Section 16. Annual appropriation by state

a. Upon the basis of each annual
  actuarial  valuation  and  appraisal  provided  for in this article, the
  comptroller, on or before the fifteenth day of  October  of  each  year,
  shall  prepare  and  file  with  the  director  of  the  budget  and the
  chairperson of the senate finance committee and the  assembly  ways  and
  means  committee  an  itemized  estimate  of the amounts necessary to be
  appropriated by the state to the pension accumulation fund and  the  New
  York  state  public  employees  group  life  insurance plan for the next
  fiscal year and an estimate of the payments  required  for  the  current
  fiscal  year. Such amounts shall be sufficient to provide for payment in
  full for (i) the estimated obligations of the state  to  the  retirement
  system for such respective fiscal years; and (ii) any actual obligations
  of  the  state  to the retirement system remaining unpaid from the prior
  fiscal year, plus interest on such amount to be paid in the next  fiscal
  year.  If,  the  state  overpaid its actual obligation to the retirement
  system for the prior fiscal year, the amount  estimated  in  the  filing
  required  by this subdivision for the next fiscal year shall reflect the
  amount of such overpayment, plus interest on such amount, as a reduction
  in amounts that would otherwise be estimated to be  due  the  retirement
  system from the state. The amount appropriated or so much thereof as may
  be  required  shall  be  paid  from the state treasury on warrant of the
  comptroller into the pension accumulation fund and the  New  York  state
  public employees group life insurance plan, as appropriate, on or before
  March first of each state fiscal year. The amount paid shall be based on
  an  estimate  provided  by  the comptroller which shall reflect the most
  recent data on annual  salary  and  other  related  components,  and  be
  calculated  in  accordance  with  pension benefits authorized as of that
  time. Such estimate shall be provided by the comptroller within  fifteen
  days  of  a  request  by the director of the budget. For the purposes of
  this section, "interest" shall mean the rate or rates of  interest  used
  in  the actuarial valuations covering the period of time over which such
  interest is computed.
    b. On or before  the  fifteenth  day  of  October  of  each  year  the
  comptroller  shall  file  with  the  director  of  the  budget  and  the
  chairperson of the senate finance committee and the  assembly  ways  and
  means  committee  an itemized estimate of the expenses of the retirement
  system for the ensuing year. The director of the budget may  revise  and
  amend  such  estimate.  After  such revision and amendment, if any, such
  director shall approve the same for inclusion in the  executive  budget.
  No  monies  shall  be paid out of the pension accumulation fund for such
  expenses unless expenditures therefor shall have been authorized by law.
    c. Whenever the compensation of any member of the retirement system is
  paid from a special or administrative fund  provided  for  by  law,  all
  contributions  to  the retirement system including a proportionate share
  of  the  administrative  expense  thereof,  which  otherwise  would   be
  chargeable to the general fund of the state, shall, with the approval of
  the  director of the budget, be paid from such special or administrative
  fund.
    d. Such estimated amounts provided in subdivision a  of  this  section
  shall  be  revised  to  reflect updated information, including trends in
  salary growth and investment earnings through November thirtieth of  the
  current  fiscal  year  and resubmitted to the director of the budget and
  the chairperson of the senate finance committee and  the  assembly  ways
  and  means  committee  on  or  before  December fifteenth of the current
  fiscal year. A revised actuarial estimate, including an  explanation  of
  any  changes  from  the  estimates submitted on October fifteenth of the
  current fiscal year, shall also accompany such resubmission.

    e. By February seventh of the current  fiscal  year,  the  comptroller
  shall notify the director of the budget and the chaiperson of the senate
  finance  committee  and  the assembly ways and means committee of his or
  her  revised  estimate  of  the  state's  contribution  to  the  pension
  accumulation  fund  and  the  New York state public employees group life
  insurance plan for the current and next fiscal years  based  on  updated
  information  through  January  thirty-first  of the current fiscal year.
  Such notification shall be accompanied by a revised actuarial  estimate,
  including  an  explanation of any changes from the estimate submitted on
  December fifteenth of the current fiscal year.
    f. After reviewing the estmates and submissions for  the  next  fiscal
  year,   the   director  of  the  budget,  after  consultation  with  the
  comptroller's office, shall include the necessary item of  appropriation
  for  the  next fiscal year payment in the next annual appropriation bill
  presented  to  the  legislature.   Such   consultation   shall   include
  discussions regarding the reasons and assumptions used for any potential
  adjustments  to  prior  estimates  and  submissions  and,  to the extent
  feasible or appropriate, reflect actual  calculations  provided  by  the
  comptroller's  office.  The director of the budget shall also include in
  such appropriation bill, if necessary, an  appropriation  equal  to  the
  amount  of  unpaid obligations of the state to the retirement system for
  the prior fiscal year.
    g. Such estimates provided in subdivisions a, d and e of this  section
  shall be accompanied by an actuarial report stating the assumptions used
  in calculating each of the estimates, including but not limited to:
    1.  projected growth in the billable salary base from the prior fiscal
  year, in total and by tier for the state and local governments for  each
  retirement system;
    2. composition of the portfolio;
    3. return on common stock investments, expressed as a percentage;
    4. calculation of the actuarial value of common stock;
    5.  return  on  investments  other  than  common stock, expressed as a
  percentage; and
    6. itemization of the change from the state's prior year contribution,
  either actual or estimated, due to legislative changes in benefits, tier
  shift, salary base growth, investment  return,  and  any  other  factors
  deemed appropriate for explaining such change.
    h.  In  addition  to  the  above mentioned reporting requirements, the
  actuarial report shall also include the following information  for  each
  retirement  system for the current fiscal year and estimated amounts for
  the next fiscal year:
    1. the post-retirement supplemental payments and a description of  the
  handling of such amounts in the valuation;
    2.  the group life insurance plan (GLIP) costs and assets allocated to
  GLIP;
    3. the administrative expenses and a description of  the  handling  of
  such amount in the valuation;
    4. the market value and actuarial asset value of equities;
    5.  a  state  reconciliation of the amounts paid and the final amounts
  for the two prior fiscal years.