Section 17-A. Amortization of amounts outstanding  


Latest version.
  • a.  On  or before
      September first, nineteen hundred  eighty-nine,  on  the  basis  of  the
      annual  actuarial valuation and appraisal procedure provided for in this
      article, the comptroller shall determine the annual  amounts  that,  had
      this  section not been enacted, would have been required to be paid into
      the pension accumulation fund and the New York state  public  employees'
      group  life  insurance  plan,  as  appropriate,  from each participating
      employer  for  all  obligations,  including  unpaid  amounts   for   the
      retirement  incentive  program and payments for any other benefit funded
      on other than an annual basis, of each  participating  employer  to  the
      retirement  system  not  discharged prior to such date, for fiscal years
      ending March  thirty-first,  nineteen  hundred  eighty-eight  and  March
      thirty-first,  nineteen hundred eighty-nine.  Such amounts shall include
      interest, as defined in section sixteen of  this  article,  through  the
      fifteenth day of December, nineteen hundred eighty-nine. The sum of such
      amounts shall be called the "amount to be amortized".
        b.  The  amount  to  be  amortized  shall  be  paid  into  the pension
      accumulation fund and the New York state public  employees'  group  life
      insurance  plan, as appropriate, according to a schedule of equal annual
      installments during any years remaining in the amortization period.  The
      "amortization  period" shall be seventeen years. The first payment shall
      be payable by December fifteenth, nineteen hundred eighty-nine.
        c. The amount of the annual payment  to  be  made  in  any  subsequent
      fiscal  year  shall be the amount that would be required to pay in full,
      in equal annual installments over  the  remainder  of  the  amortization
      period, any unpaid balance of the amount to be amortized and interest on
      such  unpaid  balance  computed  at eight and three-quarters percent per
      annum.
        d. An amount sufficient to provide for such payment shall be  included
      in  the  next annual budget for each participating employer. The amounts
      due shall be payable on December  fifteenth  of  each  year  during  the
      amortization period.
        e.  The  state  comptroller  is  directed to promulgate regulations to
      permit the pre-payment of the amounts outstanding. Such regulation shall
      provide that:
        (1) On or before November fifteenth, nineteen hundred  eighty-nine  in
      addition  to  the  amount  due  for the current year billing and for the
      payment of the  amortized  annual  installment,  the  comptroller  shall
      furnish  the total amount due and be authorized to accept pre-payment in
      full of said amount by December fifteenth, nineteen hundred eighty-nine.
        (2) On or before each November fifteenth thereafter,  in  addition  to
      the  amount  due for the current year billing and for the payment of the
      annual amortized installment, the comptroller shall  furnish  the  total
      amount  still outstanding and be authorized to accept the pre-payment of
      any balance remaining to be paid by December fifteenth of that year.