Section 317-A. Amortization of amounts outstanding

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  the  participating
  employers   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  participating  employers  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 three hundred 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  paid  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.