability adjustment"; and
    (vi)  wherever  the  words  "nineteen  hundred  ninety-seven--nineteen
  hundred ninety-eight" appear in such subdivisions, there shall be deemed
  to  be  substituted  therefor the numerical designation of the last city
  fiscal year of the applicable amortization period.
    l. (1) In any  case  where  the  valuation  rate  of  interest  for  a
  retirement system is changed by law for any period beginning on or after
  July  first,  two thousand four, and as of June thirtieth next preceding
  the fiscal year for which such change  first  becomes  effective,  there
  remain  unpaid  or  uncredited, as the case may be, with respect to such
  retirement system, any installments of (i) the NYCERS 1999 UAL, (ii) the
  NYCTRS 1999 UAL, (iii) the BERS 1999 UAL, (iv) any post-June  thirtieth,
  nineteen  hundred  ninety-nine unfunded accrued liability adjustment (as
  defined in paragraph seventeen of subdivision a of  this  section),  (v)
  any contribution to PPF referred to in subdivision p of section 13-638.3
  of this subchapter (as added by chapter six hundred eight of the laws of
  nineteen  hundred  ninety-one), (vi) any contribution to FPF referred to
  in subdivision p of section 13-638.3 of this  subchapter  (as  added  by
  chapter  six  hundred ten of the laws of nineteen hundred ninety-one) or
  (vii) any other contribution by a responsible obligor  to  a  retirement
  system (other than the normal contribution) which may be required by law
  for  the purpose of funding any unfunded liability or funding deficiency
  of  such  retirement  system,  such  remaining  installments  shall   be
  recomputed  by  the actuary so that the present value of such recomputed
  installments, calculated as of such June thirtieth on the basis of  such
  changed  valuation rate, shall equal the present value of such remaining
  installments, calculated as of such June thirtieth on the basis  of  the
  valuation rate in effect immediately prior to such change.
    (2)  In  each  fiscal year succeeding such June thirtieth, one of such
  recomputed installments shall be paid by or credited to, as the case may
  be, the responsible obligor or responsible obligors with respect to such
  retirement  system  in  the  same  manner  as  the  corresponding  prior
  installments   were   paid   or   credited,  until  all  such  remaining

  installments are paid or credited in full; provided, however, that until
  all such installments are so disposed of, they shall be  recomputed  and
  paid  or  credited  in  recomputed form pursuant to this subdivision for
  each subsequent change in such valuation rate.
    m.  Notwithstanding  any  other  provision of law to the contrary, all
  NYCERS, NYCTRS and BERS installments of  the  revised  unfunded  accrued
  liability  contribution,  the  nineteen  hundred eighty unfunded accrued
  liability adjustment, the nineteen hundred eighty-two  unfunded  accrued
  liability  adjustment, the nineteen hundred eighty-five unfunded accrued
  liability adjustment, the nineteen hundred eighty-six  unfunded  accrued
  liability  adjustment  and  the  nineteen  hundred eighty-eight unfunded
  accrued liability adjustment and  all  installments  of  the  post  June
  thirtieth,  nineteen  hundred  eighty-nine  unfunded  accrued  liability
  adjustment established with respect to BERS pursuant to subdivision k of
  this  section  and  all  NYCERS,  NYCTRS  and   BERS   installments   of
  amortization  of  bond  sale gains and losses and all NYCERS, NYCTRS and
  BERS installments of  funding  of  supplemental  retirement  allowances,
  which  installments,  in  the  absence  of the enactment of chapter nine
  hundred forty-eight of the laws of nineteen hundred ninety and  the  act
  which  first  amended  this subdivision, would otherwise be due from and
  payable by any responsible obligor to NYCERS,  NYCTRS  or  BERS  (or  be
  creditable  to  such  obligor) with respect to any fiscal year or period
  beginning on or after July first, nineteen hundred ninety (including all
  such NYCERS or NYCTRS installments attributable to the  senior  colleges
  as  defined  or  referred  to  in  subdivisions  seven,  eight, eight-a,
  eight-b, eight-c, eight-d, eight-e  and  eight-f  of  section  sixty-two
  hundred  two  of  the  education  law  and  subdivision  one  of section
  sixty-two hundred thirty-one of such law) are  hereby  cancelled  as  of
  such  July  first and shall not be due and payable (or creditable) on or
  after such July first.
    n. The actuary of each retirement system undergoing  consolidated  UAL
  funding  (as  defined  in  paragraph  twenty  of  subdivision  a of this
  section) shall determine  the  amount  of  the  difference  obtained  by
  subtracting  (A) the outstanding balance, as of June thirtieth, nineteen
  hundred ninety-five,  of  the  nineteen  hundred  ninety  balance  sheet
  liability  (as defined in paragraph thirty-five of subdivision a of this
  section) of such retirement system from (B) the outstanding balance,  as
  of  such  June  thirtieth,  of the unfunded accrued liability as of June
  thirtieth, nineteen hundred ninety (as defined in paragraph  thirty-four
  of subdivision a of this section) of such retirement system.
    o.  (1)  From  the  amount  of  the  difference determined pursuant to
  subdivision n of this section in relation  to  NYCERS,  there  shall  be
  subtracted  the  portion  thereof  which  is  attributable to the senior
  colleges.
    (2) The actuary of NYCERS shall determine an amount which,  when  paid
  into  the  contingent  reserve  fund  of  NYCERS in fifteen equal annual
  installments, commencing with payment of  a  first  installment  in  the
  nineteen  hundred  ninety-five--nineteen hundred ninety-six fiscal year,
  shall be the actuarial equivalent, on  the  basis  of  nine  per  centum
  interest  per annum, of the remainder computed pursuant to paragraph one
  of this subdivision.
    (3) Such amount determined in relation to such installments  shall  be
  payable  in  regular  installments  as provided for in subdivision bb of
  this section.
    p. (1) The actuary of NYCERS shall determine  an  amount  which,  when
  paid  by  the  state  and  the  city into the contingent reserve fund of
  NYCERS pursuant to section sixty-two hundred thirty-one of the education
  law in fifteen equal annual installments, commencing with payment  of  a

  first  installment in the nineteen hundred ninety-five--nineteen hundred
  ninety-six fiscal year, shall be the actuarial equivalent, on the  basis
  of  nine  per  centum  interest  per  annum, of the amount of difference
  attributable  to  the  senior  colleges,  as  determined pursuant to the
  provisions of subdivision n of this section in relation to NYCERS.
    (2) Such amount determined in relation to such installments  shall  be
  payable  in  regular  installments  as provided for in subdivision bb of
  this section.
    q. (1) From the  amount  of  the  difference  determined  pursuant  to
  subdivision  n  of  this  section  in  relation to NYCTRS there shall be
  subtracted the amount  thereof  which  is  attributable  to  the  senior
  colleges.
    (2)  The  actuary  shall determine an amount which, when paid into the
  contingent reserve fund of NYCTRS in fifteen equal annual  installments,
  commencing  with  payment of a first installment in the nineteen hundred
  ninety-five--nineteen hundred  ninety-six  fiscal  year,  shall  be  the
  actuarial  equivalent,  on  the  basis  of  nine per centum interest per
  annum, of the remainder computed  pursuant  to  paragraph  one  of  this
  subdivision.
    (3)  Such  amount determined in relation to such installments shall be
  payable in regular installments as provided for  in  subdivision  bb  of
  this section.
    r.  (1)  The  actuary  of NYCTRS shall determine an amount which, when
  paid by the state and the city  into  the  contingent  reserve  fund  of
  NYCTRS pursuant to section sixty-two hundred thirty-one of the education
  law  in  fifteen equal annual installments, commencing with payment of a
  first installment in the nineteen hundred ninety-five--nineteen  hundred
  ninety-six  fiscal year, shall be the actuarial equivalent, on the basis
  of nine per centum interest per  annum,  of  the  amount  of  difference
  attributable  to  the  senior  colleges,  as  determined pursuant to the
  provisions of paragraph one of subdivision q of this section in relation
  to NYCTRS.
    (2) Such amount determined in relation to such installments  shall  be
  payable  in  installments  as  provided  for  in  subdivision bb of this
  section.
    s. (1) The actuary shall determine an amount which, when paid into the
  contingent reserve fund of BERS in fifteen  equal  annual  installments,
  commencing  with  payment of a first installment in the nineteen hundred
  ninety-five--nineteen hundred  ninety-six  fiscal  year,  shall  be  the
  actuarial  equivalent,  on  the  basis  of  nine per centum interest per
  annum, of the amount of difference computed pursuant to subdivision n of
  this section in relation to BERS.
    (2) Such amount determined in relation to such installments  shall  be
  payable  in  installments  as  provided  for  in  subdivision bb of this
  section.
    t. Notwithstanding any other provision of  law  to  the  contrary,  no
  installments  of  prior balance sheet liability contribution (as defined
  in paragraph thirty-six of subdivision a of this section) shall  be  due
  from  or  payable  by  any responsible obligor to NYCERS, NYCTRS or BERS
  with respect to any fiscal year of the city beginning on or  after  July
  first, nineteen hundred ninety.
    u. The actuary of NYCERS, NYCTRS and BERS shall determine with respect
  to  each  such retirement system, as of June thirtieth, nineteen hundred
  ninety on the basis of eight and one-quarter  per  centum  interest  per
  annum,  the present value of the thirty-one equal annual installments of
  the prior BSL  contribution  (as  defined  in  paragraph  thirty-six  of
  subdivision  a of this section) of such retirement system (including any
  portion  thereof   attributable   to   the   senior   colleges),   which

  installments,  in  the  absence of the enactment of chapter nine hundred
  forty-eight of the laws of nineteen hundred ninety  and  the  act  which
  added  this  subdivision,  would  have  remained  due and unpaid to such
  retirement system as of such June thirtieth.
    v.  (1)  From  the  amount  of  present  value  determined pursuant to
  subdivision u of this section in relation  to  NYCERS,  there  shall  be
  subtracted  the  portion  thereof  which  is  attributable to the senior
  colleges.
    (2) The actuary of NYCERS shall determine an amount which,  when  paid
  to the contingent reserve fund of such retirement system in twenty equal
  annual  installments,  commencing  with  a first payment in the nineteen
  hundred ninety--nineteen hundred ninety-one fiscal year,  shall  be  the
  actuarial  equivalent,  on  the  basis  of  an interest rate of nine per
  centum per annum, of the remainder computed pursuant to paragraph one of
  this subdivision.
    (3) Such amount determined in relation  to  such  installments,  which
  amount  shall  be payable in installments as provided for in subdivision
  bb of this section, shall constitute the NYCERS general nineteen hundred
  ninety BSL contribution.
    w. (1) The actuary of NYCERS shall determine  an  amount  which,  when
  paid  by  the  state  and  the  city into the contingent reserve fund of
  NYCERS pursuant to section sixty-two hundred thirty-one of the education
  law in twenty equal annual installments, commencing with  payment  of  a
  first  installment  in  the  nineteen  hundred  ninety--nineteen hundred
  ninety-one fiscal year, shall be the actuarial equivalent, on the  basis
  of  nine  per  centum interest per annum, of the amount of present value
  attributable to the senior  colleges,  as  determined  pursuant  to  the
  provisions of subdivision v of this section in relation to NYCERS.
    (2)  Such  amount  determined  in relation to such installments, which
  amount shall be payable in installments as provided for  in  subdivision
  bb  of this section, shall constitute the NYCERS nineteen hundred ninety
  BSL contribution attributable to the senior colleges.
    x. (1) From  the  amount  of  present  value  determined  pursuant  to
  subdivision  u  of  this  section  in relation to NYCTRS, there shall be
  subtracted the portion thereof  which  is  attributable  to  the  senior
  colleges.
    (2)  The  actuary of NYCTRS shall determine an amount which, when paid
  to the contingent reserve fund of such retirement system in twenty equal
  annual installments, commencing with a first  payment  in  the  nineteen
  hundred  ninety--nineteen  hundred  ninety-one fiscal year, shall be the
  actuarial equivalent, on the basis  of  nine  per  centum  interest  per
  annum,  of  the  remainder  computed  pursuant  to paragraph one of this
  subdivision.
    (3) Such amount determined in relation  to  such  installments,  which
  amount  shall  be payable in installments as provided for in subdivision
  bb of this section, shall constitute the NYCTRS general nineteen hundred
  ninety BSL contribution.
    y. (1) The actuary of NYCTRS shall determine  an  amount  which,  when
  paid  by  the  state  and  the  city into the contingent reserve fund of
  NYCTRS pursuant to section sixty-two hundred thirty-one of the education
  law in twenty equal annual installments, commencing with  payment  of  a
  first  installment  in  the  nineteen  hundred  ninety--nineteen hundred
  ninety-one fiscal year, shall be the actuarial equivalent, on the  basis
  of  nine  per  centum interest per annum, of the amount of present value
  attributable to the senior  colleges,  as  determined  pursuant  to  the
  provisions of subdivision x of this section in relation to NYCTRS.
    (2)  Such  amount  determined  in relation to such installments, which
  amount shall be payable in installments as provided for  in  subdivision

  bb  of this section, shall constitute the NYCTRS nineteen hundred ninety
  BSL contribution attributable to the senior colleges.
    z.  (1) The actuary of BERS shall determine an amount which, when paid
  to the contingent reserve fund of such retirement system in twenty equal
  annual installments, commencing with a first  payment  in  the  nineteen
  hundred  ninety--nineteen  hundred  ninety-one fiscal year, shall be the
  actuarial equivalent, on the basis  of  nine  per  centum  interest  per
  annum, of the amount of present value determined pursuant to subdivision
  u of this section in relation to BERS.
    (2)  Such  amount  determined  in relation to such installments, which
  amount shall be payable in installments as provided for  in  subdivision
  bb  of  this section, shall constitute the BERS general nineteen hundred
  ninety BSL contribution.
    aa.  (1)  Subject  to  the  provisions  of  paragraph  three  of  this
  subdivision  and subject to the provisions of sections 13-130 and 13-132
  of this title in the case of NYCERS, and subject to  the  provisions  of
  section  13-529  thereof  in  the  case  of  NYCTRS,  and subject to the
  provisions  of  paragraph  (j)  of  subdivision   sixteen   of   section
  twenty-five  hundred  seventy-five  of  the education law in the case of
  BERS, in each fiscal year included  in  the  period  beginning  on  July
  first,  nineteen  hundred  ninety  and  ending  on  June  thirtieth, two
  thousand ten, the general UAL and BSL responsible obligors  (as  defined
  in paragraph ten-a of subdivision a of this section) in relation to each
  retirement  system  undergoing  consolidated  UAL funding (as defined in
  paragraph twenty of subdivision a of this section) shall  pay  into  its
  contingent reserve fund:
    (i)  their  respective  shares  of the installment amount allocated to
  such fiscal year for payment on  account  of  general  nineteen  hundred
  ninety consolidated UAL contribution (as defined in paragraph forty-four
  of subdivision a of this section) of such retirement system; and
    (ii)  their  respective  shares of the installment amount allocated to
  such fiscal year for payment on account of the general nineteen  hundred
  ninety   BSL   contribution  (as  defined  in  paragraph  twenty-six  of
  subdivision a of this section) of such retirement system.
    (2) With respect to each fiscal year included in the period  beginning
  on July first, nineteen hundred ninety and ending on June thirtieth, two
  thousand ten:
    (i)  the  state,  at  the  time  and  in  the manner prescribed by the
  applicable provisions of section sixty-two  hundred  thirty-one  of  the
  education law, shall contribute to NYCERS or NYCTRS, as the case may be,
  the state's share of:
    (A)  the  NYCERS  phase-in  installment  of  nineteen  hundred  ninety
  consolidated UAL contribution attributable to the  senior  colleges  (as
  defined  in  paragraph  thirty  of subdivision a of this section) or the
  NYCERS regular installment of nineteen hundred ninety  consolidated  UAL
  contribution   attributable  to  the  senior  colleges  (as  defined  in
  paragraph forty of subdivision a of this  section)  applicable  to  such
  fiscal year, as the case may be; and
    (B)  the  NYCTRS  phase-in  installment  of  nineteen  hundred  ninety
  consolidated UAL contribution attributable to the  senior  colleges  (as
  defined in paragraph thirty-two of subdivision a of this section) or the
  NYCTRS  regular  installment of nineteen hundred ninety consolidated UAL
  contribution  attributable  to  the  senior  colleges  (as  defined   in
  paragraph forty-two of subdivision a of this section) applicable to such
  fiscal year, as the case may be; and
    (C) the NYCERS installment of nineteen hundred ninety BSL contribution
  attributable  to  the senior colleges (as defined in paragraph forty-six
  of subdivision a of this section) applicable to such fiscal year; and

    (D) the NYCTRS installment of nineteen hundred ninety BSL contribution
  attributable to the senior colleges (as defined in paragraph forty-eight
  of subdivision a of this section); and
    (ii)  the  city,  at  the  time  and  in  the manner prescribed by the
  applicable provisions of  such  section  of  the  education  law,  shall
  contribute  to  each  affected  retirement  system, the city's share, as
  prescribed by such provisions, of the applicable installment  amount  or
  amounts  allocated to such fiscal year for payment on account of the UAL
  contribution and BSL contribution referred to  in  subparagraph  (i)  of
  this paragraph.
    (3)  Each installment amount payable as provided for in paragraphs one
  and two of this subdivision shall be in the applicable sum prescribed in
  the schedule of twenty-year amortization set forth in subdivision bb  of
  this section.
    (4)  Notwithstanding any provision of the preceding paragraphs of this
  subdivision or  any  other  law  to  the  contrary,  the  provisions  of
  subdivisions  n  through z, inclusive, of this section, and the affected
  provisions of subdivision bb thereof, and the  preceding  paragraphs  of
  this  subdivision  shall  be  superseded in the manner prescribed by the
  provisions  of  subdivision  hh  of  this  section   with   respect   to
  contributions  on  account  of  UAL and BSL payable for each fiscal year
  included in the revised amortization period.
    bb. Subject to the provisions of subdivisions k and l of this section,
  installments of the contributions to NYCERS, NYCTRS  and  BERS  provided
  for by subdivisions n to aa, inclusive, of this section shall be paid by
  general  UAL and BSL responsible obligors (as defined in paragraph ten-a
  of subdivision  a  of  this  section)  and  senior  college  responsible
  obligors  (as  defined  in  paragraph  ten-b  of  subdivision  a of this
  section) in accordance with the schedule of twenty-year amortization set
  forth below in this subdivision.
 
    SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF NYCERS, NYCTRS AND BERS 1990
     CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in
   parentheses are to paragraph numbers of definitions in subdivision a of
                                this section)
 
   Col.1            Col.2             Col.3           Col.4
  Retirement      Fiscal year       Obligor or     Amount payable in
  System          or years in       obligors       each fiscal year
                  which annual      required to
                  amortization      make
                  payments are      payments
                  required to
                  be made
 
  Col. A NYCERS   Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together such
                  in the            responsible    obligor's shares of
                  phase-in          obligor        (a) the NYCERS phase-
                  period (18)       (10-a) of      in installment of
                                    NYCERS         general nineteen
                                                   hundred ninety con-
                                                   solidated UAL con-
                                                   tribution (29) ap-
                                                   plicable to such
                                                   fiscal year and
                                                   (b) the NYCERS in-
                                                   stallment of gen-

                                                   eral nineteen
                                                   hundred ninety BSL
                                                   contribution (45)
                                                   applicable to
                                                   such fiscal year.
 
  Col. B NYCERS   Each fiscal       Each of        The sum obtained by
                  year (9-a)        the senior     adding together such
                  in the            college UAL    obligor's shares of
                  phase-in          and BSL        (a) the NYCERS phase-
                  period (18)       responsible    in installment of
                                    obligors       nineteen hundred
                                    (10-b)         hundred ninety con-
                                                   solidated UAL con-
                                                   tribution attribut-
                                                   able to the senior
                                                   colleges (30) appl-
                                                   licable to such fis-
                                                   cal year and (b) the
                                                   NYCERS installment
                                                   of nineteen hundred
                                                   ninety BSL contri-
                                                   bution attributable
                                                   to the senior col-
                                                   leges (46) applic-
                                                   able to such fis-
                                                   cal year.
 
  Col. C NYCTRS   Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together such
                  in the            responsible    obligor's shares of
                  phase-in          obligor        (a) the NYCTRS phase-
                  period (18)       (10-a) of      in installment of
                                    NYCTRS         general nineteen
                                                   hundred ninety con-
                                                   solidated UAL con-
                                                   tribution (31) ap-
                                                   plicable to such
                                                   fiscal year and (b)
                                                   the NYCTRS install-
                                                   ment of general
                                                   nineteen hundred
                                                   ninety BSL contri-
                                                   bution (47) appli-
                                                   cable to such fis-
                                                   cal year.
 
  Col. D NYCTRS   Each fiscal       Each of the    The sum obtained by
                  year (9-a)        senior         adding together such
                  in the            college UAL    obligor's shares of
                  phase-in          and BSL        (a) the NYCTRS phase-
                  period (18)       responsible    in installment of
                                    obligors       nineteen hundred
                                    (10-b)         ninety consolidated
                                                   UAL contribution at-
                                                   tributable to the
                                                   senior colleges (32)
                                                   applicable to such

                                                   fiscal year and (b)
                                                   the NYCTRS install-
                                                   ment of nineteen
                                                   hundred ninety BSL
                                                   contribution attri-
                                                   butable to the sen-
                                                   ior colleges (48)
                                                   applicable to such
                                                   fiscal year.
 
  Col. E BERS     Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together such
                  in the            responsible    obligor's shares of
                  phase-in          obligor        (a) the BERS phase-
                  period (18)       (10-a) of      in installment of
                                    BERS           general nineteen
                                                   hundred ninety con-
                                                   solidated UAL con-
                                                   tribution (33)
                                                   applicable to such
                                                   fiscal year and (b)
                                                   the BERS phase-in
                                                   installment of gen-
                                                   eral nineteen hun-
                                                   dred ninety BSL
                                                   contribution (49)
                                                   applicable to such
                                                   fiscal year.
 
  Col. F NYCERS   Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together (a)
                  in the            responsible    such obligor's share
                  regular           obligor        of the NYCERS reg-
                  installment       (10-a) of      ular installment of
                  period (19)       NYCERS         general nineteen
                                                   hundred ninety con-
                                                   solidated UAL con-
                                                   tribution (39) ap-
                                                   plicable to such
                                                   fiscal year and (b)
                                                   such obligor's
                                                   share of the NYCERS
                                                   installment of gen-
                                                   eral nineteen hun-
                                                   dred ninety BSL con-
                                                   tribution (45)
                                                   applicable to such
                                                   fiscal year.
 
  Col. G NYCERS   Each fiscal       Each of the    The sum obtained by
                  year (9-a)        senior         adding together such
                  in the            college UAL    obligor's shares of
                  regular           and BSL        (a) the NYCERS reg-
                  installment       responsible    ular installment of
                  period (19)       obligors       nineteen hundred
                                    (10-b)         ninety consolidated
                                                   UAL contribution at-
                                                   tributable to the

                                                   senior colleges (40)
                                                   applicable to such
                                                   fiscal year and (b)
                                                   the NYCERS install-
                                                   ment of nine-
                                                   teen hundred ninety
                                                   BSL contribution
                                                   attributable to the
                                                   senior colleges (46)
                                                   applicable to such
                                                   fiscal year.
 
  Col. H NYCTRS   Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together (a)
                  in the            responsible    such obligor's share
                  regular           obligor        of the NYCTRS reg-
                  installment       (10-a) of      ular installment of
                  period (19)       NYCTRS         general nineteen hund-
                                                   red ninety consolida-
                                                   ted UAL contribution
                                                   (41) applicable to
                                                   such fiscal year and
                                                   (b) such obligor's
                                                   share of the NYCTRS
                                                   installment of gen-
                                                   eral nineteen hund-
                                                   red ninety BSL con-
                                                   tribution (47) ap-
                                                   plicable to such
                                                   fiscal year.
 
  Col. I NYCTRS   Each fiscal       Each of the    The sum obtained by
                  year (9-a)        senior         adding together such
                  in the            college UAL    obligor's shares of
                  regular           and BSL        (a) the NYCTRS reg-
                  installment       responsible    ular installment of
                  period (19)       obligors       nineteen hundred
                                    (10-b)         ninety consolidated UAL
                                                   contribution attributa-
                                                   ble to the senior col-
                                                   leges (42) applicable
                                                   to such fiscal year
                                                   and (b) the NYCTRS
                                                   installment of nine-
                                                   teen hundred ninety
                                                   BSL contribution
                                                   attributable to the
                                                   senior colleges (46)
                                                   applicable to such
                                                   fiscal year.
 
  Col. J BERS     Each fiscal       Each general   The sum obtained by
                  year (9-a)        UAL and BSL    adding together (a)
                  in the            responsible    such obligor's share
                  regular           obligor        of the BERS regular
                  installment       (10-a) of      installment of gen-
                  period (19)       BERS           eral nineteen hund-
                                                   red ninety consol-

                                                   idated UAL contri-
                                                   bution (43) appli-
                                                   cable to such
                                                   fiscal year and (b)
                                                   such obligor's
                                                   share of the BERS
                                                   installment of
                                                   general nineteen
                                                   hundred ninety BSL
                                                   contribution (49)
                                                   applicable to such
                                                   fiscal year.
 
    cc.  Subject to the provisions of section sixty-two hundred thirty-one
  of the education law in relation to  contributions  on  account  of  the
  senior  colleges,  the applicable provisions of subdivision c of section
  13-133 of this title and subdivision c of  section  13-533  thereof  and
  paragraph  (j)  of  subdivision  sixteen  of section twenty-five hundred
  seventy-five of the education law shall govern the time  and  manner  of
  payment,  within each fiscal year, of contributions payable with respect
  to such fiscal year to NYCERS, NYCTRS or BERS pursuant to the provisions
  of subdivisions n to bb, inclusive, of this section.  Nothing  contained
  in  this  section  shall be construed as amending, modifying or changing
  such provisions of this  title  or  the  provisions  of  any  other  law
  relating  to the time of payment, within a fiscal year, of contributions
  payable to such retirement systems with respect to such fiscal year.
    dd. For the purpose of determining the amount of  any  installment  of
  the  contributions  payable  to  NYCERS,  NYCTRS or BERS pursuant to the
  provisions of subdivisions n to bb,  inclusive,  of  this  section,  the
  actuary  of  such retirement system may use methods of calculation other
  than those set forth in such provisions, so long as such  other  methods
  produce in relation to such installment an amount equal to that produced
  by the methods of calculation set forth in such provisions.
    ee. Any amount required to be contributed to NYCERS, NYCTRS or BERS by
  a  responsible  obligor  with  respect  to  any  fiscal  year  under the
  provisions of subdivisions n to bb, inclusive, of this section shall  be
  payable  with  interest on such amount at the valuation rate of interest
  for such retirement system for such fiscal year.
    ff. In the determination of the normal contribution payable to NYCERS,
  NYCTRS or BERS with respect to each fiscal year of  the  city  occurring
  during  the  period beginning on July first, nineteen hundred ninety and
  ending on June thirtieth, two thousand ten, the  present  value,  as  of
  June   thirtieth   next  preceding  such  fiscal  year,  of  all  future
  installments of the contributions  payable  to  such  retirement  system
  pursuant  to  subdivisions  n to bb, inclusive, of this section shall be
  treated as an asset of such retirement system.
    gg. (1) On the basis  of  the  valuation  rate  of  interest  and  the
  actuarial  tables  in  effect  as  of  June  thirtieth, nineteen hundred
  ninety-three, the actuary of each retirement system shall,  as  of  such
  June thirtieth, determine:
    (i)  the  additional  accrued  employer  cost of providing the rights,
  benefits and privileges conferred by the provisions  of  the  act  which
  added this subdivision upon members of NYCERS; and
    (ii)  the  additional  accrued  employer cost of providing the rights,
  benefits and privileges conferred by such  provisions  upon  members  of
  BERS.
    (2)  Subject  to  the  provisions  of section 13-130 and 13-131 of the
  code, the city shall pay to the contingent reserve  fund  of  NYCERS  in

  seventeen  equal annual installments, commencing with payment of a first
  installment  in  the  city's  nineteen  hundred   ninety-three--nineteen
  hundred  ninety-four  fiscal  year,  an  amount which, when paid in such
  installments,  is  the  actuarial  equivalent  of  the amount determined
  pursuant to subparagraph (i) of paragraph one of this subdivision.
    (3) Subject  to  the  provisions  of  subparagraphs  one  and  two  of
  paragraph  (J)  of  subdivision  sixteen  of section twenty-five hundred
  seventy-five of the education law, the board of education  of  the  city
  shall  pay  to  the  contingent  reserve fund of BERS in seventeen equal
  annual installments, commencing with payment of a first  installment  in
  the  city's  nineteen hundred ninety-three--nineteen hundred ninety-four
  fiscal year, an amount which, when paid in  such  installments,  is  the
  actuarial  equivalent  of the amount determined pursuant to subparagraph
  (ii) of paragraph one of this subdivision.
    (4) The additional employer cost of providing the rights, benefits and
  privileges conferred by the provisions  of  the  act  which  added  this
  subdivision  upon  members of NYCERS and BERS, other than the additional
  accrued employer cost of providing such rights, benefits and  privileges
  to  be  funded  in  accordance  with  paragraphs  two  and three of this
  subdivision, shall be funded through the normal contributions to  NYCERS
  and  BERS,  commencing  with  the  normal  contributions  for the city's
  nineteen hundred ninety-three--nineteen hundred ninety-four fiscal year.
    hh. (1) All NYCERS, NYCTRS  and  BERS  installments  of  UAL  and  BSL
  contribution  designated in subdivision bb of this section as payable by
  any general UAL and BSL responsible obligor or senior  college  UAL  and
  BSL  responsible  obligor  for  fiscal years occurring during the period
  beginning on July first, nineteen hundred  ninety-three  and  ending  on
  June  thirtieth,  two  thousand ten are hereby canceled and shall not be
  due and payable on or after such July first.
    (2) Subject to the provisions of paragraph four of  this  subdivision,
  the  actuary  of  NYCERS  and NYCTRS shall separately determine for each
  such retirement system:
    (i) a schedule of contribution installments, one of which  is  payable
  in  each  fiscal year included in the revised amortization period, which
  installments will amortize the portion of the balance  of  unfunded  UAL
  subject  to  consolidated  amortization of NYCERS or NYCTRS, as the case
  may be, which portion  is  non  attributable  to  the  senior  colleges,
  together with interest on such portion;
    (ii)  a schedule of contribution installments, one of which is payable
  in each fiscal year included in the revised amortization  period,  which
  installments  will  amortize  the portion of the balance of unfunded BSL
  subject to consolidated amortization of NYCERS or NYCTRS,  as  the  case
  may  be,  which  portion  is  not  attributable  to the senior colleges,
  together with interest on such portion;
    (iii) a schedule of contribution installments, one of which is payable
  in each fiscal year included in the revised amortization  period,  which
  installments  will  amortize  the portion of the balance of unfunded UAL
  subject to consolidated amortization of NYCERS or NYCTRS,  as  the  case
  may  be,  which portion is attributable to the senior colleges, together
  with interest on such portion; and
    (iv) a schedule of contribution installments, one of which is  payable
  in  each  fiscal year included in the revised amortization period, which
  installments will amortize the portion of the balance  of  unfunded  BSL
  subject  to  consolidated  amortization of NYCERS or NYCTRS, as the case
  may be, which portion is attributable to the senior  colleges,  together
  with interest on such portion.
    (3)  Subject  to the provisions of paragraph four of this subdivision,
  the actuary of BERS shall determine for such retirement system:

    (i) a schedule of contribution installments one of which is payable in
  each fiscal year included in  the  revised  amortization  period,  which
  installments  will  amortize the BERS balance of unfunded UAL subject to
  consolidated amortization, together with interest on such balance; and
    (ii)  a schedule of contribution installments, one of which is payable
  in each fiscal year included in the revised amortization  period,  which
  installments  will  amortize the BERS balance of unfunded BSL subject to
  consolidated amortization, together with interest on such balance.
    (4) (i) The actuary shall  determine  each  schedule  of  contribution
  installments referred to in paragraphs two and three of this subdivision
  so  that  each installment after the first shall equal one hundred three
  per centum of the next preceding installment.
    (ii) In determining each such schedule, the actuary  shall  employ  an
  interest  rate  of  nine  per  centum  per  annum,  compounded annually;
  provided that if a valuation rate of interest (as defined  in  paragraph
  eleven  of subdivision a of this section) other than nine per centum per
  annum is prescribed by law for NYCERS, NYCTRS or  BERS  for  any  fiscal
  year   included   in  the  revised  amortization  period,  the  schedule
  contribution installments which are required to be paid, for such fiscal
  year in which such changed valuation rate of interest is in  effect,  to
  the  retirement  system  to which such changed rate of interest applies,
  shall be redetermined by the actuary thereof on the basis of a  rate  of
  interest  equal  to  such  changed  rate,  compounded annually, so as to
  reflect  such  changed   rate   appropriately   in   such   redetermined
  installments.
    (5)  (i)  Subject  to  the  provisions  of  subparagraph  (ii) of this
  paragraph, and subject to the provisions of sections 13-130  and  13-132
  of  this  title  in the case of NYCERS, and subject to the provisions of
  section 13-529 thereof in  the  case  of  NYCTRS,  and  subject  to  the
  provisions   of   paragraph   (j)  of  subdivision  sixteen  of  section
  twenty-five hundred seventy-five of the education law  in  the  case  of
  BERS, in each fiscal year of the revised amortization period the general
  UAL  and  BSL  responsible  obligors  of each of NYCERS, NYCTRS and BERS
  shall pay into its contingent reserve fund their  respective  shares  of
  the  contribution  installments applicable to such retirement system for
  such  fiscal  year  under  the   schedules   established   pursuant   to
  subparagraphs  (i)  and  (ii)  of  paragraph two of this subdivision and
  paragraph three thereof.
    (ii) The provisions of law which apply  to  the  time  and  manner  of
  payment  and  payment financing of contribution installments required to
  be paid by general UAL and BSL responsible obligors for the fiscal years
  included in the period beginning on July first, nineteen hundred  ninety
  and   ending  on  June  thirtieth,  nineteen  hundred  ninety-three,  as
  designated in subdivision bb of this section, shall be deemed  to  apply
  to  the  time  and  manner  of  payment  and  payment  financing  of the
  contribution installments  referred  to  in  subparagraph  (i)  of  this
  paragraph.
    (6)  (i)  Subject  to  the  provisions  of  subparagraph  (ii) of this
  paragraph, for each fiscal year of the revised amortization period,  the
  senior  college  UAL  and BSL responsible obligors of each of NYCERS and
  NYCTRS shall contribute  to  such  retirement  system  their  respective
  shares  of  the  contribution installments applicable to such retirement
  system for such fiscal year under the schedules established pursuant  to
  subparagraphs (iii) and (iv) of paragraph two of this subdivision.
    (ii)  The  special provisions for funding and financing senior college
  UAL  and  BSL  amortization  (A)  shall  be  deemed  to  apply  to   the
  contribution  installments  referred  to  in  subparagraph  (i)  of this
  paragraph with respect to all matters to which such  special  provisions

  pertain,  as  described  in  subparagraphs  (i)  to  (v),  inclusive, of
  paragraph fifty-five of subdivision a of this section, and (B) shall  be
  deemed  to  include  such  installments  as  if  such  installments were
  mentioned in the appropriate terms of such provisions.
    (7)  Any  amount  required to be contributed to NYCERS, NYCTRS or BERS
  with respect to any fiscal year under the preceding paragraphs  of  this
  subdivision  shall  be  payable  with  interest  on  such  amount at the
  valuation  rate  of  interest  (as  defined  in  paragraph   eleven   of
  subdivision  a  of  this  section)  for  such retirement system for such
  fiscal year.
    (8) In determination of the normal contribution  payable  to  each  of
  NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
  the revised amortization period, the present value, as of June thirtieth
  next  preceding  such  fiscal  year,  of  all future installments of the
  contributions  payable  to  such  retirement  system  pursuant  to   the
  preceding  paragraphs of this subdivision be treated as an asset of such
  pension fund.
    (9)(i) As used in this paragraph, unless the context clearly indicates
  otherwise, the following terms shall have the following meanings:
    (A) "Authority". The New York city housing authority.
    (B) "Actuary". The chief actuary of NYCERS.
    (C) "Authority BSL". The  portion  of  the  balance  of  unfunded  BSL
  subject   to   consolidated   amortization   (as  defined  in  paragraph
  fifty-three of  subdivision  a  of  this  section),  which  portion,  as
  determined by the actuary, is attributable to the authority.
    (D)  "Amortization  of  authority  BSL".  The  schedule of payments of
  principal and interest, to be made in each of the fiscal  years  of  the
  applicable  amortization  period  as now or hereafter prescribed by law,
  which is required, as now or hereafter prescribed by law, to pay off and
  extinguish the authority BSL.
    (ii) Notwithstanding any other provision of law to the  contrary,  the
  city,  acting  by the mayor of the city or his delegee for such purpose,
  and the authority are authorized to enter into an agreement,  upon  such
  terms  and conditions as the city and the authority deem proper, whereby
  the city, for such amount and form of consideration (including  but  not
  limited to direct payment to or credit in favor of the city) as the city
  deems proper, assumes in whole or in part as such parties may agree, the
  obligation  which  the authority would otherwise have pursuant to law to
  pay the amortization of authority BSL.
    (iii) Immediately following the execution  and  delivery  of  such  an
  agreement,  which  contains  due  and  appropriate  attestation that its
  execution has been duly authorized by the city and the authority, a copy
  of such agreement, duly certified as a correct copy by  the  city  clerk
  and  the secretary of the authority, shall be filed by the city with the
  executive director of NYCERS and the city comptroller.
    (iv) Immediately after the authority has  provided  to  the  city  the
  consideration  which such agreement requires the authority to furnish to
  the city for the assumption by the city of such obligation  in  relation
  to  payment  of  amortization of authority BSL, the city shall file with
  the executive director of NYCERS and the city comptroller,  a  statement
  executed  by  the officer of the city who executed such agreement in its
  behalf, certifying that such consideration has been received by the city
  from the authority in compliance with the terms of such agreement.
    (v) Upon the completion of such filings as required  by  subparagraphs
  (iii)  and  (iv)  of  this  paragraph,  (A) the authority, to the extent
  provided for in such agreement, shall be released  and  discharged  from
  the  obligation  which  it  would  otherwise  have  pursuant to law with
  respect to payment of amortization of authority BSL and (B) the city, to

  the extent provided for in such agreement, shall  be  obligated  to  pay
  such amortization to NYCERS and shall be deemed to be substituted in the
  place  of  the  authority,  to  such  extent, as the responsible obligor
  required by law to pay such amortization.
    (10) Notwithstanding any provision of the preceding paragraphs of this
  subdivision  or  any  other  law to the contrary, the provisions of such
  preceding paragraphs shall be superseded in the manner prescribed by the
  provisions  of  subdivision  jj  of  this  section   with   respect   to
  contributions  on  account  of  UAL and BSL payable for each fiscal year
  included in the fifteen-year amortization period.
    ii. (1) All installments of contribution prescribed by any  retirement
  incentive  act  as payable, for any fiscal year of the city beginning on
  or after July first, nineteen hundred ninety-three, to  fund  additional
  benefits  under  such act payable to beneficiaries of NYCERS, NYCTRS and
  BERS and all installments of contributions prescribed by subdivision  gg
  of this section as payable, for any fiscal year of the city beginning on
  or  after  such July first, to fund the additional accrued employer cost
  referred to in such subdivision are hereby canceled and shall not be due
  and payable on or after such July first.
    (2) Subject to the provisions of paragraph three of this  subdivision,
  the  actuary  of  NYCERS, NYCTRS and BERS shall separately determine for
  each such retirement system a schedule of contribution installments, one
  of which is  payable  in  each  fiscal  year  included  in  the  revised
  amortization period, which installments will amortize the NYCERS balance
  of  retirement  incentive and part-time employee UAL, the NYCTRS balance
  of retirement incentive UAL and the BERS balance of retirement incentive
  and part-time employee UAL, together with interest on such balances.
    (3) (i) The actuary shall  determine  each  schedule  of  contribution
  installments  referred  to  in paragraph two of this subdivision so that
  each installment after the first  shall  equal  one  hundred  three  per
  centum of the next preceding installment.
    (ii)  In  determining  each such schedule, the actuary shall employ an
  interest rate  of  nine  per  centum  per  annum,  compounded  annually;
  provided  that  if a valuation rate of interest (as defined in paragraph
  eleven of subdivision a of this section) other than nine per centum  per
  annum  is  prescribed  by  law for NYCERS, NYCTRS or BERS for any fiscal
  year  included  in  the  revised  amortization  period,   the   schedule
  contribution installments which are required to be paid, for such fiscal
  year  in  which such changed valuation rate of interest is in effect, to
  the retirement system to which such changed rate  of  interest  applies,
  shall  be  redetermined by the actuary thereof on the basis of a rate of
  interest equal to such changed  rate,  compounded  annually,  so  as  to
  reflect   such   changed   rate   appropriately   in  such  redetermined
  installments.
    (4) (i) Subject  to  the  provisions  of  subparagraph  (ii)  of  this
  paragraph,  and subject to the provisions of sections 13-130, 13-131 and
  13-132 of this  title  in  the  case  of  NYCERS,  and  subject  to  the
  provisions  of  section 13-528 and 13-529 thereof in the case of NYCTRS,
  and subject to the provisions of paragraph (j) of subdivision sixteen of
  section twenty-five hundred seventy-five of the  education  law  in  the
  case of BERS, in each fiscal year of the revised amortization period the
  respective  retirement  incentive  responsible  obligors  and  part-time
  employee responsible obligors of  each  of  NYCERS  and  BERS,  and  the
  retirement  incentive responsible obligors, in the case of NYCTRS, shall
  pay into the contingent reserve fund of  such  retirement  system  their
  respective  shares  of  the contribution installments applicable to such
  retirement system for such fiscal year under the  schedules  established

  pursuant  to  paragraph  two  of  this  subdivision  and paragraph three
  thereof.
    (ii)  The  provisions  of  law  which  apply to the time and manner of
  payment and payment financing of contribution installments  required  to
  be  paid,  prior  to  July first, nineteen hundred ninety-three, by such
  responsible obligors under the applicable retirement incentive acts  and
  subdivision  gg of this section shall be deemed to apply to the time and
  manner of payment and payment financing of the contribution installments
  referred to in subparagraph (i) of this paragraph.
    (5) Any amount required to be contributed to NYCERS,  NYCTRS  or  BERS
  with  respect  to any fiscal year under the preceding paragraphs of this
  subdivision shall be  payable  with  interest  on  such  amount  at  the
  valuation   rate   of  interest  (as  defined  in  paragraph  eleven  of
  subdivision a of this section)  for  such  retirement  system  for  such
  fiscal year.
    (6)  In  determining  of  the  normal  contribution payable to each of
  NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
  the revised amortization period, the present value, as of June thirtieth
  next preceding such fiscal year,  of  all  future  installments  of  the
  contributions   payable  to  such  retirement  system  pursuant  to  the
  preceding paragraphs of this subdivision be treated as an asset of  such
  pension fund.
    (7)  No  provision of this subdivision shall be construed as amending,
  modifying, superseding or repealing:
    (i) the amendment to section ten of chapter four  hundred  ninety-four
  of the laws of nineteen hundred ninety-two made by chapter eight hundred
  thirty-seven of the laws of nineteen hundred ninety-two; or
    (ii)  any contract, agreement, commitment or understanding between the
  city and any other governmental entity whereby such other entity  agreed
  to  pay or assume all or a part of the cost of contributions required by
  any retirement incentive act to fund additional benefits thereunder.
    (8) Notwithstanding any provision of the preceding paragraphs of  this
  subdivision  or  any  other  law  to  the  contrary,  the  provisions of
  paragraphs  one  to  six,  inclusive,  of  this  subdivision  shall   be
  superseded  in the manner prescribed by the provisions of subdivision jj
  of this section with respect to contributions on account of UAL  payable
  for each fiscal year included in the fifteen-year amortization period.
    jj.  (1)  All  NYCERS,  NYCTRS  and  BERS installments of contribution
  designated in paragraphs two, three, four, five and six  of  subdivision
  hh  of  this  section  as  payable  in  any  fiscal year succeeding June
  thirtieth, nineteen hundred ninety-five  by  any  general  UAL  and  BSL
  responsible  obligor  or  senior college UAL and BSL responsible obligor
  and all installments of contribution designated in paragraphs two, three
  and four of subdivision ii of this section as payable by any  retirement
  incentive  responsible  obligor  of  NYCERS, NYCTRS or BERS or part-time
  employee responsible obligor of NYCERS or BERS are hereby  canceled  and
  shall not be due and payable on or after such July first.
    (2)  Subject  to the provisions of paragraph four of this subdivision,
  the actuary of NYCERS and NYCTRS shall  separately  determine  for  each
  such retirement system:
    (i)  a  schedule of contribution installments, one of which is payable
  in each fiscal year included in the  fifteen-year  amortization  period,
  which  installments  will amortize the portion of the NYCERS 1995 UAL or
  NYCTRS 1995 UAL, as the case may be, which portion is  not  attributable
  to the senior colleges, together with interest on such portion;
    (ii)  a schedule of contribution installments, one of which is payable
  in each fiscal year included in the  fifteen-year  amortization  period,
  which  installments will amortize the portion of the NYCERS 1995 balance

  of BSL or NYCTRS 1995 balance of BSL, as the case may be, which  portion
  is  not  attributable  to the senior colleges, together with interest on
  such portion;
    (iii) a schedule of contribution installments, one of which is payable
  in  each  fiscal  year included in the fifteen-year amortization period,
  which installments will amortize the portion of the NYCERS 1995  UAL  or
  NYCTRS  1995  UAL,  as the case may be, which portion is attributable to
  the senior colleges, together with interest on such portion; and
    (iv) a schedule of contribution installments, one of which is  payable
  in  each  fiscal  year included in the fifteen-year amortization period,
  which installments will amortize the portion of the NYCERS 1995  balance
  of  BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion
  is attributable to the senior colleges, together with interest  on  such
  portion.
    (3)  Subject  to the provisions of paragraph four of this subdivision,
  the actuary of BERS shall determine for such retirement system:
    (i) a schedule of contribution installments, one of which  is  payable
  in  each  fiscal  year included in the fifteen-year amortization period,
  which installments will  amortize  the  BERS  1995  UAL,  together  with
  interest on such UAL; and
    (ii)  a schedule of contribution installments, one of which is payable
  in each fiscal year included in the  fifteen-year  amortization  period,
  which  installments will amortize the BERS 1995 balance of BSL, together
  with interest on such balance.
    (4) (i) The actuary shall  determine  each  schedule  of  contribution
  installments referred to in paragraphs two and three of this subdivision
  so  that  each installment after the first shall equal one hundred three
  per centum of the next preceding installment.
    (ii) In determining each such schedule, the actuary  shall  employ  an
  interest  rate  of  eight  and  three-quarters  per  centum  per  annum,
  compounded annually; provided that if a valuation rate of  interest  (as
  defined in paragraph eleven of subdivision a of this section) other than
  eight  and  three-quarters per centum per annum is prescribed by law for
  NYCERS, NYCTRS or BERS for any fiscal year included in the  fifteen-year
  amortization  period,  the  schedule contribution installments which are
  required to be  paid,  for  such  fiscal  year  in  which  such  changed
  valuation  rate  of  interest  is in effect, to the retirement system to
  which such changed rate of interest applies, shall  be  redetermined  by
  the  actuary  thereof  on  the basis of a rate of interest equal to such
  changed rate, compounded annually, so as to reflect  such  changed  rate
  appropriately in such redetermined installments.
    (5)  (i)  Subject  to  the  provisions  of  subparagraph  (ii) of this
  paragraph, and subject to the provisions of sections 13-130  and  13-132
  of  this  title  in the case of NYCERS, and subject to the provisions of
  section 13-529 thereof in  the  case  of  NYCTRS,  and  subject  to  the
  provisions   of   paragraph   (j)  of  subdivision  sixteen  of  section
  twenty-five hundred seventy-five of the education law  in  the  case  of
  BERS,  in  each fiscal year of the fifteen-year amortization period, the
  general UAL and BSL responsible obligors of each of NYCERS,  NYCTRS  and
  BERS  shall pay into its contingent reserve fund their respective shares
  of the contribution installments applicable to  such  retirement  system
  for  such  fiscal  year  under  the  schedules  established  pursuant to
  subparagraphs (i) and (ii) of paragraph  two  of  this  subdivision  and
  paragraph three thereof.
    (ii)  The  provisions  of  law  which  apply to the time and manner of
  payment of contribution installments required to be paid by general  UAL
  and BSL responsible obligors for the fiscal years included in the period
  beginning  on  July  first,  nineteen  hundred ninety and ending on June

  thirtieth, nineteen hundred ninety-three, as designated  in  subdivision
  cc  of  this section, shall be deemed to apply to the time and manner of
  payment of the contribution installments referred to in subparagraph (i)
  of this paragraph.
    (6)  (i)  Subject  to  the  provisions  of  subparagraph  (ii) of this
  paragraph, in each fiscal year of the fifteen-year amortization  period,
  the  senior  college  UAL and BSL responsible obligors of each of NYCERS
  and NYCTRS shall contribute to such retirement system  their  respective
  shares  of  the  contribution installments applicable to such retirement
  system for such fiscal year under the schedules established pursuant  to
  subparagraphs (iii) and (iv) of paragraph two of this subdivision.
    (ii)  The  special provisions for funding and financing senior college
  UAL  and  BSL  amortization  (A)  shall  be  deemed  to  apply  to   the
  contribution  installments  referred  to  in  subparagraph  (i)  of this
  paragraph with respect to all matters to which such  special  provisions
  pertain,  as  described  in  subparagraphs  (i)  to  (v),  inclusive, of
  paragraph fifty-five of subdivision a of this section, and (B) shall  be
  deemed  to  include  such  installments  as  if  such  installments were
  mentioned in the appropriate terms of such provisions.
    (7) Any amount required to be contributed to NYCERS,  NYCTRS  or  BERS
  with  respect  to any fiscal year under the preceding paragraphs of this
  subdivision shall be  payable  with  interest  on  such  amount  at  the
  valuation   rate   of  interest  (as  defined  in  paragraph  eleven  of
  subdivision a of this section)  for  such  retirement  system  for  such
  fiscal year.
    (8)  In  determination  of  the normal contribution payable to each of
  NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
  the fifteen-year amortization period, the  present  value,  as  of  June
  thirtieth next preceding such fiscal year, of all future installments of
  the  contributions  payable  to  such  retirement system pursuant to the
  preceding paragraphs of this subdivision shall be treated as an asset of
  the retirement system.
    (9) (i) No provisions  of  this  subdivision  shall  be  construed  as
  amending, modifying, superseding or repealing:
    (A)  the  amendment to section ten of chapter four hundred ninety-four
  of the laws of nineteen hundred ninety-two made by chapter eight hundred
  thirty-seven of the laws of nineteen hundred ninety-two; or
    (B) any contract, agreement, commitment or understanding  between  the
  city  and any other governmental entity whereby such other entity agreed
  to pay or assume all or a part of the cost of contributions required  by
  any retirement incentive act to fund additional benefits thereunder.
    (ii)  Any contribution required to be made by this subdivision, to the
  extent that such contribution amortizes any liability  of  a  retirement
  system  for  additional benefits under a retirement incentive act, shall
  be deemed to be a cost of contributions required by  such  act  to  fund
  such additional benefits.
    (10) Notwithstanding any provision of the preceding paragraphs of this
  subdivision  or  any  other  law to the contrary, the provisions of such
  preceding paragraphs shall be superseded in the manner prescribed by the
  provisions  of  subdivision  kk  of  this  section   with   respect   to
  contributions  on  account  of  UAL and BSL payable for each fiscal year
  included in the eleven-year amortization period.
    kk. (1) All NYCERS,  NYCTRS  and  BERS  installments  of  contribution
  designated  in  paragraphs two, three, four, five and six of subdivision
  jj of this section  as  payable  in  any  fiscal  year  succeeding  June
  thirtieth,  nineteen  hundred  ninety-nine  by  any  general UAL and BSL
  responsible obligor or senior college UAL and  BSL  responsible  obligor
  and  all  other installments of contribution resulting from any unfunded

  accrued liability established on  or  before  June  thirtieth,  nineteen
  hundred ninety-nine which are payable in any fiscal year succeeding such
  June  thirtieth  by an such obligor of NYCERS, NYCTRS or BERS are hereby
  canceled and shall not be due and payable on or after such July first.
    (2)  Subject to the provisions of paragraph three of this subdivision,
  the actuary of NYCERS, NYCTRS and BERS shall  separately  determine  for
  each such retirement system a schedule of contribution installments, one
  of  which  is  payable  in  each fiscal year included in the eleven-year
  amortization period, which installments will amortize  the  NYCERS  1999
  UAL, NYCTRS 1999 UAL or BERS 1999 UAL, as the case may be, together with
  interest on such amounts.
    (3)(i)  The  actuary  shall  determine  each  schedule of contribution
  installments referred to in paragraph two of this  subdivision  so  that
  each  installment  after  the  first  shall  equal one hundred three per
  centum of the next preceding installment.
    (ii) In determining each such schedule, the actuary  shall  employ  an
  interest  rate  of  eight  per  centum  per  annum, compounded annually;
  provided that if a valuation rate of interest (as defined  in  paragraph
  eleven of subdivision a of this section) other than eight per centum per
  annum  is  prescribed  by  law for NYCERS, NYCTRS or BERS for any fiscal
  year included in  the  eleven-year  amortization  period,  the  schedule
  contribution installments which are required to be paid, for such fiscal
  year  in  which such changed valuation rate of interest is in effect, to
  the retirement system to which such changed rate  of  interest  applies,
  shall  be  redetermined by the actuary thereof on the basis of a rate of
  interest equal to such changed  rate,  compounded  annually,  so  as  to
  reflect   such   changed   rate   appropriately   in  such  redetermined
  installments.
    (4)(i)  Subject  to  the  provisions  of  subparagraph  (ii)  of  this
  paragraph,  and  subject to the provisions of sections 13-130 and 13-132
  of this title in the case of NYCERS, and subject to  the  provisions  of
  section  13-529  thereof  in  the  case  of  NYCTRS,  and subject to the
  provisions  of  paragraph  (j)  of  subdivision   sixteen   of   section
  twenty-five  hundred  seventy-five  of  the education law in the case of
  BERS, in each fiscal year of the eleven-year  amortization  period,  the
  responsible  obligors  of each of NYCERS, NYCTRS and BERS shall pay into
  its contingent reserve fund their respective shares of the  contribution
  installments  applicable  to such retirement system for such fiscal year
  under the schedules  established  pursuant  to  paragraph  two  of  this
  subdivision.
    (ii)  The  applicable provisions of subdivision c of section 13-133 of
  this title and subdivision (c) of section 13-533 thereof  and  paragraph
  (j)  of  subdivision sixteen of section twenty-five hundred seventy-five
  of the education law shall govern the time and manner of payment, within
  each fiscal year, of contributions payable with respect to  such  fiscal
  year  to  NYCERS,  NYCTRS  or  BERS pursuant to subparagraph (i) of this
  paragraph. Nothing contained in this subdivision shall be  construed  as
  amending,  modifying  or  changing  such provisions of this title or the
  provisions of any other law relating to the time of  payment,  within  a
  fiscal  year,  of  contributions payable to such retirement systems with
  respect to such fiscal year.
    (5) Any amount required to be contributed to NYCERS,  NYCTRS  or  BERS
  with  respect  to any fiscal year under the preceding paragraphs of this
  subdivision shall be  payable  with  interest  on  such  amount  at  the
  valuation   rate   of  interest  (as  defined  in  paragraph  eleven  of
  subdivision a of this section)  for  such  retirement  system  for  such
  fiscal year.