Section 13-638.3. Funding of consolidated unfunded accrued liabilities and remainder of balance sheet liability of the police pension fund, subchapter two; amortization of such liabilities and certain liabilities for transfers to variable supplements funds pursuant to the level percentage of payroll method in certain fiscal years

a.  The  following  words  and  phrases,  as  used in this section, shall have the following
  meanings, unless a different meaning is plainly required by the context:
    (1) "PPF". The police pension fund, subchapter two.
    (2) "Fiscal year". A fiscal year of the city as defined in section two
  hundred twenty-six of the New York city charter.
    (3) "UAL". Unfunded accrued liability.
    (4) "BSL". Balance sheet liability.
    (5) "Phase-in period". The period beginning on  July  first,  nineteen
  hundred   ninety   and   ending  on  June  thirtieth,  nineteen  hundred
  ninety-five.
    (6) "Regular installment period". The period beginning on July  first,
  nineteen  hundred ninety-five and ending on June thirtieth, two thousand
  ten.
    (7) "Charge". An amount which is required to be  paid  to  PPF  as  an
  employer contribution.
    (8)  "Credit".  An amount which is required to be applied in reduction
  of employer contributions otherwise payable to PPF.
    (9) "Individual UAL amortization  in  effect  as  of  June  thirtieth,
  nineteen  hundred ninety". Any of the following, as applicable to PPF as
  of June thirtieth, nineteen hundred ninety: 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-eight unfunded accrued
  liability  adjustment,  all  installments  of  amortization of bond sale
  gains and  losses  and  all  installments  of  funding  of  supplemental
  retirement allowances.
    (10)  "Recomputed annual installment of individual UAL amortization in
  effect  as  of  June  thirtieth,  nineteen  hundred  ninety".   (i)   An
  installment   amount   computed   in   accordance  with  the  succeeding
  subparagraphs of this paragraph in relation to each PPF  individual  UAL
  amortization in effect as of June thirtieth, nineteen hundred ninety (as
  defined in paragraph nine of this subdivision) for such pension fund.
    (ii)  The  actuary  of  PPF  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 PPF individual UAL amortization  in  effect  as  of
  June  thirtieth,  nineteen  hundred  ninety,  which installments, in the
  absence of the enactment of 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 PPF 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 PPF  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 eight and one-half per centum interest per
  annum, of the present value determined  pursuant  to  such  subparagraph
  (ii).

    (iv) With respect to each PPF individual UAL amortization in effect as
  of  June  thirtieth,  nineteen  hundred  ninety,  the  recomputed annual
  installment  of  individual  UAL  amortization  in  effect  as  of  June
  thirtieth, nineteen hundred ninety shall be one equal annual installment
  determined  with respect to such individual UAL amortization pursuant to
  subparagraph (iii) of this paragraph.
    (11) "Single-year  aggregate  of  recomputed  annual  installments  of
  individual  UAL  amortizations  in effect as of June thirtieth, nineteen
  hundred ninety". Such aggregate shall be the total amount  obtained,  in
  relation  to  any  fiscal  year occurring during the phase-in period (as
  defined in paragraph five 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
  ten  of  this  subdivision),  as applicable to such fiscal year. For the
  purpose  of  such  addition,  any  such  recomputed  installments  which
  constitute a credit shall be treated as a negative quantity.
    (12)  "Nineteen hundred ninety BSL contribution". The nineteen hundred
  ninety BSL contribution determined pursuant to  subdivision  g  of  this
  section.
    (13)  "Nineteen  hundred ninety UAL credit". (i) An amount which shall
  be determined for PPF 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 PPF in the
  nineteen hundred ninety--nineteen hundred ninety-one fiscal year and  an
  interest rate of eight and one-half per centum per annum, there shall be
  determined, as of June thirtieth, nineteen hundred ninety, the amount of
  the  unfunded  accrued  liability of PPF, computed pursuant to the entry
  age normal cost method of ascertaining such unfunded accrued liability.
    (iii) There shall be determined  with  respect  to  PPF,  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 nine of this subdivision), which
  installments, in the absence of the enactment of  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,
  which  installments,  in  the  absence of the enactment of the act which
  added this paragraph, would have remained due and unpaid with respect to
  fiscal years succeeding such June thirtieth.
    (iv) Such amount of unfunded accrued liability determined pursuant  to
  subparagraph  (ii) of this paragraph shall be subtracted from such total
  amount of present  values  determined  pursuant  to  subparagraph  (iii)
  thereof.  The  resulting  remainder shall be the nineteen hundred ninety
  UAL credit applicable to PPF.
    (14) "Annual installment of the nineteen hundred ninety  UAL  credit".
  Any  of  twenty equal annual installments of credit with respect to PPF,
  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
  eight  and one-half per centum per annum, of the nineteen hundred ninety
  UAL credit (as defined in paragraph thirteen of this subdivision).
    (15) "Phase-in installment of nineteen hundred ninety consolidated UAL
  contribution". (i) With respect to  any  fiscal  year  included  in  the

  phase-in period (as defined in paragraph five of this subdivision), such
  phase-in  installment  shall consist of an installment amount determined
  in relation to PPF in  the  manner  hereinafter  provided  for  in  this
  subparagraph.
    (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  eleven  of  this  subdivision),  as
  applicable for such fiscal year,  and  one  computation  installment  of
  nineteen  hundred  ninety  BSL (as defined in paragraph nineteen 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  fourteen  of  this  subdivision)  and  (B)  the amount of one
  installment of nineteen hundred ninety BSL contribution (as  defined  in
  paragraph twelve of this subdivision).
    (iv)  The  remainder  resulting  from  the  subtraction  prescribed by
  subparagraph (III) of this paragraph shall be the  phase-in  installment
  of nineteen hundred ninety consolidated UAL contribution for such fiscal
  year.
    (16)  "Unfunded  accrued  liability  as  of  June  thirtieth, nineteen
  hundred ninety". The unfunded accrued liability  of  PPF  as  determined
  pursuant to subparagraph (ii) of paragraph thirteen of this subdivision.
    (17)  "Nineteen  hundred  ninety  balance  sheet liability". The total
  present value, determined as of June thirtieth, nineteen hundred  ninety
  on  the  basis  of an interest rate of eight and one-half per centum per
  annum, of all installments of nineteen hundred ninety  BSL  contribution
  (as  defined  in  paragraph  twelve  of this subdivision) payable to PPF
  pursuant to the provisions of subdivision g of this section.
    (18) "Prior BSL contribution". The BSL contribution of PPF  determined
  pursuant  to  paragraph  four of subdivision b of section 13-228 of this
  title, as such contribution was in effect on  June  thirtieth,  nineteen
  hundred ninety.
    (19) "Computation installment of nineteen hundred ninety BSL". (i) Any
  installment amount determined as hereinafter provided in this paragraph.
    (ii)  The  actuary of PPF shall determine with respect to such pension
  fund, 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 eighteen of this subdivision) of
  such pension fund, which installments, in the absence of  the  enactment
  of  the  act  which  added this subdivision, would have remained due and
  unpaid to such pension fund as of such June thirtieth.
    (iii) The actuary shall determine an amount  which,  if  paid  to  the
  contingent  reserve fund of such pension fund 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 eight and  one-half  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  pension
  fund shall be a computation installment of nineteen hundred ninety BSL.
    (20)  "Regular installment of nineteen hundred ninety consolidated UAL
  contribution". Any installment payable pursuant to subdivision d of this
  section.
    (21) "Nineteen hundred  ninety  consolidated  UAL  contribution".  The
  nineteen hundred ninety consolidated UAL contribution for which phase-in
  installments  are  determined  pursuant  to  paragraph  fifteen  of this

  subdivision and for which regular installments are  determined  pursuant
  to subdivision d of this section.
    (22)  "Installment  of  nineteen hundred ninety BSL contribution". Any
  installment payable pursuant to subdivision g of this section.
    (23) "UAL subject to consolidated amortization".  The  amount  of  the
  unfunded  accrued  liability of PPF which, prior to July first, nineteen
  hundred ninety-three, was required  to  be  amortized  by  phase-in  and
  regular  consolidated  UAL  contributions designated in subdivision i of
  this section.
    (24) "BSL subject to consolidated amortization".  The  amount  of  the
  balance  sheet  liability  of  PPF  which, prior to July first, nineteen
  hundred ninety-three, was required to be amortized by phase-in and other
  BSL contributions designated in subdivision i of this section.
    (25) "Balance of unfunded UAL subject to  consolidated  amortization".
  An  amount,  determined  by  the  actuary  of PPF, which is equal to the
  present value (based on an interest  rate  of  eight  and  one-half  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 h and i of this section) of
  the PPF UAL subject to consolidated amortization.
    (26) "Balance of unfunded BSL subject to  consolidated  amortization".
  An  amount,  determined  by  the  actuary  of PPF, which is equal to the
  present value (based on an interest  rate  of  eight  and  one-half  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 h and i of this section) of
  the PPF BSL subject to consolidated amortization.
    (27) "Revised amortization  period".  The  period  beginning  on  July
  first,  nineteen  hundred ninety-three and ending on June thirtieth, two
  thousand ten.
    (28) "PPF 1995 UAL". The unfunded accrued liability of PPF as of  June
  thirtieth,  nineteen  hundred  ninety-five  for  benefits payable by PPF
  (excluding the PPF 1995 balance of BSL, as defined in  paragraph  thirty
  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 one-half  per  centum  per
  annum and the actuarial tables applicable for the purpose of determining
  the    normal   contribution   to   PPF   for   the   nineteen   hundred
  ninety-five--nineteen hundred ninety-six fiscal year.
    (29) "PPF 1995 accrued liability on account of required  transfers  to
  variable  supplements  funds".  The  actuarial  present value as of June
  thirtieth, nineteen hundred ninety-five, as estimated by the actuary, of
  the accrued liability of the pension fund on account of  payments  which
  the  pension  fund  may  be  required  to make for base fiscal years (as
  defined by the applicable provisions of paragraph one of  subdivision  b
  of  section 13-232.1 of this title and paragraph one of subdivision b of
  section 13-232.3 of this  title)  beginning  on  or  after  July  first,
  nineteen   hundred   ninety-four   to   the  police  officer's  variable
  supplements fund, pursuant to subdivisions d, e and f  of  such  section
  13-232.1  and to the police superior officers' variable supplements fund
  pursuant to subdivisions d, e and f of such section 13-232.3.
    (30) "PPF 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 one-half 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 PPF
  for  fiscal  years  beginning  on  or after July first, nineteen hundred
  ninety-five  pursuant  to  subparagraph  (ii)  of   paragraph   two   of

  subdivision  n  of  this  section  and paragraphs three and four of such
  subdivision.
    (31)  "Fifteen-year amortization period". The period beginning on July
  first, nineteen hundred ninety-five and ending on  June  thirtieth,  two
  thousand ten.
    (32)  "PPF 1999 UAL". The unfunded accrued liability of PPF 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 13-228 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 PPF 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 PPF 1999 UAL shall be zero.
    (33) "Eleven-year amortization period". The period beginning  on  July
  first,  nineteen  hundred  ninety-nine and ending on June thirtieth, two
  thousand ten.
    b. Notwithstanding any other provision of law to the contrary, all PPF
  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  and
  the  nineteen hundred eighty-eight unfunded accrued liability adjustment
  and all PPF installments of amortization of bond sale gains  and  losses
  and   all   PPF  installments  of  funding  of  supplemental  retirement
  allowances, which installments, in the absence of the enactment  of  the
  act which added this section, would otherwise be due from and payable by
  the  city  to  PPF  (or  be  creditable to the city) with respect to any
  fiscal year or period beginning on or after July first, nineteen hundred
  ninety are hereby cancelled as of such July first and shall not  be  due
  and payable (or creditable) on or after such July first.
    c.  The  actuary  of  PPF shall determine the amount of the difference
  obtained  by  subtracting  (1)  the  outstanding  balance,  as  of  June
  thirtieth,  nineteen hundred ninety-five, of the nineteen hundred ninety
  balance  sheet  liability  (as  defined  in   paragraph   seventeen   of
  subdivision  a  of  this  section)  of  such  pension  fund from (2) the
  outstanding balance, as of such June thirtieth, of the unfunded  accrued
  liability  as  of June thirtieth, nineteen hundred ninety (as defined in
  paragraph sixteen of such subdivision) of such pension fund.
    d. (1) The actuary of PPF shall determine an amount which,  when  paid
  into  the  contingent  reserve  fund  of  PPF  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  eight  and  one-half
  per  centum  interest  per annum, of the amount of difference determined
  pursuant to subdivision c of this section.
    (2) Such amount determined in relation to such installments  shall  be
  payable in regular installments as provided for in subdivision i of this
  section.
    e.  Notwithstanding  any  other  provision  of law to the contrary, no
  installments of prior BSL contribution (as defined in paragraph eighteen
  of subdivision a of this section) shall be due from or  payable  by  the
  city  to PPF with respect to any fiscal year of the city beginning on or
  after July first, nineteen hundred ninety.
    f. The actuary of PPF shall determine with  respect  to  such  pension
  fund,  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 eighteen of subdivision a of  this
  section) of such pension fund, which installments, in the absence of the
  enactment  of  the act which added this subdivision, would have remained
  due and unpaid to such pension fund as of such June thirtieth.
    g. (1) The actuary of PPF shall determine an amount which,  when  paid
  to  the  contingent  reserve  fund  of such pension fund 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  eight  and
  one-half  per centum per annum, of the present value determined pursuant
  to subdivision f of this section.
    (2) Such amount determined in relation  to  such  installments,  which
  amount shall be payable in installments as provided for in subdivision i
  of  this  section,  shall  constitute  the  nineteen  hundred ninety BSL
  contribution.
    h. (1) Subject to the provisions of paragraph two of this subdivision,
  in each fiscal year included in the  period  beginning  on  July  first,
  nineteen  hundred ninety and ending on June thirtieth, two thousand ten,
  the city shall pay into the contingent reserve fund of PPF:
    (i) the installment amount allocated to such fiscal year  for  payment
  on  account of nineteen hundred ninety consolidated UAL contribution (as
  defined in paragraph twenty-one of subdivision a of this section); and
    (ii) the installment amount allocated to such fiscal year for  payment
  on  account  of the nineteen hundred ninety BSL contribution (as defined
  in paragraph twelve of such subdivision).
    (2) Each installment amount payable as provided for in  paragraph  one
  of  this  subdivision  shall  be in the applicable sum prescribed in the
  schedule of twenty-year amortization set forth in subdivision i of  this
  section.
    (3)  Notwithstanding any provision of the preceding paragraphs of this
  subdivision or  any  other  law  to  the  contrary,  the  provisions  of
  subdivisions  c  through g, inclusive, of this section, and the affected
  portions of subdivision i thereof, and the preceding paragraphs of  this
  subdivision  shall be superseded in the manner prescribed by subdivision
  n of this section with respect to contributions on account  of  UAL  and
  BSL  payable  for  each fiscal year included in the revised amortization
  period.
    i. Subject to the provisions  of  subdivisions  k  and  l  of  section
  13-638.2  of  this  subchapter, installments of the contributions to PPF
  provided for by subdivisions b to h, inclusive, of this section shall be
  paid by  the  city  in  accordance  with  the  schedule  of  twenty-year
  amortization set forth below in this subdivision.
 
   SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF PPF 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
 
           Fiscal year or years in      Amount payable in each
           which annual amortiza-       fiscal year
           tion payments are required
           to be made

  Col. A   Each fiscal year (2) in      The sum obtained by adding
           the phase-in period (5)      together (a) the phase-in
                                        installment of nineteen
                                        hundred ninety consolidated
                                        UAL contribution (15)
                                        applicable to such fiscal
                                        year and (b) the installment
                                        of nineteen hundred ninety
                                        BSL contribution (22) appli-
                                        cable to such fiscal year.
 
  Col. B   Each fiscal year (2) in      The sum obtained by adding
           the regular installment      together (a) the regular
           period (6)                   installment of nineteen
                                        hundred ninety consolidated
                                        UAL contribution (20) appli-
                                        cable to such fiscal year
                                        and (b) the installment of
                                        nineteen hundred ninety BSL
                                        contribution (22) applicable
                                        to such fiscal year.
 
    j.  The  provisions  of  subdivision c of section 13-231 of this title
  shall govern the time and manner of payment, within each fiscal year, of
  contributions payable with respect to such fiscal year to  PPF  pursuant
  to  the  provisions  of subdivisions b to i, 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 pension fund with respect to  such  fiscal
  year.
    k. For the purpose of determining the amount of any installment of the
  contributions  payable to PPF pursuant to the provisions of subdivisions
  b to i, inclusive, of this section, the actuary of such pension fund 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.
    l.  Any  amount  required to be contributed to PPF with respect to any
  fiscal year under the provisions of subdivisions b to i,  inclusive,  of
  this  section  shall  be  payable  with  interest  on such amount at the
  valuation  rate  of  interest  (as  defined  in  paragraph   eleven   of
  subdivision  a  of section 13-638.2 of this subchapter) for such pension
  fund for such fiscal year.
    m. In determination of the normal contribution  payable  to  PPF  with
  respect  to  each  fiscal  year 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  pay-
  able to such pension fund pursuant to subdivisions b to i, inclusive, of
  this section shall be treated as an asset of such pension fund.
    n.  (1)  All  installments  of  UAL and BSL contribution designated in
  subdivision i of this section as payable by the city  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 three of this subdivision,
  the actuary of PPF shall determine for such pension fund:

    (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 PPF 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  PPF  balance  of unfunded BSL subject
  consolidated amortization, together with interest on such balance.
    (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 and one-half per  centum  per  annum,  compounded
  annually;  provided  that if a valuation rate of interest (as defined in
  paragraph  eleven  of  subdivision  a  of  section  13-638.2   of   this
  subchapter)  other  than  eight  and  one-half  per  centum per annum is
  prescribed by law for PPF 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 PPF 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)  Any  amount required to be contributed to PPF with respect to any
  fiscal year under the provisions 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 section 13-638.2 of this
  subchapter) for such pension fund for such fiscal year.
    (5) In the determination of the normal  contribution  payable  to  PPF
  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 pension fund pursuant to this  subdivision
  shall be treated as an asset of such pension fund.
    (6)  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
  subdivision o 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.
    o.  (1) (i) All installments of UAL and BSL contribution designated in
  subdivision n of this section as payable by the city  for  fiscal  years
  occurring  during  the  period beginning on July first, nineteen hundred
  ninety-five and ending on June thirtieth, two thousand  ten  are  hereby
  canceled and shall not be due and payable on or after such July first.
    (ii)  All  installments of contribution prescribed by paragraph six of
  subdivision b of section 13-228 of this title as payable, for any fiscal
  year beginning on or after July first, nineteen hundred ninety-five,  to
  fund  the benefits referred to in such paragraph are hereby canceled and
  shall not be due and payable on and after such July first.
    (2) Subject to the provisions of paragraph three of this  subdivision,
  the actuary of PPF shall determine for such pension fund:
    (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  PPF  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  PPF  1995  accrued  liability  on
  account  of  required  transfers to variable supplements funds, together
  with interest on such liability; and
    (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 PPF 1995 balance of  BSL,  together
  with interest on such balance.
    (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  and one-half per centum per annum, compounded
  annually; provided that if a valuation rate of interest (as  defined  in
  paragraph   eleven   of  subdivision  a  of  section  13-638.2  of  this
  subchapter) other than eight  and  one-half  per  centum  per  annum  is
  prescribed  by  law  for  PPF  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 PPF 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) Any amount required to be contributed to PPF with respect  to  any
  fiscal  year  under  the provisions 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 section 13-638.2 of this
  subchapter) for such pension fund for such fiscal year.
    (5)  In  each fiscal year of the fifteen-year amortization period, the
  city shall pay into the contingent reserve fund of PPF the  contribution
  installments   applicable  to  such  fiscal  year  under  the  schedules
  established pursuant to paragraph two of this subdivision.
    (6) In the determination of the normal  contribution  payable  to  PPF
  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 pension fund pursuant to this  subdivision
  shall be treated as an asset of such pension fund.
    (7)  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
  subdivision p 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.
    p. (1) All installments of UAL  and  BSL  contribution  designated  in
  subdivision  o  of  this section as payable by the city for fiscal years
  occurring during the period beginning on July  first,  nineteen  hundred
  ninety-nine and ending on June thirtieth, two thousand ten 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 to PPF in any fiscal year succeeding such
  June thirtieth by the city 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 PPF shall determine for such pension fund 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 PPF 1999 UAL, together with interest on such UAL.
    (3)(i)  The  actuary  shall  determine  the  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  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 section 13-638.2 of this subchapter) other
  than eight per centum per annum is prescribed by law  for  PPF  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 PPF 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) Any amount required to be contributed to PPF with respect  to  any
  fiscal  year  under  the provisions 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 section 13-638.2 of this
  subchapter) for such pension fund for such fiscal year.
    (5)  In  each  fiscal year of the eleven-year amortization period, the
  city shall pay into the contingent reserve fund of PPF the  contribution
  installments   applicable   to  such  fiscal  year  under  the  schedule
  established pursuant to paragraph two of this subdivision.
    * NB There are 2 § 13-638.3's