Bill Text: NY A09037 | 2009-2010 | General Assembly | Introduced
Bill Title: Relates to payment by the state of certain employer retirement contributions.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2010-01-12 - committed to governmental employees [A09037 Detail]
Download: New_York-2009-A09037-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 9037 2009-2010 Regular Sessions I N A S S E M B L Y June 20, 2009 ___________ Introduced by M. of A. ABBATE, SILVER, FARRELL -- (at request of the State Comptroller) -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to payment by the state of certain employer retirement contributions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The retirement and social security law is amended by adding 2 a new section 16-e to read as follows: 3 S 16-E. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 4 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. A. IF THE 5 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 6 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 7 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND NINE 8 AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE THE 9 AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, DEFICIENCY 10 PAYMENTS, ADJUSTMENTS RELATING TO PRIOR TO FISCAL YEARS' OBLIGATIONS AND 11 OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLIGATIONS 12 THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) REQUIRED TO BE 13 PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE FOR THE FISCAL 14 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT BY WHICH 15 THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL YEAR ENDING MARCH 16 THIRTY-FIRST, TWO THOUSAND ELEVEN EXCEEDS NINE AND ONE-HALF PERCENT OF 17 THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH 18 THIRTY-FIRST, TWO THOUSAND ELEVEN SHALL BE THE "AMOUNT ELIGIBLE FOR 19 AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTIZATION" MAY BE AMORTIZED 20 OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE 21 DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE 22 AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A 23 MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR 24 TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14469-03-9 A. 9037 2 1 PAYABLE DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 2 TWELVE. 3 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 4 MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN, PAY A LESSER AMOUNT DURING THE 5 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN WHICH SHALL 6 BE DETERMINED BY THE COMPTROLLER TO EQUAL THE FOLLOWING AMOUNT: 7 THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, TWO 8 THOUSAND ELEVEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF THIS 9 ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE 10 FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 11 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 12 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 13 THIRTY-FIRST, TWO THOUSAND TWELVE AN AMOUNT DETERMINED BY THE COMP- 14 TROLLER BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER: 15 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 16 THIRTY-FIRST, TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION TWEN- 17 TY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION), LESS THE 18 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SECTION 19 SIXTEEN-F OF THIS TITLE, IF APPLICABLE, AND 20 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 22 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTION 23 SIXTEEN-C AND SIXTEEN-D OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL 24 BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE 25 AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT 26 THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR 27 AMORTIZATION," DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE 28 FOLLOWING: 29 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND TEN, IN ADDITION TO ADVIS- 30 ING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR 31 THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT TO 32 SECTIONS SIXTEEN-C AND SIXTEEN-D OF THIS TITLE AND PURSUANT TO THIS 33 SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE 34 AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR 35 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. 36 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 37 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 38 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 39 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 40 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 41 FOR THAT FISCAL YEAR. 42 S 2. The retirement and social security law is amended by adding a new 43 section 16-f to read as follows: 44 S 16-F. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 45 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. A. IF THE 46 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 47 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 48 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND TEN 49 AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE THE 50 AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, DEFICIENCY 51 PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLIGATIONS AND 52 OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLIGATIONS 53 THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) REQUIRED TO BE 54 PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE FOR THE FISCAL 55 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT BY WHICH 56 THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL YEAR ENDING MARCH A. 9037 3 1 THIRTY-FIRST, TWO THOUSAND TWELVE EXCEEDS TEN AND ONE-HALF PERCENT OF 2 THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH 3 THIRTY-FIRST, TWO THOUSAND TWELVE SHALL BE THE "AMOUNT ELIGIBLE FOR 4 AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTIZATION" MAY BE AMORTIZED 5 OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE 6 DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE 7 AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A 8 MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR 9 TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS 10 PAYABLE DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 11 THIRTEEN. 12 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 13 MARCH THIRTY-FIRST, TWO THOUSAND TWELVE, PAY A LESSER AMOUNT DURING THE 14 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE WHICH SHALL 15 BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO AMOUNTS 16 TOGETHER: 17 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 18 TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF 19 THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI- 20 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS 21 SECTION; AND 22 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 23 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 24 THIS TITLE, IF APPLICABLE. 25 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 26 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 27 THIRTY-FIRST, TWO THOUSAND THIRTEEN AN AMOUNT DETERMINED BY THE COMP- 28 TROLLER BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER: 29 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 30 THIRTY-FIRST, TWO THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION 31 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 32 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SECTION 33 SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE, 34 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 35 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND 36 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 38 THIS TITLE, IF APPLICABLE. 39 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 40 SIXTEEN-C, SIXTEEN-D, AND SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS 41 SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE 42 APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY 43 TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGI- 44 BLE FOR AMORTIZATION," DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT 45 TO THE FOLLOWING: 46 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND ELEVEN, IN ADDITION TO 47 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 48 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 49 TO SECTIONS SIXTEEN-C, SIXTEEN-D, AND SIXTEEN-E OF THIS TITLE AND PURSU- 50 ANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL 51 AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 52 AMOUNT FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. 53 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 54 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 55 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 56 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE A. 9037 4 1 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 2 FOR THAT FISCAL YEAR. 3 S 3. The retirement and social security law is amended by adding a new 4 section 16-g to read as follows: 5 S 16-G. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 6 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN. A. IF THE 7 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 8 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 9 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND 10 ELEVEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE 11 THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, DEFI- 12 CIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLIGATIONS 13 AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLI- 14 GATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) 15 REQUIRED TO BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE 16 FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN. 17 THE AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL 18 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN EXCEEDS ELEVEN AND 19 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 20 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN SHALL BE THE 21 "AMOUNT ELIGIBLE FOR AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTI- 22 ZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 23 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 24 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 25 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED 26 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 27 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING 28 MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. 29 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 30 MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN, PAY A LESSER AMOUNT DURING 31 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN WHICH 32 SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO 33 AMOUNTS TOGETHER: 34 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 35 TWO THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF 36 THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI- 37 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS 38 SECTION; AND 39 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 40 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 41 THIS TITLE, IF APPLICABLE. 42 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 43 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 44 THIRTY-FIRST, TWO THOUSAND FOURTEEN AN AMOUNT DETERMINED BY THE COMP- 45 TROLLER BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER: 46 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 47 THIRTY-FIRST, TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION 48 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION), 49 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 50 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND 51 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 52 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 53 THIS TITLE, IF APPLICABLE, AND 54 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 55 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 56 THIS TITLE, IF APPLICABLE. A. 9037 5 1 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 2 SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, AND SIXTEEN-F OF THIS TITLE AND PURSU- 3 ANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR 4 DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE 5 THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE 6 "AMOUNT ELIGIBLE FOR AMORTIZATION," DETERMINED PURSUANT TO BOTH SUCH 7 SECTIONS SUBJECT TO THE FOLLOWING: 8 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND TWELVE, IN ADDITION TO 9 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 10 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 11 TO SECTION SIXTEEN-C, SIXTEEN-D, SIXTEEN-E AND SIXTEEN-F OF THIS TITLE 12 AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF 13 THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF 14 SAID AMOUNT FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 15 THIRTEEN. 16 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 17 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 18 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 19 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 20 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 21 FOR THAT FISCAL YEAR. 22 S 4. The retirement and social security law is amended by adding a new 23 section 16-h to read as follows: 24 S 16-H. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 25 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. A. IF THE 26 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 27 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 28 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND 29 TWELVE AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE 30 THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, DEFI- 31 CIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLIGATIONS 32 AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLI- 33 GATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) 34 REQUIRED TO BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE 35 FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. 36 THE AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL 37 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN EXCEEDS TWELVE AND 38 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 39 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN SHALL BE THE 40 "AMOUNT ELIGIBLE FOR AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTI- 41 ZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 42 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 43 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 44 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED 45 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 46 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING 47 MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. 48 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 49 MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN, PAY A LESSER AMOUNT DURING 50 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN WHICH 51 SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FOUR 52 AMOUNTS TOGETHER: 53 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 54 TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF 55 THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI- A. 9037 6 1 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS 2 SECTION; AND 3 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 4 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 5 THIS TITLE, IF APPLICABLE; AND 6 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 7 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 8 THIS TITLE, IF APPLICABLE; AND 9 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 10 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 11 THIS TITLE, IF APPLICABLE. 12 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 13 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 14 THIRTY-FIRST, TWO THOUSAND FIFTEEN AN AMOUNT DETERMINED BY THE COMP- 15 TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER: 16 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 17 THIRTY-FIRST, TWO THOUSAND FIFTEEN, CALCULATED PURSUANT TO SECTION TWEN- 18 TY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE 19 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SECTION 20 SIXTEEN-I OF THIS TITLE, IF APPLICABLE, 21 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 22 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 23 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 24 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 25 THIS TITLE, IF APPLICABLE; AND 26 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 27 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 28 THIS TITLE, IF APPLICABLE; AND 29 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 30 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 31 THIS TITLE, IF APPLICABLE. 32 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 33 SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, AND SIXTEEN-G OF THIS TITLE 34 AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT 35 FISCAL YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER 36 SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING 37 BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION," DETERMINED PURSUANT 38 TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING: 39 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND THIRTEEN, IN ADDITION TO 40 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 41 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 42 TO SECTIONS SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, AND SIXTEEN-G OF 43 THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE 44 THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAY- 45 MENT IN FULL OF SAID AMOUNT FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, 46 TWO THOUSAND FOURTEEN. 47 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 48 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 49 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 50 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 51 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 52 FOR THAT FISCAL YEAR. 53 S 5. The retirement and social security law is amended by adding a new 54 section 16-i to read as follows: 55 S 16-I. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 56 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. A. IF THE A. 9037 7 1 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 2 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 3 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND 4 THIRTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETER- 5 MINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, 6 DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLI- 7 GATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER 8 OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) 9 REQUIRED TO BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE 10 FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE 11 AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL YEAR 12 ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN EXCEEDS THIRTEEN AND 13 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 14 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN SHALL BE THE 15 "AMOUNT ELIGIBLE FOR AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTI- 16 ZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 17 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 18 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 19 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED 20 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 21 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING 22 MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN. 23 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 24 MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN, PAY A LESSER AMOUNT DURING THE 25 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN WHICH SHALL 26 BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS 27 TOGETHER: 28 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 29 TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF 30 THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI- 31 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS 32 SECTION; AND 33 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 34 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-H OF 35 THIS TITLE, IF APPLICABLE; AND 36 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 38 THIS TITLE, IF APPLICABLE; AND 39 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 40 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 41 THIS TITLE, IF APPLICABLE; AND 42 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 43 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 44 THIS TITLE, IF APPLICABLE. 45 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 46 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 47 THIRTY-FIRST, TWO THOUSAND SIXTEEN AN AMOUNT DETERMINED BY THE COMP- 48 TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER: 49 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY- 50 FIRST, TWO THOUSAND SIXTEEN, CALCULATED PURSUANT TO SECTION 51 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 52 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SECTION 53 SIXTEEN-J OF THIS TITLE, IF APPLICABLE, 54 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 55 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND A. 9037 8 1 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-H OF 3 THIS TITLE, IF APPLICABLE; AND 4 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 5 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 6 THIS TITLE, IF APPLICABLE; AND 7 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 8 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 9 THIS TITLE, IF APPLICABLE; AND 10 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 11 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 12 THIS TITLE, IF APPLICABLE. 13 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 14 SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, SIXTEEN-G, AND SIXTEEN-H OF 15 THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH 16 SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE 17 COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE 18 REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION," DETERMINED 19 PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING: 20 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND FOURTEEN, IN ADDITION TO 21 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 22 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 23 TO SECTIONS SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, SIXTEEN-G AND 24 SIXTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER 25 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO 26 ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR FISCAL YEAR ENDING MARCH 27 THIRTY-FIRST, TWO THOUSAND FIFTEEN. 28 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 29 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 30 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 31 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 32 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 33 FOR THAT FISCAL YEAR. 34 S 6. The retirement and social security law is amended by adding a new 35 section 16-j to read as follows: 36 S 16-J. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR 37 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN. A. IF THE 38 COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF 39 EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF 40 THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND 41 FOURTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETER- 42 MINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE, 43 DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLI- 44 GATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER 45 OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) 46 REQUIRED TO BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE 47 FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE 48 AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL YEAR 49 ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN EXCEEDS FOURTEEN AND 50 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 51 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN SHALL BE THE 52 "AMOUNT ELIGIBLE FOR AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTI- 53 ZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 54 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 55 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 56 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED A. 9037 9 1 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 2 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING 3 MARCH THIRTY-FIRST, TWO THOUSAND SEVENTEEN. 4 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING 5 MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN, PAY A LESSER AMOUNT DURING THE 6 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN WHICH SHALL 7 BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS 8 TOGETHER: 9 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 10 TWO THOUSAND FIFTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF 11 THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI- 12 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS 13 SECTION; AND 14 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 15 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-I OF 16 THIS TITLE, IF APPLICABLE; AND 17 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 18 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-H OF 19 THIS TITLE, IF APPLICABLE; AND 20 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 22 THIS TITLE, IF APPLICABLE; AND 23 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 24 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 25 THIS TITLE, IF APPLICABLE; AND 26 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 27 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 28 THIS TITLE, IF APPLICABLE. 29 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 30 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 31 THIRTY-FIRST, TWO THOUSAND SEVENTEEN AN AMOUNT DETERMINED BY THE COMP- 32 TROLLER BY ADDING THE FOLLOWING SEVEN AMOUNTS TOGETHER: 33 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY- 34 FIRST, TWO THOUSAND SIXTEEN, CALCULATED PURSUANT TO SECTION 35 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION); 36 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 38 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 39 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-I OF 40 THIS TITLE, IF APPLICABLE; AND 41 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 42 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-H OF 43 THIS TITLE, IF APPLICABLE; AND 44 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 45 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-G OF 46 THIS TITLE, IF APPLICABLE; AND 47 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 48 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-F OF 49 THIS TITLE, IF APPLICABLE; AND 50 (7) THE SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 51 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SIXTEEN-E OF 52 THIS TITLE, IF APPLICABLE. 53 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 54 SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, SIXTEEN-G, SIXTEEN-H AND 55 SIXTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND 56 PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE AMORTIZATION A. 9037 10 1 PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAY- 2 MENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION," 3 DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING: 4 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND FIFTEEN, IN ADDITION TO 5 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 6 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 7 TO SECTIONS SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, SIXTEEN-G, 8 SIXTEEN-H AND SIXTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION, THE 9 COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE AND BE 10 AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR FISCAL YEAR 11 ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN. 12 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 13 PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 14 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER 15 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 16 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 17 FOR THAT FISCAL YEAR. 18 S 7. Paragraph 2 of subdivision b of section 23-a of the retirement 19 and social security law, as added by section 1 of part A of chapter 49 20 of the laws of 2003, is amended to read as follows: 21 2. requiring a minimum annual contribution from the state and every 22 participating employer (exclusive of payments for group term life insur- 23 ance, deficiency payments, adjustments relating to prior fiscal years' 24 obligations and obligations pertaining to retirement incentives or any 25 other obligations that the state or participating employer is permitted 26 to pay on an amortized basis) equal to [four] FIVE and one-half percent 27 of pensionable salaries. Effective immediately upon implementation by 28 the comptroller of the comprehensive structural reform program set forth 29 in this section, and in all subsequent years, participating employers 30 shall pay either the required annual contribution determined under the 31 revised schedule pertaining to the valuation, billing and payment of 32 contributions pursuant to paragraph one of this subdivision, or the 33 required minimum annual contribution of four and one-half percent of 34 pensionable salaries, whichever is greater; and 35 S 8. The retirement and social security law is amended by adding a new 36 section 316-e to read as follows: 37 S 316-E. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 38 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. A. IF 39 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 40 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE 41 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 42 THOUSAND NINE AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 43 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 44 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 45 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 46 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 47 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 48 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 49 THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT BY WHICH THE CONTRIBUTION 50 AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU- 51 SAND ELEVEN EXCEEDS SEVENTEEN AND ONE-HALF PERCENT OF THE ESTIMATED 52 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 53 THOUSAND ELEVEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 54 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 55 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 56 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE A. 9037 11 1 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF 2 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 3 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 4 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. 5 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 6 ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN, PAY A LESSER AMOUNT 7 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN 8 WHICH SHALL BE DETERMINED BY THE COMPTROLLER EQUALING THE FOLLOWING 9 AMOUNT, 10 THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, TWO 11 THOUSAND ELEVEN, CALCULATED PURSUANT TO SECTION THREE HUNDRED 12 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 13 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI- 14 SION A OF THIS SECTION. 15 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 16 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 17 THIRTY-FIRST, TWO THOUSAND TWELVE AN AMOUNT DETERMINED BY THE COMP- 18 TROLLER BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER: 19 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 20 THIRTY-FIRST, TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION THREE 21 HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 22 SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU- 23 ANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS TITLE, IF APPLICABLE; 24 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 25 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 26 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 27 THREE HUNDRED SIXTEEN-C AND THREE HUNDRED SIXTEEN-D OF THIS TITLE AND 28 PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL 29 YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL 30 HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF 31 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO BOTH SUCH 32 SECTIONS SUBJECT TO THE FOLLOWING: 33 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND TEN IN ADDITION TO ADVIS- 34 ING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR 35 THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT TO 36 SECTIONS THREE HUNDRED SIXTEEN-C AND THREE HUNDRED SIXTEEN-D OF THIS 37 TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE 38 STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN 39 FULL OF SAID AMOUNT FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 40 THOUSAND ELEVEN. 41 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 42 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 43 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 44 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 45 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 46 FOR THAT FISCAL YEAR. 47 S 9. The retirement and social security law is amended by adding a new 48 section 316-f to read as follows: 49 S 316-F. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 50 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. A. IF 51 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 52 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE 53 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 54 THOUSAND TEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 55 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 56 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL A. 9037 12 1 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 2 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 3 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 4 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 5 THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT BY WHICH THE CONTRIBUTION 6 AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU- 7 SAND TWELVE EXCEEDS EIGHTEEN AND ONE-HALF PERCENT OF THE ESTIMATED 8 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 9 THOUSAND TWELVE SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 10 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 11 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 12 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE 13 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF 14 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 15 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 16 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN. 17 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 18 ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE, PAY A LESSER AMOUNT 19 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE 20 WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO 21 AMOUNTS TOGETHER: 22 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 23 TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION THREE HUNDRED TWEN- 24 TY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE 25 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A 26 OF THIS SECTION; AND 27 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 28 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS 29 TITLE, IF APPLICABLE. 30 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 31 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 32 THIRTY-FIRST, TWO THOUSAND THIRTEEN AN AMOUNT DETERMINED BY THE COMP- 33 TROLLER BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER: 34 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 35 THIRTY-FIRST, TWO THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION 36 THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 37 SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU- 38 ANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE; 39 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 40 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND 41 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 42 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 43 SIXTEEN-E OF THIS ARTICLE, IF APPLICABLE. 44 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 45 THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, AND THREE HUNDRED 46 SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND 47 PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE AMORTIZATION 48 PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAY- 49 MENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 50 DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING: 51 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND ELEVEN IN ADDITION TO 52 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 53 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 54 TO SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, AND THREE 55 HUNDRED SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMP- 56 TROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED A. 9037 13 1 TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR THE FISCAL YEAR ENDING 2 MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. 3 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 4 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 5 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 6 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 7 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 8 FOR THAT FISCAL YEAR. 9 S 10. The retirement and social security law is amended by adding a 10 new section 316-g to read as follows: 11 S 316-G. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 12 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN. A. IF 13 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 14 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE 15 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 16 THOUSAND ELEVEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 17 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 18 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 19 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 20 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 21 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 22 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 23 THIRTY-FIRST, TWO THOUSAND THIRTEEN. THE AMOUNT BY WHICH THE CONTRIB- 24 UTION AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 25 THOUSAND THIRTEEN EXCEEDS NINETEEN AND ONE-HALF PERCENT OF THE ESTIMATED 26 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 27 THOUSAND THIRTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 28 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 29 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 30 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE 31 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF 32 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 33 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 34 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. 35 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 36 ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN, PAY A LESSER AMOUNT 37 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN 38 WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING 39 THREE AMOUNTS TOGETHER: 40 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 41 TWO THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION THREE HUNDRED 42 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 43 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI- 44 SION A OF THIS SECTION; 45 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 46 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS 47 TITLE, IF APPLICABLE; AND 48 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 49 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS 50 TITLE, IF APPLICABLE. 51 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 52 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 53 THIRTY-FIRST, TWO THOUSAND FOURTEEN AN AMOUNT DETERMINED BY THE COMP- 54 TROLLER BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER: 55 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 56 THIRTY-FIRST, TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION A. 9037 14 1 THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 2 SECTION); 3 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 4 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; 5 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 6 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 7 SIXTEEN-F OF THIS ARTICLE, IF APPLICABLE; AND 8 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 9 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 10 SIXTEEN-E OF THIS TITLE, IF APPLICABLE. 11 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 12 THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE HUNDRED 13 SIXTEEN-E, AND THREE HUNDRED SIXTEEN-F OF THIS TITLE AND PURSUANT TO 14 THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING 15 THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE 16 AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE 17 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO BOTH SUCH 18 SECTIONS SUBJECT TO THE FOLLOWING: 19 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND TWELVE IN ADDITION TO 20 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 21 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 22 TO SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE 23 HUNDRED SIXTEEN-E, AND THREE HUNDRED SIXTEEN-F OF THIS TITLE AND PURSU- 24 ANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL 25 AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 26 AMOUNT FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIR- 27 TEEN. 28 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 29 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 30 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 31 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 32 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 33 FOR THAT FISCAL YEAR. 34 S 11. The retirement and social security law is amended by adding a 35 new section 316-h to read as follows: 36 S 316-H. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 37 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. A. IF 38 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 39 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE 40 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 41 THOUSAND TWELVE AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 42 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 43 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 44 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 45 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 46 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 47 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 48 THIRTY-FIRST, TWO THOUSAND FOURTEEN. THE AMOUNT BY WHICH THE CONTRIB- 49 UTION AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 50 THOUSAND FOURTEEN EXCEEDS TWENTY AND ONE-HALF PERCENT OF THE ESTIMATED 51 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 52 THOUSAND FOURTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 53 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 54 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 55 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE 56 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF A. 9037 15 1 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 2 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 3 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. 4 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 5 ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN, PAY A LESSER AMOUNT 6 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN 7 WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING 8 FOUR AMOUNTS TOGETHER: 9 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 10 TWO THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION THREE HUNDRED 11 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 12 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI- 13 SION A OF THIS SECTION; 14 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 15 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS 16 TITLE, IF APPLICABLE; AND 17 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 18 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS 19 TITLE, IF APPLICABLE; AND 20 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS 22 TITLE, IF APPLICABLE. 23 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 24 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 25 THIRTY-FIRST, TWO THOUSAND FIFTEEN AN AMOUNT DETERMINED BY THE COMP- 26 TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER: 27 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY- 28 FIRST, TWO THOUSAND FIFTEEN, CALCULATED PURSUANT TO SECTION THREE 29 HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 30 SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU- 31 ANT TO SECTION THREE HUNDRED SIXTEEN-I OF THIS TITLE, IF APPLICABLE; 32 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 33 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 34 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 35 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 36 SIXTEEN-G OF THIS TITLE, IF APPLICABLE; AND 37 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 38 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 39 SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND 40 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 41 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 42 SIXTEEN-E OF THIS TITLE, IF APPLICABLE. 43 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 44 THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE HUNDRED 45 SIXTEEN-E, THREE HUNDRED SIXTEEN-F, AND THREE HUNDRED SIXTEEN-G OF THIS 46 TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSE- 47 QUENT FISCAL YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMP- 48 TROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE 49 REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 50 PURSUANT TO BOTH SUCH SECTION SUBJECT TO THE FOLLOWING: 51 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND THIRTEEN IN ADDITION TO 52 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 53 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 54 TO SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE 55 HUNDRED SIXTEEN-E, THREE HUNDRED SIXTEEN-F, AND THREE HUNDRED SIXTEEN-G 56 OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE A. 9037 16 1 THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAY- 2 MENT IN FULL OF SAID AMOUNT FOR THE FISCAL YEAR ENDING MARCH 3 THIRTY-FIRST, TWO THOUSAND FOURTEEN. 4 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 5 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 6 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 7 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 8 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 9 FOR THAT FISCAL YEAR. 10 S 12. The retirement and social security law is amended by adding a 11 new section 316-i to read as follows: 12 S 316-I. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 13 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. A. IF 14 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 15 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE 16 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 17 THOUSAND THIRTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 18 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 19 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 20 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 21 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 22 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 23 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 24 THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE AMOUNT BY WHICH THE CONTRIBUTION 25 AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU- 26 SAND FIFTEEN EXCEEDS TWENTY ONE AND ONE-HALF PERCENT OF THE ESTIMATED 27 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 28 THOUSAND FIFTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 29 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 30 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 31 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE 32 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF 33 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 34 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 35 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. 36 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 37 ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN, PAY A LESSER AMOUNT 38 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN 39 WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING 40 FIVE AMOUNTS TOGETHER: 41 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 42 TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION THREE HUNDRED 43 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 44 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI- 45 SION A OF THIS SECTION; 46 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 47 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-H OF THIS 48 TITLE, IF APPLICABLE; AND 49 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 50 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS 51 TITLE, IF APPLICABLE; AND 52 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 53 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS 54 TITLE, IF APPLICABLE; AND A. 9037 17 1 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS 3 TITLE, IF APPLICABLE. 4 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 5 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 6 THIRTY-FIRST, TWO THOUSAND SIXTEEN AN AMOUNT DETERMINED BY THE COMP- 7 TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER: 8 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH 9 THIRTY-FIRST, TWO THOUSAND SIXTEEN, CALCULATED PURSUANT TO SECTION THREE 10 HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 11 SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU- 12 ANT TO SECTION THREE HUNDRED SIXTEEN-J OF THIS TITLE, IF APPLICABLE; AND 13 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 14 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 15 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 16 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 17 SIXTEEN-H OF THIS TITLE, IF APPLICABLE; AND 18 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 19 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 20 SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE; AND 21 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 22 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 23 SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND 24 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 25 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 26 SIXTEEN-E OF THIS TITLE, IF APPLICABLE. 27 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 28 THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE HUNDRED 29 SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G, AND THREE 30 HUNDRED SIXTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE 31 DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE AMOR- 32 TIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE 33 PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTI- 34 ZATION" DETERMINED PURSUANT TO BOTH SUCH SECTION SUBJECT TO THE FOLLOW- 35 ING: 36 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND FOURTEEN IN ADDITION TO 37 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 38 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 39 TO SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE 40 HUNDRED SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G, AND 41 THREE HUNDRED SIXTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION, THE 42 COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE AND BE 43 AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR THE FISCAL 44 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. 45 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 46 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 47 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 48 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 49 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 50 FOR THAT FISCAL YEAR. 51 S 13. The retirement and social security law is amended by adding a 52 new section 316-j to read as follows: 53 S 316-J. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS 54 FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN. A. IF 55 THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 56 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE A. 9037 18 1 BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO 2 THOUSAND SIXTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 3 DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 4 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 5 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 6 OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR- 7 TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN- 8 TY-THREE-A OF THIS ARTICLE FOR THE FISCAL YEAR ENDING MARCH 9 THIRTY-FIRST, TWO THOUSAND SIXTEEN. THE AMOUNT BY WHICH THE CONTRIBUTION 10 AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU- 11 SAND SIXTEEN EXCEEDS TWENTY-TWO AND ONE-HALF PERCENT OF THE ESTIMATED 12 PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 13 THOUSAND SIXTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE 14 "AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR 15 PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE 16 COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE 17 FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF 18 RETURN ON TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY 19 COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING 20 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. 21 B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR THE FISCAL YEAR 22 ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN, PAY A LESSER AMOUNT 23 DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN 24 WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX 25 AMOUNTS TOGETHER: 26 (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, 27 TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION THREE HUNDRED 28 TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS 29 THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI- 30 SION A OF THIS SECTION; 31 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 32 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-I OF THIS 33 TITLE, IF APPLICABLE; AND 34 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 35 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-H OF THIS 36 TITLE, IF APPLICABLE; AND 37 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 38 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS 39 TITLE, IF APPLICABLE; AND 40 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 41 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS 42 TITLE, IF APPLICABLE; AND 43 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 44 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS 45 TITLE, IF APPLICABLE. 46 C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF 47 THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH 48 THIRTY-FIRST, TWO THOUSAND SEVENTEEN AN AMOUNT DETERMINED BY THE COMP- 49 TROLLER BY ADDING THE FOLLOWING SEVEN AMOUNTS TOGETHER: 50 (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY- 51 FIRST, TWO THOUSAND SEVENTEEN, CALCULATED PURSUANT TO SECTION THREE 52 HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 53 SECTION); 54 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 55 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND A. 9037 19 1 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 3 SIXTEEN-I OF THIS TITLE, IF APPLICABLE; AND 4 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 5 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 6 SIXTEEN-H OF THIS TITLE, IF APPLICABLE; AND 7 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 8 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 9 SIXTEEN-G OF THIS TITLE, IF APPLICABLE; AND 10 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 11 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 12 SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND 13 (7) THE SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 14 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 15 SIXTEEN-E OF THIS TITLE, IF APPLICABLE. 16 D. THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS 17 THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE HUNDRED 18 SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G, THREE 19 HUNDRED SIXTEEN-H, AND THREE HUNDRED SIXTEEN-I OF THIS TITLE AND PURSU- 20 ANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR 21 DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE 22 THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE 23 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO BOTH SUCH 24 SECTIONS SUBJECT TO THE FOLLOWING: 25 (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND FIFTEEN IN ADDITION TO 26 ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 27 FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT 28 TO SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, THREE 29 HUNDRED SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G, 30 THREE HUNDRED SIXTEEN-H, AND THREE HUNDRED SIXTEEN-I OF THIS TITLE AND 31 PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE 32 TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 33 AMOUNT FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 34 SIXTEEN. 35 (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION 36 PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND 37 FOR THE PAYMENT OF THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER 38 SHALL ADVISE THE STATE OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE 39 AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID 40 FOR THAT FISCAL YEAR. 41 S 14. The retirement and social security law is amended by adding a 42 new section 17-e to read as follows: 43 S 17-E. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 44 EMPLOYERS FOR THE TWO THOUSAND TEN -- TWO THOUSAND ELEVEN FISCAL YEAR. 45 A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR- 46 TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR 47 ABOUT OCTOBER FIFTEENTH, TWO THOUSAND NINE, ON THE BASIS OF THE ANNUAL 48 ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 49 DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR- 50 ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' 51 OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY 52 OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON 53 AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPATING 54 EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR THE 55 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT 56 BY WHICH SUCH CONTRIBUTION EXCEEDS NINE AND ONE-HALF PERCENT OF THE A. 9037 20 1 ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH THIR- 2 TY-FIRST, TWO THOUSAND ELEVEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTI- 3 ZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION" MAY BE 4 AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER ANNUM 5 TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE 6 OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROX- 7 IMATES A MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES WITH 8 SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL 9 PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND TWELVE. 10 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 11 ARY FIRST, TWO THOUSAND ELEVEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 12 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 13 EQUALING THE FOLLOWING AMOUNTS, 14 THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED PURSU- 15 ANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS 16 SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT 17 TO SUBDIVISION A OF THIS SECTION; 18 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 19 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND TWELVE AN 20 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO AMOUNTS 21 TOGETHER; 22 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED 23 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 24 THIS SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 25 PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF THIS ARTICLE; AND 26 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 27 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 28 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 29 SEVENTEEN-C, AND SEVENTEEN-D OF THIS TITLE AND PURSUANT TO THIS SECTION 30 SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING THE 31 APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY 32 TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGI- 33 BLE FOR AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT 34 TO THE FOLLOWING: 35 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND ELEVEN IN ADDITION 36 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 37 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTION SEVEN- 38 TEEN-B, SEVENTEEN-C, AND SEVENTEEN-D OF THIS TITLE AND PURSUANT TO THIS 39 SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE 40 TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 41 AMOUNT BY FEBRUARY FIRST, TWO THOUSAND TWELVE. 42 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 43 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 44 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 45 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 46 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 47 ARY FIRST OF THE SUCCEEDING YEAR. 48 S 15. The retirement and social security law is amended by adding a 49 new section 17-f to read as follows: 50 S 17-F. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 51 EMPLOYERS FOR THE TWO THOUSAND ELEVEN--TWO THOUSAND TWELVE FISCAL YEAR. 52 A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR- 53 TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR 54 ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TEN, ON THE BASIS OF THE ANNUAL 55 ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 56 DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR- A. 9037 21 1 ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' 2 OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY 3 OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON 4 AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPATING 5 EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR THE 6 FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT 7 BY WHICH SUCH CONTRIBUTION EXCEEDS TEN AND ONE-HALF PERCENT OF THE ESTI- 8 MATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH 9 THIRTY-FIRST, TWO THOUSAND TWELVE SHALL BE THE "AMOUNT ELIGIBLE FOR 10 AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 11 MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER 12 ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID 13 BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH 14 APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES 15 WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN 16 EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND THIRTEEN. 17 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 18 ARY FIRST, TWO THOUSAND TWELVE BILL, PAY A LESSER AMOUNT ON FEBRUARY 19 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 20 BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER: 21 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED 22 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 23 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 24 PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 25 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 26 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 27 THIS ARTICLE, IF APPLICABLE. 28 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 29 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND THIRTEEN AN 30 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING THREE 31 AMOUNTS TOGETHER: 32 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED 33 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 34 THIS SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 35 PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF THIS TITLE; AND 36 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 38 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 39 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 40 THIS TITLE, IF APPLICABLE. 41 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 42 SEVENTEEN-C, SEVENTEEN-D, AND SEVENTEEN-E OF THIS TITLE, AND PURSUANT TO 43 THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR 44 DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE 45 THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE 46 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH 47 SECTIONS SUBJECT TO THE FOLLOWING: 48 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND TWELVE IN ADDITION 49 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 50 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN- 51 TEEN-B, SEVENTEEN-C, SEVENTEEN-D, AND SEVENTEEN-E OF THIS TITLE AND 52 PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING 53 EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT 54 IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOUSAND THIRTEEN. 55 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 56 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE A. 9037 22 1 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 2 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 3 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 4 ARY FIRST OF THE SUCCEEDING YEAR. 5 S 16. The retirement and social security law is amended by adding a 6 new section 17-g to read as follows: 7 S 17-G. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 8 EMPLOYERS FOR THE TWO THOUSAND TWELVE--TWO THOUSAND THIRTEEN FISCAL 9 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 10 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 11 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND ELEVEN, ON THE BASIS OF THE 12 ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER 13 SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 14 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 15 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 16 OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO 17 PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPAT- 18 ING EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR 19 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE 20 AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS ELEVEN AND ONE-HALF PERCENT OF 21 THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH 22 THIRTY-FIRST, TWO THOUSAND THIRTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR 23 AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 24 MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER 25 ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID 26 BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH 27 APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES 28 WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN 29 EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN. 30 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 31 ARY FIRST, TWO THOUSAND THIRTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 32 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 33 BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER: 34 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED 35 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 36 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 37 PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 38 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 39 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 40 THIS TITLE, IF APPLICABLE; AND 41 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 42 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 43 THIS TITLE, IF APPLICABLE. 44 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 45 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN AN 46 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FOUR 47 AMOUNTS TOGETHER: 48 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED 49 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 50 THIS SECTION); AND 51 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 52 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 53 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 54 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 55 THIS TITLE, IF APPLICABLE A. 9037 23 1 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 3 THIS TITLE, IF APPLICABLE. 4 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 5 SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, AND SEVENTEEN-F OF THIS TITLE AND 6 PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF 7 EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER 8 SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING 9 BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO 10 ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 11 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND THIRTEEN IN ADDITION 12 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 13 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN- 14 TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, AND SEVENTEEN-F OF THIS 15 TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE 16 PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO 17 ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOU- 18 SAND FOURTEEN. 19 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 20 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 21 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 22 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 23 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 24 ARY FIRST OF THE SUCCEEDING YEAR. 25 S 17. The retirement and social security law is amended by adding a 26 new section 17-h to read as follows: 27 S 17-H. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 28 EMPLOYERS FOR THE TWO THOUSAND THIRTEEN--TWO THOUSAND FOURTEEN FISCAL 29 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 30 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 31 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TWELVE, ON THE BASIS OF THE 32 ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER 33 SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 34 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 35 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 36 OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO 37 PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPAT- 38 ING EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR 39 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE 40 AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWELVE AND ONE-HALF PERCENT OF 41 THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH 42 THIRTY-FIRST, TWO THOUSAND FOURTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR 43 AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 44 MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER 45 ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID 46 BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH 47 APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES 48 WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN 49 EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN. 50 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 51 ARY FIRST, TWO THOUSAND FOURTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 52 FIRST, TWO THOUSAND TWELVE WHICH SHALL BE DETERMINED BY THE COMPTROLLER 53 BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER: 54 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED 55 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO A. 9037 24 1 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 2 PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 3 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 4 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 5 THIS TITLE, IF APPLICABLE; AND 6 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 7 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 8 THIS TITLE, IF APPLICABLE; AND 9 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 10 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 11 THIS TITLE, IF APPLICABLE. 12 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 13 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN AN 14 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FIVE 15 AMOUNTS TOGETHER: 16 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FIFTEEN BILL, CALCULATED 17 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 18 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 19 PURSUANT TO SECTION SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND 20 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 22 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 23 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 24 THIS TITLE, IF APPLICABLE; AND 25 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 26 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 27 THIS TITLE, IF APPLICABLE; AND 28 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 29 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 30 THIS TITLE, IF APPLICABLE. 31 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 32 SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F AND SEVENTEEN-G OF 33 THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON 34 FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. 35 THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF 36 THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETER- 37 MINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 38 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FOURTEEN IN ADDITION 39 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 40 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN- 41 TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F AND SEVEN- 42 TEEN-G OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL 43 ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHOR- 44 IZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO 45 THOUSAND FIFTEEN. 46 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 47 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 48 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 49 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 50 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 51 ARY FIRST OF THE SUCCEEDING YEAR. 52 S 18. The retirement and social security law is amended by adding a 53 new section 17-i to read as follows: 54 S 17-I. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 55 EMPLOYERS FOR THE TWO THOUSAND FOURTEEN--TWO THOUSAND FIFTEEN FISCAL 56 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT A. 9037 25 1 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 2 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND THIRTEEN, ON THE BASIS OF 3 THE ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMP- 4 TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM 5 LIFE INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR 6 FISCAL YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT 7 INCENTIVES OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS 8 PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A 9 PARTICIPATING EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTI- 10 CLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 11 THIRTEEN. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS THIRTEEN AND 12 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 13 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN SHALL BE THE 14 "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE 15 FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED 16 RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE 17 APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION 18 OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE 19 FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, 20 WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO 21 THOUSAND SIXTEEN. 22 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 23 ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 24 FIRST, TWO THOUSAND THIRTEEN WHICH SHALL BE DETERMINED BY THE COMP- 25 TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER: 26 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED 27 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 28 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 29 PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 30 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 31 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-H OF 32 THIS TITLE, IF APPLICABLE; AND 33 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 34 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 35 THIS TITLE, IF APPLICABLE; AND 36 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 38 THIS TITLE, IF APPLICABLE; AND 39 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 40 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 41 THIS TITLE, IF APPLICABLE. 42 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 43 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND SIXTEEN AN 44 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS 45 TOGETHER: 46 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SIXTEEN BILL, CALCULATED 47 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 48 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 49 PURSUANT TO SECTION SEVENTEEN-J OF THIS TITLE, IF APPLICABLE; AND 50 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 51 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 52 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 53 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-H OF 54 THIS TITLE, IF APPLICABLE; AND A. 9037 26 1 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 3 THIS TITLE, IF APPLICABLE; AND 4 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 5 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 6 THIS TITLE, IF APPLICABLE; AND 7 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 8 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 9 THIS TITLE, IF APPLICABLE. 10 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 11 SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G AND 12 SEVENTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND 13 PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE AMORTI- 14 ZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE 15 PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTI- 16 ZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOW- 17 ING: 18 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FIFTEEN IN ADDITION 19 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 20 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN- 21 TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G 22 AND SEVENTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMP- 23 TROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE 24 AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRU- 25 ARY FIRST, TWO THOUSAND SIXTEEN. 26 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 27 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 28 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 29 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 30 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 31 ARY FIRST OF THE SUCCEEDING YEAR. 32 S 19. The retirement and social security law is amended by adding a 33 new section 17-j to read as follows: 34 S 17-J. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 35 EMPLOYERS FOR THE TWO THOUSAND FIFTEEN--TWO THOUSAND SIXTEEN FISCAL 36 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO 37 PERMIT AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, 38 THEN, ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND FOURTEEN, ON THE BASIS 39 OF THE ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE 40 COMPTROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP 41 TERM LIFE INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR 42 FISCAL YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT 43 INCENTIVES OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS 44 PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A 45 PARTICIPATING EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTI- 46 CLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 47 FOURTEEN. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS FOURTEEN AND 48 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 49 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN SHALL BE THE 50 "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE 51 FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED 52 RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE 53 APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION 54 OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE 55 FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, A. 9037 27 1 WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO 2 THOUSAND SEVENTEEN. 3 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 4 ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 5 FIRST, TWO THOUSAND FOURTEEN WHICH SHALL BE DETERMINED BY THE COMP- 6 TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER: 7 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED 8 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 9 THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 10 PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 11 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 12 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-I OF 13 THIS TITLE, IF APPLICABLE; AND 14 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 15 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-H OF 16 THIS TITLE, IF APPLICABLE; AND 17 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 18 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 19 THIS TITLE, IF APPLICABLE; AND 20 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 22 THIS TITLE, IF APPLICABLE; AND 23 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 24 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 25 THIS TITLE, IF APPLICABLE. 26 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 27 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND SEVENTEEN AN 28 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SEVEN 29 AMOUNTS TOGETHER: 30 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SEVENTEEN BILL, CALCULATED 31 PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO 32 THIS SECTION); AND 33 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 34 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 35 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 36 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-I OF 37 THIS TITLE, IF APPLICABLE; AND 38 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 39 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-H OF 40 THIS TITLE, IF APPLICABLE; AND 41 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 42 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF 43 THIS TITLE, IF APPLICABLE; AND 44 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 45 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF 46 THIS TITLE, IF APPLICABLE; AND 47 (7) THE SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 48 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF 49 THIS TITLE, IF APPLICABLE. 50 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS SEVENTEEN-B, 51 SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G, SEVEN- 52 TEEN-H AND SEVENTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL 53 BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE 54 AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT 55 THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR A. 9037 28 1 AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE 2 FOLLOWING: 3 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND SIXTEEN IN ADDITION 4 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 5 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN- 6 TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G, 7 SEVENTEEN-H AND SEVENTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION, 8 THE COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL 9 AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 10 AMOUNT BY FEBRUARY FIRST, TWO THOUSAND SEVENTEEN. 11 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 12 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 13 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 14 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 15 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 16 ARY FIRST OF THE SUCCEEDING YEAR. 17 S 20. The retirement and social security law is amended by adding a 18 new section 317-e to read as follows: 19 S 317-E. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 20 EMPLOYERS FOR THE TWO THOUSAND TEN--TWO THOUSAND ELEVEN FISCAL YEAR. A. 21 IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTI- 22 ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR 23 ABOUT OCTOBER FIFTEENTH, TWO THOUSAND NINE, ON THE BASIS OF THE ANNUAL 24 ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 25 DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR- 26 ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' 27 OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY 28 OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON 29 AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPATING 30 EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTI- 31 CLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 32 ELEVEN. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS SEVENTEEN AND 33 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 34 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN SHALL BE THE "AMOUNT 35 ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR 36 AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 37 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 38 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 39 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED 40 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 41 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND 42 TWELVE. 43 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 44 ARY FIRST, TWO THOUSAND ELEVEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 45 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 46 EQUALING THE FOLLOWING AMOUNTS, 47 THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED PURSU- 48 ANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT 49 REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 50 DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 51 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 52 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND TWELVE AN 53 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO AMOUNTS 54 TOGETHER: 55 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED 56 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- A. 9037 29 1 OUT REFERENCE TO THIS SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 3 SEVENTEEN-F OF THIS TITLE; AND 4 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 5 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION. 6 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 7 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, AND THREE HUNDRED SEVENTEEN-D OF 8 THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON 9 FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. 10 THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF 11 THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETER- 12 MINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 13 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND ELEVEN IN ADDITION 14 TO THE THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT 15 OF THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS 16 THREE HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, AND THREE HUNDRED 17 SEVENTEEN-D OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER 18 SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE 19 AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY 20 FIRST, TWO THOUSAND TWELVE. 21 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 22 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 23 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 24 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 25 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 26 ARY FIRST OF THE SUCCEEDING YEAR. 27 S 21. The retirement and social security law is amended by adding a 28 new section 317-f to read as follows: 29 S 317-F. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 30 EMPLOYERS FOR THE TWO THOUSAND ELEVEN--TWO THOUSAND TWELVE FISCAL YEAR. 31 A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR- 32 TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR 33 ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TEN, ON THE BASIS OF THE ANNUAL 34 ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL 35 DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR- 36 ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' 37 OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY 38 OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON 39 AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPATING 40 EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTI- 41 CLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 42 TWELVE. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS EIGHTEEN AND ONE- 43 HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 44 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE SHALL BE THE "AMOUNT 45 ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR 46 AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF 47 INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO 48 THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL 49 EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED 50 RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH 51 THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND 52 THIRTEEN. 53 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 54 ARY FIRST, TWO THOUSAND TWELVE BILL, PAY A LESSER AMOUNT ON FEBRUARY 55 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 56 BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER: A. 9037 30 1 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED 2 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 3 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 4 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 5 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 6 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 7 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 8 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 9 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND THIRTEEN AN 10 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING THREE 11 AMOUNTS TOGETHER: 12 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED 13 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 14 OUT REFERENCE TO THIS SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 15 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 16 SEVENTEEN-G OF THIS TITLE; AND 17 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 18 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 19 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 20 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 21 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 22 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 23 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, AND 24 THREE HUNDRED SEVENTEEN-E OF THIS TITLE, AND PURSUANT TO THIS SECTION 25 SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING THE 26 APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORI- 27 TY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT 28 ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS 29 SUBJECT TO THE FOLLOWING: 30 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND TWELVE IN ADDITION 31 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 32 AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE 33 HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVEN- 34 TEEN-D, AND THREE HUNDRED SEVENTEEN-E OF THIS TITLE AND PURSUANT TO THIS 35 SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE 36 TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID 37 AMOUNT BY FEBRUARY FIRST, TWO THOUSAND THIRTEEN. 38 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 39 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 40 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 41 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 42 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 43 ARY FIRST OF THE SUCCEEDING YEAR. 44 S 22. The retirement and social security law is amended by adding a 45 new section 317-g to read as follows: 46 S 317-G. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 47 EMPLOYERS FOR THE TWO THOUSAND TWELVE--TWO THOUSAND THIRTEEN FISCAL 48 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 49 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 50 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND ELEVEN, ON THE BASIS OF THE 51 ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER 52 SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 53 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 54 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 55 OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO 56 PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPAT- A. 9037 31 1 ING EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS 2 ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 3 TWELVE. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS NINETEEN AND ONE- 4 HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 5 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN SHALL BE THE 6 "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE 7 FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED 8 RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE 9 APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION 10 OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE 11 FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, 12 WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO 13 THOUSAND FOURTEEN. 14 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 15 ARY FIRST, TWO THOUSAND THIRTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 16 FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER 17 BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER: 18 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED 19 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 20 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 21 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 22 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 23 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 24 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 25 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 26 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 27 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 28 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 29 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN AN 30 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FOUR 31 AMOUNTS TOGETHER: 32 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED 33 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 34 OUT REFERENCE TO THIS SECTION); AND 35 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 36 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 37 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 38 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 39 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 40 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 41 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 42 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 43 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 44 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE 45 HUNDRED SEVENTEEN-E, AND THREE HUNDRED SEVENTEEN-F OF THIS TITLE AND 46 PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF 47 EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER 48 SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING 49 BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO 50 ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 51 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND THIRTEEN IN ADDITION 52 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 53 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE 54 HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVEN- 55 TEEN-D, THREE HUNDRED SEVENTEEN-E, AND THREE HUNDRED SEVENTEEN-F OF THIS 56 TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE A. 9037 32 1 PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO 2 ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOU- 3 SAND FOURTEEN. 4 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 5 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 6 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 7 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 8 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 9 ARY FIRST OF THE SUCCEEDING YEAR. 10 S 23. The retirement and social security law is amended by adding a 11 new section 317-h to read as follows: 12 S 317-H. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 13 EMPLOYERS FOR THE TWO THOUSAND THIRTEEN--TWO THOUSAND FOURTEEN FISCAL 14 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 15 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 16 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TWELVE, ON THE BASIS OF THE 17 ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER 18 SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE 19 INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL 20 YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES 21 OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO 22 PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A PARTICIPAT- 23 ING EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS 24 ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND 25 TWELVE. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWENTY AND 26 ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL 27 YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN SHALL BE THE 28 "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE 29 FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED 30 RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE 31 APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION 32 OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE 33 FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, 34 WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO 35 THOUSAND FIFTEEN. 36 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 37 ARY FIRST, TWO THOUSAND FOURTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 38 FIRST, TWO THOUSAND TWELVE WHICH SHALL BE DETERMINED BY THE COMPTROLLER 39 BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER: 40 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED 41 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 42 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 43 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 44 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 45 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 46 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 47 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 48 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 49 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 50 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 51 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 52 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 53 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 54 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN AN 55 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING FIVE 56 AMOUNTS TOGETHER: A. 9037 33 1 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FIFTEEN BILL, CALCULATED 2 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 3 OUT REFERENCE TO THIS SECTION, LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 4 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SEVENTEEN-I OF THIS 5 TITLE, IF APPLICABLE; AND 6 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 7 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 8 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 9 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 10 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 11 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 12 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 13 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 14 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 15 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 16 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 17 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 18 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE 19 HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F AND THREE HUNDRED SEVEN- 20 TEEN-G OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYA- 21 BLE ON FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE AMORTIZATION 22 PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAY- 23 MENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" 24 DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 25 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FOURTEEN IN ADDITION 26 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 27 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE 28 HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVEN- 29 TEEN-D, THREE HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F AND THREE 30 HUNDRED SEVENTEEN-G OF THIS TITLE AND PURSUANT TO THIS SECTION, THE 31 COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT 32 DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY 33 FEBRUARY FIRST, TWO THOUSAND FIFTEEN. 34 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 35 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 36 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 37 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 38 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 39 ARY FIRST OF THE SUCCEEDING YEAR. 40 S 24. The retirement and social security law is amended by adding a 41 new section 317-i to read as follows: 42 S 317-I. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 43 EMPLOYERS FOR THE TWO THOUSAND FOURTEEN--TWO THOUSAND FIFTEEN FISCAL 44 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 45 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 46 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND THIRTEEN, ON THE BASIS OF 47 THE ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMP- 48 TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM 49 LIFE INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR 50 FISCAL YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT 51 INCENTIVES OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS 52 PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A 53 PARTICIPATING EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A 54 OF THIS ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 55 THOUSAND THIRTEEN. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWEN- 56 TY-ONE AND ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR A. 9037 34 1 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN SHALL BE 2 THE "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT 3 ELIGIBLE FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A 4 FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO 5 BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTI- 6 ZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON 7 TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE 8 ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, 9 TWO THOUSAND SIXTEEN. 10 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 11 ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 12 FIRST, TWO THOUSAND THIRTEEN WHICH SHALL BE DETERMINED BY THE COMP- 13 TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER: 14 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED 15 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 16 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 17 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 18 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 19 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 20 SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND 21 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 22 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 23 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 24 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 25 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 26 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 27 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 28 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 29 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 30 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 31 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND SIXTEEN AN 32 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS 33 TOGETHER: 34 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SIXTEEN BILL, CALCULATED 35 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 36 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 37 ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SEVENTEEN-J OF THIS 38 TITLE, IF APPLICABLE; AND 39 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 40 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 41 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 42 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 43 SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND 44 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 45 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 46 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 47 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 48 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 49 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 50 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 51 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 52 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 53 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 54 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE 55 HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F, THREE HUNDRED SEVEN- 56 TEEN-G AND THREE HUNDRED SEVENTEEN-H OF THIS TITLE AND PURSUANT TO THIS A. 9037 35 1 SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING 2 THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE 3 AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE 4 "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH 5 SECTIONS SUBJECT TO THE FOLLOWING: 6 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FIFTEEN IN ADDITION 7 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 8 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE 9 HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVEN- 10 TEEN-D, THREE HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F, THREE 11 HUNDRED SEVENTEEN-G AND THREE HUNDRED SEVENTEEN-H OF THIS TITLE AND 12 PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING 13 EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT 14 IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOUSAND SIXTEEN. 15 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 16 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 17 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 18 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 19 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 20 ARY FIRST OF THE SUCCEEDING YEAR. 21 S 25. The retirement and social security law is amended by adding a 22 new section 317-j to read as follows: 23 S 317-J. AMORTIZATION OF A PORTION OF THE BILLS FOR PARTICIPATING 24 EMPLOYERS FOR THE TWO THOUSAND FIFTEEN--TWO THOUSAND SIXTEEN FISCAL 25 YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT 26 AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, 27 ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND FOURTEEN, ON THE BASIS OF 28 THE ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMP- 29 TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM 30 LIFE INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR 31 FISCAL YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT 32 INCENTIVES OR ANY OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS 33 PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A 34 PARTICIPATING EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A 35 OF THIS ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO 36 THOUSAND THIRTEEN. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWEN- 37 TY-TWO AND ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR 38 THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN SHALL BE 39 THE "AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT 40 ELIGIBLE FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A 41 FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO 42 BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTI- 43 ZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON 44 TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE 45 ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, 46 TWO THOUSAND SEVENTEEN. 47 B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU- 48 ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY 49 FIRST, TWO THOUSAND FOURTEEN WHICH SHALL BE DETERMINED BY THE COMP- 50 TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER: 51 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED 52 PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 53 OUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI- 54 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION); AND A. 9037 36 1 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 2 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 3 SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND 4 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 5 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 6 SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND 7 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 8 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 9 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 10 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 11 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 12 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 13 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 14 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 15 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 16 C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B 17 OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND SEVENTEEN AN 18 AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SEVEN 19 AMOUNTS TOGETHER: 20 (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SEVENTEEN BILL, CALCULATED 21 PURSUANT TO SECTIONS THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH- 22 OUT REFERENCE TO THIS SECTION); AND 23 (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 24 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND 25 (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 26 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 27 SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND 28 (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 29 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 30 SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND 31 (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 32 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 33 SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND 34 (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 35 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 36 SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND 37 (7) THE SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI- 38 ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION THREE HUNDRED 39 SEVENTEEN-E OF THIS TITLE, IF APPLICABLE. 40 D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS THREE HUNDRED 41 SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE 42 HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F, THREE HUNDRED SEVEN- 43 TEEN-G, THREE HUNDRED SEVENTEEN-H AND THREE HUNDRED SEVENTEEN-I OF THIS 44 TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY 45 FIRST OF EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMP- 46 TROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE 47 REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED 48 PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING: 49 (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND SIXTEEN IN ADDITION 50 TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF 51 THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE 52 HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVEN- 53 TEEN-D, THREE HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F, THREE 54 HUNDRED SEVENTEEN-G, THREE HUNDRED SEVENTEEN-H AND THREE HUNDRED SEVEN- 55 TEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL 56 ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHOR- A. 9037 37 1 IZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO 2 THOUSAND SEVENTEEN. 3 (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO 4 THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE 5 ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC- 6 IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED 7 TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU- 8 ARY FIRST OF THE SUCCEEDING YEAR. 9 S 26. Paragraph 2 of subdivision b of section 323-a of the retirement 10 and social security law, as added by section 2 of part A of chapter 49 11 of the laws of 2003, is amended to read as follows: 12 2. requiring a minimum annual contribution from the state and every 13 participating employer (exclusive of payments for group term life insur- 14 ance, deficiency payments, adjustments relating to prior fiscal years' 15 obligations and obligations pertaining to retirement incentives or any 16 other obligations that the state or participating employer is permitted 17 to pay on an amortized basis) equal to [four] FIVE and one-half percent 18 of pensionable salaries. Effective immediately upon implementation by 19 the comptroller of the comprehensive structural reform program set forth 20 in this section, and in all subsequent years, participating employers 21 shall pay either the required annual contribution determined under the 22 revised schedule pertaining to the valuation, billing and payment of 23 contributions pursuant to paragraph one of this subdivision, or the 24 required minimum annual contribution of four and one-half percent of 25 pensionable salaries, whichever is greater; and 26 S 27. Severability clause. If any clause, sentence, paragraph, subdi- 27 vision, section or part of this act shall be adjudged by any court of 28 competent jurisdiction to be invalid, such judgment shall not affect, 29 impair, or invalidate the remainder thereof, but shall be confined in 30 its operation to the clause, sentence, paragraph, subdivision, section 31 or part thereof directly involved in the controversy in which such judg- 32 ment shall have been rendered. It is hereby declared to be the intent of 33 the legislature that this act would have been enacted even if such 34 invalid provisions had not been included herein. 35 S 28. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend the Retirement and Social Security Law as it pertains to employer bills of the New York State and Local Employees' Retirement System (ERS) and the New York State and Local Police and Fire Retirement System (PFRS). This bill puts in place a 6 year program that allows ERS and PFRS employers, if they choose to participate, to amortize a portion of their bill with their respective Retirement System when employer contributions rates rise above certain levels. In ERS these levels are 9.5% for 2010/11 bills, 10.5% for 2011/12 bills, 11.5% for 2012/13 bills, 12.5% for 2013/14 bills, 13.5% for 2014/15 bills, and 14.5% for 2015/16 bills. In PFRS these levels are 17.5% for 2010/11 bills, 18.5% for 2011/12 bills, 19.5% for 2012/13 bills, 20.5% for 2013/14 bills, 21.5% for 2014/15 bills, and 22.5% for 2015/16 bills. The amortization is over a period of 10 years at a rate if interest determined by the Comptroller (which approximates a market rate of return on taxable fixed rate secu- rities with similar terms issued by comparable issuers), with the first of the ten equal annual payments payable one year following the respec- tive billing date. Further, this bill increases the current minimum contribution to the System from 4.5% of payroll to 5.5% of payroll for all future years. A. 9037 38 Over the long term, this provision will act to reduce the contribution rate volatility and enhance the long term fiscal health of the System. If this bill is enacted, we estimate that there would be a small administrative cost to the System to revise the current billing proc- esses. This estimate, dated June 20, 2009, and intended for use only during the 2009 Legislative Session, is Fiscal Note No. 2009-277, prepared by the Actuary for the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.