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:

  Section 1. The retirement and social security law is amended by adding
a new section 16-e to read as follows:
  S 16-E. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. A.  IF THE
COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE  BASIS  OF
THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND NINE
AS  PROVIDED  FOR  IN  THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE THE
AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE,  DEFICIENCY
PAYMENTS, ADJUSTMENTS RELATING TO PRIOR TO FISCAL YEARS' OBLIGATIONS AND
OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLIGATIONS
THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) REQUIRED TO BE
PAID  PURSUANT  TO SECTION TWENTY-THREE-A OF THIS ARTICLE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT BY WHICH
THE CONTRIBUTION AMOUNT WITH RESPECT TO THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND ELEVEN EXCEEDS NINE AND ONE-HALF PERCENT OF
THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  ELEVEN  SHALL  BE THE "AMOUNT ELIGIBLE FOR
AMORTIZATION." THE "AMOUNT ELIGIBLE FOR AMORTIZATION" MAY  BE  AMORTIZED
OVER  A  TEN-YEAR  PERIOD  AT  A  FIXED RATE OF INTEREST PER ANNUM TO BE
DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE
AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A
MARKET RATE OF RETURN ON TAXABLE  FIXED  RATE  SECURITIES  WITH  SIMILAR
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

PAYABLE  DURING  THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND
TWELVE.
  B.  THE  STATE  MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN, PAY A LESSER AMOUNT DURING  THE
FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN WHICH SHALL
BE DETERMINED BY THE COMPTROLLER TO EQUAL THE FOLLOWING AMOUNT:
  THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST,  TWO
THOUSAND  ELEVEN,  CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF THIS
ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS  THE  "AMOUNT  ELIGIBLE
FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  TWELVE  AN  AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION TWEN-
TY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION), LESS THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO  SECTION
SIXTEEN-F OF THIS TITLE, IF APPLICABLE, AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  D. THE REMAINING AMORTIZED PAYMENTS  DETERMINED  PURSUANT  TO  SECTION
SIXTEEN-C AND SIXTEEN-D OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL
BE  DUE  AND  PAYABLE  EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE
AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO  PERMIT
THE  PRE-PAYMENT  OF  THE  REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR
AMORTIZATION," DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO  THE
FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND TEN, IN ADDITION TO ADVIS-
ING  WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR
THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT  TO
SECTIONS  SIXTEEN-C  AND  SIXTEEN-D  OF  THIS TITLE AND PURSUANT TO THIS
SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT  DUE
AND  BE  AUTHORIZED  TO  ACCEPT  PRE-PAYMENT  IN FULL OF SAID AMOUNT FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIODS,  IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL AMORTIZED  INSTALLMENTS,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 2. The retirement and social security law is amended by adding a new
section 16-f to read as follows:
  S 16-F. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE.  A.  IF  THE
COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER  CONTRIBUTIONS  PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION MADE AS OF APRIL FIRST, TWO THOUSAND  TEN
AS  PROVIDED  FOR  IN  THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE THE
AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSURANCE,  DEFICIENCY
PAYMENTS,  ADJUSTMENTS  RELATING  TO PRIOR FISCAL YEARS' OBLIGATIONS AND
OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLIGATIONS
THAT THE STATE IS PERMITTED TO PAY ON AN AMORTIZED BASIS) REQUIRED TO BE
PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE FOR  THE  FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT BY WHICH
THE  CONTRIBUTION  AMOUNT  WITH  RESPECT TO THE FISCAL YEAR ENDING MARCH

A. 9037                             3

THIRTY-FIRST, TWO THOUSAND TWELVE EXCEEDS TEN AND  ONE-HALF  PERCENT  OF
THE  ESTIMATED  PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND TWELVE SHALL  BE  THE  "AMOUNT  ELIGIBLE  FOR
AMORTIZATION."  THE  "AMOUNT ELIGIBLE FOR AMORTIZATION" MAY BE AMORTIZED
OVER A TEN-YEAR PERIOD AT A FIXED RATE  OF  INTEREST  PER  ANNUM  TO  BE
DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE
AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A
MARKET  RATE  OF  RETURN  ON  TAXABLE FIXED RATE SECURITIES WITH SIMILAR
TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS
PAYABLE DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND
THIRTEEN.
  B.  THE  STATE  MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND TWELVE, PAY A LESSER AMOUNT DURING  THE
FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE WHICH SHALL
BE DETERMINED BY THE COMPTROLLER BY ADDING  THE  FOLLOWING  TWO  AMOUNTS
TOGETHER:
  (1)  THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST,
TWO THOUSAND TWELVE, CALCULATED PURSUANT TO  SECTION  TWENTY-THREE-A  OF
THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI-
BLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF THIS
SECTION; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-E OF
THIS TITLE, IF APPLICABLE.
  C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR  IN  SUBDIVISION  B  OF
THIS  SECTION,  THE  STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND THIRTEEN AN AMOUNT DETERMINED  BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND  THIRTEEN,  CALCULATED  PURSUANT  TO  SECTION
TWENTY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED  PURSUANT  TO  SECTION
SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE,
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-E OF
THIS TITLE, IF APPLICABLE.
  D. THE REMAINING AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS
SIXTEEN-C,  SIXTEEN-D,  AND SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS
SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING  THE
APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY
TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGI-
BLE FOR AMORTIZATION," DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT
TO THE FOLLOWING:
  (1)  ON  OR  BEFORE  AUGUST FIRST, TWO THOUSAND ELEVEN, IN ADDITION TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO SECTIONS SIXTEEN-C, SIXTEEN-D, AND SIXTEEN-E OF THIS TITLE AND PURSU-
ANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL
AMOUNT DUE AND BE AUTHORIZED TO  ACCEPT  PRE-PAYMENT  IN  FULL  OF  SAID
AMOUNT FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE.
  (2)  ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION
PERIODS, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING  AND
FOR  THE  PAYMENT  OF THE ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER
SHALL ADVISE THE STATE OF THE TOTAL  AMOUNT  STILL  OUTSTANDING  AND  BE

A. 9037                             4

AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 3. The retirement and social security law is amended by adding a new
section 16-g to read as follows:
  S 16-G. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN.  A. IF THE
COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER  CONTRIBUTIONS  PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION MADE AS  OF  APRIL  FIRST,  TWO  THOUSAND
ELEVEN  AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE
THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE  INSURANCE,  DEFI-
CIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLIGATIONS
AND  OBLIGATIONS  PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLI-
GATIONS THAT THE STATE IS  PERMITTED  TO  PAY  ON  AN  AMORTIZED  BASIS)
REQUIRED  TO  BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE
FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  THIRTEEN.
THE  AMOUNT  BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN EXCEEDS ELEVEN AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  THIRTEEN  SHALL  BE  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION."  THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" MAY BE AMORTIZED OVER A TEN-YEAR  PERIOD  AT  A  FIXED  RATE  OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED
RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST  OF  TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN.
  B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR  FISCAL  YEAR  ENDING
MARCH  THIRTY-FIRST,  TWO  THOUSAND THIRTEEN, PAY A LESSER AMOUNT DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND  THIRTEEN  WHICH
SHALL  BE  DETERMINED  BY  THE  COMPTROLLER  BY ADDING THE FOLLOWING TWO
AMOUNTS TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND THIRTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF
THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI-
BLE FOR AMORTIZATION" DETERMINED  PURSUANT  TO  SUBDIVISION  A  OF  THIS
SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN,  CALCULATED  PURSUANT TO SECTION
TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION),
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE, AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-E  OF
THIS TITLE, IF APPLICABLE.

A. 9037                             5

  D.  THE  REMAINING  AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, AND SIXTEEN-F OF THIS TITLE AND  PURSU-
ANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR
DURING  THE  APPLICABLE  AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE
THE  AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE
"AMOUNT ELIGIBLE FOR AMORTIZATION," DETERMINED  PURSUANT  TO  BOTH  SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON  OR  BEFORE  AUGUST FIRST, TWO THOUSAND TWELVE, IN ADDITION TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO SECTION SIXTEEN-C, SIXTEEN-D, SIXTEEN-E AND SIXTEEN-F OF  THIS  TITLE
AND  PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF
THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL  OF
SAID  AMOUNT  FOR  FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND
THIRTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIODS,  IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL AMORTIZED  INSTALLMENTS,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 4. The retirement and social security law is amended by adding a new
section 16-h to read as follows:
  S 16-H. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. A. IF  THE
COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER  CONTRIBUTIONS  PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION MADE AS  OF  APRIL  FIRST,  TWO  THOUSAND
TWELVE  AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETERMINE
THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE  INSURANCE,  DEFI-
CIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLIGATIONS
AND  OBLIGATIONS  PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER OBLI-
GATIONS THAT THE STATE IS  PERMITTED  TO  PAY  ON  AN  AMORTIZED  BASIS)
REQUIRED  TO  BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE
FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN.
THE  AMOUNT  BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN EXCEEDS TWELVE AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN  SHALL  BE  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION."  THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" MAY BE AMORTIZED OVER A TEN-YEAR  PERIOD  AT  A  FIXED  RATE  OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED
RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST  OF  TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR  FISCAL  YEAR  ENDING
MARCH  THIRTY-FIRST,  TWO  THOUSAND FOURTEEN, PAY A LESSER AMOUNT DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND  FOURTEEN  WHICH
SHALL  BE  DETERMINED  BY  THE  COMPTROLLER BY ADDING THE FOLLOWING FOUR
AMOUNTS TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF
THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI-

A. 9037                             6

BLE FOR AMORTIZATION" DETERMINED  PURSUANT  TO  SUBDIVISION  A  OF  THIS
SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FIFTEEN  AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND FIFTEEN, CALCULATED PURSUANT TO SECTION TWEN-
TY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO  SECTION
SIXTEEN-I OF THIS TITLE, IF APPLICABLE,
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-G OF
THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-F OF
THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-E OF
THIS TITLE, IF APPLICABLE.
  D. THE REMAINING AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS
SIXTEEN-C,  SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, AND SIXTEEN-G OF THIS TITLE
AND PURSUANT TO THIS SECTION SHALL BE DUE AND  PAYABLE  EACH  SUBSEQUENT
FISCAL  YEAR  DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER
SHALL HAVE THE AUTHORITY TO PERMIT  THE  PRE-PAYMENT  OF  THE  REMAINING
BALANCE  OF  THE "AMOUNT ELIGIBLE FOR AMORTIZATION," DETERMINED PURSUANT
TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND THIRTEEN, IN  ADDITION  TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO SECTIONS SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, AND SIXTEEN-G OF
THIS  TITLE  AND  PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE
THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO  ACCEPT  PRE-PAY-
MENT  IN  FULL OF SAID AMOUNT FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST,
TWO THOUSAND FOURTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIODS,  IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL AMORTIZED  INSTALLMENTS,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 5. The retirement and social security law is amended by adding a new
section 16-i to read as follows:
  S 16-I. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. A.  IF  THE

A. 9037                             7

COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER  CONTRIBUTIONS  PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION MADE AS  OF  APRIL  FIRST,  TWO  THOUSAND
THIRTEEN  AS  PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETER-
MINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP  TERM  LIFE  INSURANCE,
DEFICIENCY  PAYMENTS,  ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLI-
GATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER
OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON  AN  AMORTIZED  BASIS)
REQUIRED  TO  BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE
FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE
AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL  YEAR
ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND FIFTEEN EXCEEDS THIRTEEN AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH  THIRTY-FIRST,  TWO  THOUSAND  FIFTEEN  SHALL  BE  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION."  THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" MAY BE AMORTIZED OVER A TEN-YEAR  PERIOD  AT  A  FIXED  RATE  OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED
RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST  OF  TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN.
  B. THE STATE MAY, IN LIEU OF PAYING ITS BILL FOR  FISCAL  YEAR  ENDING
MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN, PAY A LESSER AMOUNT DURING THE
FISCAL  YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN WHICH SHALL
BE DETERMINED BY THE COMPTROLLER BY ADDING THE  FOLLOWING  FIVE  AMOUNTS
TOGETHER:
  (1)  THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST,
TWO THOUSAND FOURTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A  OF
THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI-
BLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF THIS
SECTION; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-H OF
THIS TITLE, IF APPLICABLE; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-G OF
THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-F OF
THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-E OF
THIS TITLE, IF APPLICABLE.
  C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR  IN  SUBDIVISION  B  OF
THIS  SECTION,  THE  STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND SIXTEEN AN AMOUNT  DETERMINED  BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER:
  (1)  THE  STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY-
FIRST,  TWO   THOUSAND   SIXTEEN,   CALCULATED   PURSUANT   TO   SECTION
TWENTY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED  PURSUANT  TO  SECTION
SIXTEEN-J OF THIS TITLE, IF APPLICABLE,
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND

A. 9037                             8

  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO  SUBDIVISION A OF SECTION SIXTEEN-H OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.    THE REMAINING AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
SIXTEEN-C, SIXTEEN-D, SIXTEEN-E, SIXTEEN-F, SIXTEEN-G, AND SIXTEEN-H  OF
THIS  TITLE  AND  PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH
SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE  AMORTIZATION  PERIOD.  THE
COMPTROLLER  SHALL  HAVE  THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE
REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION,"  DETERMINED
PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON  OR BEFORE AUGUST FIRST, TWO THOUSAND FOURTEEN, IN ADDITION TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO SECTIONS SIXTEEN-C, SIXTEEN-D, SIXTEEN-E,  SIXTEEN-F,  SIXTEEN-G  AND
SIXTEEN-H  OF  THIS  TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER
SHALL ADVISE THE STATE OF THE TOTAL AMOUNT  DUE  AND  BE  AUTHORIZED  TO
ACCEPT  PRE-PAYMENT  IN FULL OF SAID AMOUNT FOR FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIODS,  IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL AMORTIZED  INSTALLMENTS,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 6. The retirement and social security law is amended by adding a new
section 16-j to read as follows:
  S 16-J. AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILL FOR
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN. A.  IF  THE
COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMORTIZATION OF
EMPLOYER  CONTRIBUTIONS  PURSUANT TO THIS SECTION, THEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION MADE AS  OF  APRIL  FIRST,  TWO  THOUSAND
FOURTEEN  AS  PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL DETER-
MINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP  TERM  LIFE  INSURANCE,
DEFICIENCY  PAYMENTS,  ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS' OBLI-
GATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY OTHER
OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON  AN  AMORTIZED  BASIS)
REQUIRED  TO  BE PAID PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE
FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE
AMOUNT BY WHICH THE CONTRIBUTION AMOUNT WITH RESPECT TO THE FISCAL  YEAR
ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND SIXTEEN EXCEEDS FOURTEEN AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH  THIRTY-FIRST,  TWO  THOUSAND  SIXTEEN  SHALL  BE  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION."  THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" MAY BE AMORTIZED OVER A TEN-YEAR  PERIOD  AT  A  FIXED  RATE  OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED

A. 9037                             9

RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST  OF  TEN EQUAL PAYMENTS PAYABLE DURING THE FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND SEVENTEEN.
  B.  THE  STATE  MAY, IN LIEU OF PAYING ITS BILL FOR FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN, PAY A LESSER AMOUNT DURING THE
FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN WHICH  SHALL
BE  DETERMINED  BY  THE  COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS
TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND  FIFTEEN, CALCULATED PURSUANT TO SECTION TWENTY-THREE-A OF
THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGI-
BLE FOR AMORTIZATION" DETERMINED  PURSUANT  TO  SUBDIVISION  A  OF  THIS
SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-I  OF
THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-H  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND SEVENTEEN AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING SEVEN AMOUNTS TOGETHER:
  (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING  MARCH  THIRTY-
FIRST,   TWO   THOUSAND   SIXTEEN,   CALCULATED   PURSUANT   TO  SECTION
TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION);
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-I  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-H  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (7)  THE  SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A  OF  SECTION  SIXTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.  THE  REMAINING  AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
SIXTEEN-C, SIXTEEN-D, SIXTEEN-E,  SIXTEEN-F,  SIXTEEN-G,  SIXTEEN-H  AND
SIXTEEN-I  OF  THIS  TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND
PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE  APPLICABLE  AMORTIZATION

A. 9037                            10

PERIOD.  THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAY-
MENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION,"
DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON  OR  BEFORE AUGUST FIRST, TWO THOUSAND FIFTEEN, IN ADDITION TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO  SECTIONS  SIXTEEN-C,  SIXTEEN-D,  SIXTEEN-E,  SIXTEEN-F,  SIXTEEN-G,
SIXTEEN-H  AND SIXTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION, THE
COMPTROLLER SHALL ADVISE THE STATE  OF  THE  TOTAL  AMOUNT  DUE  AND  BE
AUTHORIZED  TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIODS,  IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL AMORTIZED  INSTALLMENTS,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 7. Paragraph 2 of subdivision b of section 23-a  of  the  retirement
and  social  security law, as added by section 1 of part A of chapter 49
of the laws of 2003, is amended to read as follows:
  2. requiring a minimum annual contribution from the  state  and  every
participating employer (exclusive of payments for group term life insur-
ance,  deficiency  payments, adjustments relating to prior fiscal years'
obligations and obligations pertaining to retirement incentives  or  any
other  obligations that the state or participating employer is permitted
to pay on an amortized basis) equal to [four] FIVE and one-half  percent
of  pensionable  salaries.  Effective immediately upon implementation by
the comptroller of the comprehensive structural reform program set forth
in this section, and in all subsequent  years,  participating  employers
shall  pay  either the required annual contribution determined under the
revised schedule pertaining to the valuation,  billing  and  payment  of
contributions  pursuant  to  paragraph  one  of this subdivision, or the
required minimum annual contribution of four  and  one-half  percent  of
pensionable salaries, whichever is greater; and
  S 8. The retirement and social security law is amended by adding a new
section 316-e to read as follows:
  S  316-E.  AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS
FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. A.    IF
THE  COMPTROLLER,  IN  HIS  OR HER DISCRETION, DECIDES TO PERMIT AMORTI-
ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON  THE
BASIS  OF  THE  ANNUAL  ACTUARIAL  VALUATION MADE AS OF APRIL FIRST, TWO
THOUSAND NINE AS PROVIDED FOR IN THIS  CHAPTER,  THE  COMPTROLLER  SHALL
DETERMINE  THE  ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE
INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS  RELATING  TO  PRIOR  FISCAL
YEARS'  OBLIGATIONS  AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES
OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN  AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A   OF   THIS   ARTICLE   FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT BY WHICH THE  CONTRIBUTION
AMOUNT  WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU-
SAND ELEVEN EXCEEDS SEVENTEEN AND  ONE-HALF  PERCENT  OF  THE  ESTIMATED
PENSIONABLE  SALARY  BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND ELEVEN SHALL BE THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION."  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR
PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO  BE  DETERMINED  BY  THE
COMPTROLLER  TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE

A. 9037                            11

FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET  RATE  OF
RETURN  ON  TAXABLE  FIXED  RATE SECURITIES WITH SIMILAR TERMS ISSUED BY
COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE  DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE.
  B.  THE  STATE  MAY,  IN  LIEU  OF PAYING ITS BILL FOR THE FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND  ELEVEN,  PAY  A  LESSER  AMOUNT
DURING  THE  FISCAL  YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN
WHICH SHALL BE DETERMINED BY  THE  COMPTROLLER  EQUALING  THE  FOLLOWING
AMOUNT,
  THE  ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST, TWO
THOUSAND  ELEVEN,  CALCULATED  PURSUANT   TO   SECTION   THREE   HUNDRED
TWENTY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT  TO  SUBDIVI-
SION A OF THIS SECTION.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  TWELVE  AN  AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION THREE
HUNDRED TWENTY-THREE-A  OF  THIS  ARTICLE  (WITHOUT  REFERENCE  TO  THIS
SECTION),  LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU-
ANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS TITLE, IF APPLICABLE;
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  D.  THE  REMAINING  AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
THREE HUNDRED SIXTEEN-C AND THREE HUNDRED SIXTEEN-D OF  THIS  TITLE  AND
PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL
YEAR  DURING  THE  APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL
HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO BOTH  SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON OR BEFORE AUGUST FIRST, TWO THOUSAND TEN IN ADDITION TO ADVIS-
ING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND  FOR
THE  PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT TO
SECTIONS THREE HUNDRED SIXTEEN-C AND THREE  HUNDRED  SIXTEEN-D  OF  THIS
TITLE  AND  PURSUANT  TO  THIS SECTION, THE COMPTROLLER SHALL ADVISE THE
STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN
FULL OF SAID AMOUNT FOR THE FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO
THOUSAND ELEVEN.
  (2)  ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION
PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR  BILLING  AND
FOR  THE  PAYMENT  OF  THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER
SHALL ADVISE THE STATE OF THE TOTAL  AMOUNT  STILL  OUTSTANDING  AND  BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 9. The retirement and social security law is amended by adding a new
section 316-f to read as follows:
  S  316-F.  AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS
FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. A.    IF
THE  COMPTROLLER,  IN  HIS  OR HER DISCRETION, DECIDES TO PERMIT AMORTI-
ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON  THE
BASIS  OF  THE  ANNUAL  ACTUARIAL  VALUATION MADE AS OF APRIL FIRST, TWO
THOUSAND TEN AS PROVIDED FOR IN  THIS  CHAPTER,  THE  COMPTROLLER  SHALL
DETERMINE  THE  ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE
INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS  RELATING  TO  PRIOR  FISCAL

A. 9037                            12

YEARS'  OBLIGATIONS  AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES
OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN  AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A   OF   THIS   ARTICLE   FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT BY WHICH THE  CONTRIBUTION
AMOUNT  WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU-
SAND TWELVE EXCEEDS EIGHTEEN  AND  ONE-HALF  PERCENT  OF  THE  ESTIMATED
PENSIONABLE  SALARY  BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND TWELVE SHALL BE THE "AMOUNT ELIGIBLE FOR  AMORTIZATION."    THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR
PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO  BE  DETERMINED  BY  THE
COMPTROLLER  TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE
FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET  RATE  OF
RETURN  ON  TAXABLE  FIXED  RATE SECURITIES WITH SIMILAR TERMS ISSUED BY
COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE  DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN.
  B.  THE  STATE  MAY,  IN  LIEU  OF PAYING ITS BILL FOR THE FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND  TWELVE,  PAY  A  LESSER  AMOUNT
DURING  THE  FISCAL  YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE
WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO
AMOUNTS TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND TWELVE, CALCULATED PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS  THE
"AMOUNT  ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVISION A
OF THIS SECTION; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS
TITLE, IF APPLICABLE.
  C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR  IN  SUBDIVISION  B  OF
THIS  SECTION,  THE  STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND THIRTEEN AN AMOUNT DETERMINED  BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND  THIRTEEN,  CALCULATED  PURSUANT  TO  SECTION
THREE  HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS
SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED  PURSU-
ANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE;
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION, AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-E OF THIS ARTICLE, IF APPLICABLE.
  D. THE REMAINING AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS
THREE  HUNDRED  SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D, AND THREE HUNDRED
SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL  BE  DUE  AND
PAYABLE  EACH  SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE AMORTIZATION
PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE  PRE-PAY-
MENT  OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION"
DETERMINED PURSUANT TO BOTH SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO  THOUSAND  ELEVEN  IN  ADDITION  TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO  SECTIONS THREE HUNDRED SIXTEEN-C, THREE HUNDRED SIXTEEN-D, AND THREE
HUNDRED SIXTEEN-E OF THIS TITLE AND PURSUANT TO THIS SECTION, THE  COMP-
TROLLER SHALL ADVISE THE STATE OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED

A. 9037                            13

TO  ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR THE FISCAL YEAR ENDING
MARCH THIRTY-FIRST, TWO THOUSAND TWELVE.
  (2)  ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION
PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR  BILLING  AND
FOR  THE  PAYMENT  OF  THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER
SHALL ADVISE THE STATE OF THE TOTAL  AMOUNT  STILL  OUTSTANDING  AND  BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S  10.  The  retirement and social security law is amended by adding a
new section 316-g to read as follows:
  S 316-G. AMORTIZATION OF A PORTION OF THE STATE'S  CONTRIBUTION  BILLS
FOR  FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN. A. IF
THE COMPTROLLER, IN HIS OR HER DISCRETION,  DECIDES  TO  PERMIT  AMORTI-
ZATION  OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE
BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE  AS  OF  APRIL  FIRST,  TWO
THOUSAND  ELEVEN  AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL
DETERMINE THE ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP  TERM  LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A  OF  THIS  ARTICLE  FOR  THE   FISCAL   YEAR   ENDING   MARCH
THIRTY-FIRST,  TWO  THOUSAND  THIRTEEN. THE AMOUNT BY WHICH THE CONTRIB-
UTION AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST,  TWO
THOUSAND THIRTEEN EXCEEDS NINETEEN AND ONE-HALF PERCENT OF THE ESTIMATED
PENSIONABLE  SALARY  BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND THIRTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR  AMORTIZATION."  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR
PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO  BE  DETERMINED  BY  THE
COMPTROLLER  TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE
FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET  RATE  OF
RETURN  ON  TAXABLE  FIXED  RATE SECURITIES WITH SIMILAR TERMS ISSUED BY
COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE  DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN.
  B.  THE  STATE  MAY,  IN  LIEU  OF PAYING ITS BILL FOR THE FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN, PAY  A  LESSER  AMOUNT
DURING  THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIRTEEN
WHICH SHALL BE DETERMINED BY THE COMPTROLLER  BY  ADDING  THE  FOLLOWING
THREE AMOUNTS TOGETHER:
  (1)  THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST,
TWO THOUSAND THIRTEEN, CALCULATED  PURSUANT  TO  SECTION  THREE  HUNDRED
TWENTY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT  TO  SUBDIVI-
SION A OF THIS SECTION;
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F  OF  THIS
TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E  OF  THIS
TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN,  CALCULATED  PURSUANT TO SECTION

A. 9037                            14

THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO  THIS
SECTION);
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION;
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-F OF THIS ARTICLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. THE REMAINING AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS
THREE   HUNDRED   SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D,  THREE  HUNDRED
SIXTEEN-E, AND THREE HUNDRED SIXTEEN-F OF THIS  TITLE  AND  PURSUANT  TO
THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING
THE  APPLICABLE  AMORTIZATION  PERIOD.  THE  COMPTROLLER  SHALL HAVE THE
AUTHORITY TO PERMIT THE PRE-PAYMENT OF  THE  REMAINING  BALANCE  OF  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT TO BOTH SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO  THOUSAND  TWELVE  IN  ADDITION  TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO  SECTIONS  THREE  HUNDRED  SIXTEEN-C,  THREE HUNDRED SIXTEEN-D, THREE
HUNDRED SIXTEEN-E, AND THREE HUNDRED SIXTEEN-F OF THIS TITLE AND  PURSU-
ANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF THE TOTAL
AMOUNT  DUE  AND  BE  AUTHORIZED  TO  ACCEPT PRE-PAYMENT IN FULL OF SAID
AMOUNT FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND THIR-
TEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIOD,  IN  ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL  AMORTIZED  INSTALLMENT,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 11. The retirement and social security law is amended  by  adding  a
new section 316-h to read as follows:
  S  316-H.  AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS
FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN. A.  IF
THE  COMPTROLLER,  IN  HIS  OR HER DISCRETION, DECIDES TO PERMIT AMORTI-
ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON  THE
BASIS  OF  THE  ANNUAL  ACTUARIAL  VALUATION MADE AS OF APRIL FIRST, TWO
THOUSAND TWELVE AS PROVIDED FOR IN THIS CHAPTER, THE  COMPTROLLER  SHALL
DETERMINE  THE  ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE
INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS  RELATING  TO  PRIOR  FISCAL
YEARS'  OBLIGATIONS  AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES
OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN  AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A   OF   THIS   ARTICLE   FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND FOURTEEN. THE AMOUNT BY  WHICH  THE  CONTRIB-
UTION  AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND FOURTEEN EXCEEDS TWENTY AND ONE-HALF PERCENT OF  THE  ESTIMATED
PENSIONABLE  SALARY  BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND FOURTEEN SHALL BE THE "AMOUNT ELIGIBLE FOR  AMORTIZATION."  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR
PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO  BE  DETERMINED  BY  THE
COMPTROLLER  TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE
FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET  RATE  OF

A. 9037                            15

RETURN  ON  TAXABLE  FIXED  RATE SECURITIES WITH SIMILAR TERMS ISSUED BY
COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE  DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  B.  THE  STATE  MAY,  IN  LIEU  OF PAYING ITS BILL FOR THE FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN, PAY  A  LESSER  AMOUNT
DURING  THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FOURTEEN
WHICH SHALL BE DETERMINED BY THE COMPTROLLER  BY  ADDING  THE  FOLLOWING
FOUR AMOUNTS TOGETHER:
  (1)  THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH THIRTY-FIRST,
TWO THOUSAND THIRTEEN, CALCULATED  PURSUANT  TO  SECTION  THREE  HUNDRED
TWENTY-THREE-A  OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION) LESS
THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT  TO  SUBDIVI-
SION A OF THIS SECTION;
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G  OF  THIS
TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F  OF  THIS
TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E  OF  THIS
TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  FIFTEEN  AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER:
  (1) THE STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING  MARCH  THIRTY-
FIRST,  TWO  THOUSAND  FIFTEEN,  CALCULATED  PURSUANT  TO  SECTION THREE
HUNDRED TWENTY-THREE-A  OF  THIS  ARTICLE  (WITHOUT  REFERENCE  TO  THIS
SECTION),  LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSU-
ANT TO SECTION THREE HUNDRED SIXTEEN-I OF THIS TITLE, IF APPLICABLE;
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-E OF THIS TITLE, IF APPLICABLE.
  D.  THE  REMAINING  AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
THREE  HUNDRED  SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D,   THREE   HUNDRED
SIXTEEN-E,  THREE HUNDRED SIXTEEN-F, AND THREE HUNDRED SIXTEEN-G OF THIS
TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH  SUBSE-
QUENT  FISCAL  YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE COMP-
TROLLER SHALL HAVE THE  AUTHORITY  TO  PERMIT  THE  PRE-PAYMENT  OF  THE
REMAINING  BALANCE  OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED
PURSUANT TO BOTH SUCH SECTION SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND THIRTEEN  IN  ADDITION  TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO  SECTIONS  THREE  HUNDRED  SIXTEEN-C,  THREE HUNDRED SIXTEEN-D, THREE
HUNDRED SIXTEEN-E, THREE HUNDRED SIXTEEN-F, AND THREE HUNDRED  SIXTEEN-G
OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE

A. 9037                            16

THE  STATE  OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAY-
MENT  IN  FULL  OF  SAID  AMOUNT  FOR  THE  FISCAL  YEAR  ENDING   MARCH
THIRTY-FIRST, TWO THOUSAND FOURTEEN.
  (2)  ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE AMORTIZATION
PERIOD, IN ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR  BILLING  AND
FOR  THE  PAYMENT  OF  THE ANNUAL AMORTIZED INSTALLMENT, THE COMPTROLLER
SHALL ADVISE THE STATE OF THE TOTAL  AMOUNT  STILL  OUTSTANDING  AND  BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S  12.  The  retirement and social security law is amended by adding a
new section 316-i to read as follows:
  S 316-I. AMORTIZATION OF A PORTION OF THE STATE'S  CONTRIBUTION  BILLS
FOR  FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.  A. IF
THE COMPTROLLER, IN HIS OR HER DISCRETION,  DECIDES  TO  PERMIT  AMORTI-
ZATION  OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON THE
BASIS OF THE ANNUAL ACTUARIAL VALUATION MADE  AS  OF  APRIL  FIRST,  TWO
THOUSAND THIRTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL
DETERMINE  THE  ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE
INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS  RELATING  TO  PRIOR  FISCAL
YEARS'  OBLIGATIONS  AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES
OR ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN  AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A   OF   THIS   ARTICLE   FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND FIFTEEN. THE AMOUNT BY WHICH THE CONTRIBUTION
AMOUNT WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO  THOU-
SAND  FIFTEEN  EXCEEDS  TWENTY ONE AND ONE-HALF PERCENT OF THE ESTIMATED
PENSIONABLE SALARY BASE FOR FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO
THOUSAND  FIFTEEN  SHALL  BE THE "AMOUNT ELIGIBLE FOR AMORTIZATION." THE
"AMOUNT ELIGIBLE FOR AMORTIZATION" SHALL BE AMORTIZED  OVER  A  TEN-YEAR
PERIOD  AT  A  FIXED  RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE
COMPTROLLER TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS  ELIGIBLE
FOR  AMORTIZATION  OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF
RETURN ON TAXABLE FIXED RATE SECURITIES WITH  SIMILAR  TERMS  ISSUED  BY
COMPARABLE  ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  B. THE STATE MAY, IN LIEU OF PAYING  ITS  BILL  FOR  THE  FISCAL  YEAR
ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND FIFTEEN, PAY A LESSER AMOUNT
DURING THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO  THOUSAND  FIFTEEN
WHICH  SHALL  BE  DETERMINED  BY THE COMPTROLLER BY ADDING THE FOLLOWING
FIVE AMOUNTS TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND  FOURTEEN,  CALCULATED  PURSUANT  TO SECTION THREE HUNDRED
TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION)  LESS
THE  "AMOUNT  ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI-
SION A OF THIS SECTION;
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-H OF THIS
TITLE, IF APPLICABLE; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS
TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS
TITLE, IF APPLICABLE; AND

A. 9037                            17

  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS
TITLE, IF APPLICABLE.
  C.  IF  THE  STATE  MAKES THE PAYMENT PROVIDED FOR IN SUBDIVISION B OF
THIS SECTION, THE STATE SHALL PAY DURING THE FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST,  TWO  THOUSAND  SIXTEEN  AN AMOUNT DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER:
  (1)  THE  STATE'S  ENTIRE  BILL  FOR  THE  FISCAL  YEAR  ENDING  MARCH
THIRTY-FIRST, TWO THOUSAND SIXTEEN, CALCULATED PURSUANT TO SECTION THREE
HUNDRED  TWENTY-THREE-A  OF  THIS  ARTICLE  (WITHOUT  REFERENCE  TO THIS
SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED  PURSU-
ANT TO SECTION THREE HUNDRED SIXTEEN-J OF THIS TITLE, IF APPLICABLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-G OF THIS ARTICLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SIXTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. THE REMAINING AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS
THREE   HUNDRED   SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D,  THREE  HUNDRED
SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G,  AND  THREE
HUNDRED  SIXTEEN-H  OF  THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE
DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR DURING THE APPLICABLE  AMOR-
TIZATION  PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE
PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO BOTH SUCH SECTION SUBJECT TO THE  FOLLOW-
ING:
  (1)  ON  OR  BEFORE AUGUST FIRST, TWO THOUSAND FOURTEEN IN ADDITION TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO SECTIONS THREE HUNDRED  SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D,  THREE
HUNDRED SIXTEEN-E, THREE HUNDRED SIXTEEN-F, THREE HUNDRED SIXTEEN-G, AND
THREE  HUNDRED SIXTEEN-H OF THIS TITLE AND PURSUANT TO THIS SECTION, THE
COMPTROLLER SHALL ADVISE THE STATE  OF  THE  TOTAL  AMOUNT  DUE  AND  BE
AUTHORIZED  TO  ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIOD,  IN  ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL  AMORTIZED  INSTALLMENT,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 13. The retirement and social security law is amended  by  adding  a
new section 316-j to read as follows:
  S  316-J.  AMORTIZATION OF A PORTION OF THE STATE'S CONTRIBUTION BILLS
FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN.  A.  IF
THE  COMPTROLLER,  IN  HIS  OR HER DISCRETION, DECIDES TO PERMIT AMORTI-
ZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON  THE

A. 9037                            18

BASIS  OF  THE  ANNUAL  ACTUARIAL  VALUATION MADE AS OF APRIL FIRST, TWO
THOUSAND SIXTEEN AS PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER  SHALL
DETERMINE  THE  ANNUAL AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY OTHER OBLIGATIONS THAT THE STATE IS PERMITTED TO PAY ON AN AMOR-
TIZED BASIS) REQUIRED TO BE PAID PURSUANT TO SECTION THREE HUNDRED TWEN-
TY-THREE-A  OF  THIS  ARTICLE  FOR  THE   FISCAL   YEAR   ENDING   MARCH
THIRTY-FIRST, TWO THOUSAND SIXTEEN. THE AMOUNT BY WHICH THE CONTRIBUTION
AMOUNT  WITH RESPECT TO FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOU-
SAND SIXTEEN EXCEEDS TWENTY-TWO AND ONE-HALF PERCENT  OF  THE  ESTIMATED
PENSIONABLE  SALARY  BASE FOR FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO
THOUSAND SIXTEEN SHALL BE THE "AMOUNT ELIGIBLE  FOR  AMORTIZATION."  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION" SHALL BE AMORTIZED OVER A TEN-YEAR
PERIOD AT A FIXED RATE OF INTEREST PER ANNUM TO  BE  DETERMINED  BY  THE
COMPTROLLER  TO BE APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE
FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET  RATE  OF
RETURN  ON  TAXABLE  FIXED  RATE SECURITIES WITH SIMILAR TERMS ISSUED BY
COMPARABLE ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE  DURING
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN.
  B.  THE  STATE  MAY,  IN  LIEU  OF PAYING ITS BILL FOR THE FISCAL YEAR
ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN,  PAY  A  LESSER  AMOUNT
DURING  THE  FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN
WHICH SHALL BE DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX
AMOUNTS TOGETHER:
  (1) THE ENTIRE BILL FOR THE FISCAL YEAR ENDING ON MARCH  THIRTY-FIRST,
TWO  THOUSAND  FOURTEEN,  CALCULATED  PURSUANT  TO SECTION THREE HUNDRED
TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS SECTION)  LESS
THE  "AMOUNT  ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO SUBDIVI-
SION A OF THIS SECTION;
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-I OF THIS
TITLE, IF APPLICABLE; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-H OF THIS
TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-G OF THIS
TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-F OF THIS
TITLE, IF APPLICABLE; AND
  (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SECTION THREE HUNDRED SIXTEEN-E OF THIS
TITLE, IF APPLICABLE.
  C. IF THE STATE MAKES THE PAYMENT PROVIDED FOR  IN  SUBDIVISION  B  OF
THIS  SECTION,  THE  STATE SHALL PAY DURING THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND SEVENTEEN AN AMOUNT DETERMINED BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING SEVEN AMOUNTS TOGETHER:
  (1)  THE  STATE'S ENTIRE BILL FOR THE FISCAL YEAR ENDING MARCH THIRTY-
FIRST, TWO THOUSAND SEVENTEEN,  CALCULATED  PURSUANT  TO  SECTION  THREE
HUNDRED  TWENTY-THREE-A  OF  THIS  ARTICLE  (WITHOUT  REFERENCE  TO THIS
SECTION);
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND

A. 9037                            19

  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-I OF THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (7)  THE  SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SIXTEEN-E OF THIS TITLE, IF APPLICABLE.
  D.  THE  REMAINING  AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS
THREE  HUNDRED  SIXTEEN-C,  THREE  HUNDRED  SIXTEEN-D,   THREE   HUNDRED
SIXTEEN-E,  THREE  HUNDRED  SIXTEEN-F,  THREE  HUNDRED  SIXTEEN-G, THREE
HUNDRED SIXTEEN-H, AND THREE HUNDRED SIXTEEN-I OF THIS TITLE AND  PURSU-
ANT TO THIS SECTION SHALL BE DUE AND PAYABLE EACH SUBSEQUENT FISCAL YEAR
DURING  THE  APPLICABLE  AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE
THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT TO BOTH SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE AUGUST FIRST, TWO THOUSAND  FIFTEEN  IN  ADDITION  TO
ADVISING WITH RESPECT TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE AMORTIZED ANNUAL INSTALLMENTS DETERMINED PURSUANT
TO  SECTIONS  THREE  HUNDRED  SIXTEEN-C,  THREE HUNDRED SIXTEEN-D, THREE
HUNDRED SIXTEEN-E, THREE HUNDRED  SIXTEEN-F,  THREE  HUNDRED  SIXTEEN-G,
THREE  HUNDRED  SIXTEEN-H, AND THREE HUNDRED SIXTEEN-I OF THIS TITLE AND
PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE STATE OF  THE
TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID
AMOUNT  FOR  THE  FISCAL  YEAR  ENDING  MARCH THIRTY-FIRST, TWO THOUSAND
SIXTEEN.
  (2) ON OR BEFORE EACH SUBSEQUENT AUGUST FIRST DURING THE  AMORTIZATION
PERIOD,  IN  ADDITION TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND
FOR THE PAYMENT OF THE ANNUAL  AMORTIZED  INSTALLMENT,  THE  COMPTROLLER
SHALL  ADVISE  THE  STATE  OF  THE TOTAL AMOUNT STILL OUTSTANDING AND BE
AUTHORIZED TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID
FOR THAT FISCAL YEAR.
  S 14. The retirement and social security law is amended  by  adding  a
new section 17-e to read as follows:
  S  17-E.  AMORTIZATION  OF  A  PORTION  OF THE BILLS FOR PARTICIPATING
EMPLOYERS FOR THE TWO THOUSAND TEN -- TWO THOUSAND ELEVEN  FISCAL  YEAR.
A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR-
TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR
ABOUT  OCTOBER  FIFTEENTH, TWO THOUSAND NINE, ON THE BASIS OF THE ANNUAL
ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER  SHALL
DETERMINE  THE  AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR-
ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR  FISCAL  YEARS'
OBLIGATIONS  AND  OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY
OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO  PAY  ON
AN  AMORTIZED  BASIS)  OF  THE  ANNUAL  CONTRIBUTION FOR A PARTICIPATING
EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR  THE
FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN. THE AMOUNT
BY WHICH SUCH CONTRIBUTION EXCEEDS NINE  AND  ONE-HALF  PERCENT  OF  THE

A. 9037                            20

ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH THIR-
TY-FIRST,  TWO THOUSAND ELEVEN SHALL BE THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION"  MAY  BE
AMORTIZED  OVER  A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER ANNUM
TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID  BALANCE
OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH APPROX-
IMATES  A  MARKET  RATE  OF RETURN ON TAXABLE FIXED RATE SECURITIES WITH
SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN  EQUAL
PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND TWELVE.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND ELEVEN BILL, PAY A  LESSER  AMOUNT  ON  FEBRUARY
FIRST,  TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER
EQUALING THE FOLLOWING AMOUNTS,
  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED PURSU-
ANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO THIS
SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT
TO SUBDIVISION A OF THIS SECTION;
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF THIS SECTION SHALL PAY ON FEBRUARY  FIRST,  TWO  THOUSAND  TWELVE  AN
AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO AMOUNTS
TOGETHER;
  (1)  THE  ENTIRE  FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION), LESS THE "AMOUNT ELIGIBLE  FOR  AMORTIZATION"  DETERMINED
PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF THIS ARTICLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  D. AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS  SEVENTEEN-B,
SEVENTEEN-C,  AND SEVENTEEN-D OF THIS TITLE AND PURSUANT TO THIS SECTION
SHALL BE DUE AND PAYABLE ON FEBRUARY  FIRST  OF  EACH  YEAR  DURING  THE
APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY
TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGI-
BLE  FOR  AMORTIZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT
TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND ELEVEN  IN  ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO  SECTION  SEVEN-
TEEN-B,  SEVENTEEN-C, AND SEVENTEEN-D OF THIS TITLE AND PURSUANT TO THIS
SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF  THE
TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID
AMOUNT BY FEBRUARY FIRST, TWO THOUSAND TWELVE.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  15.  The  retirement and social security law is amended by adding a
new section 17-f to read as follows:
  S 17-F. AMORTIZATION OF A  PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR THE TWO THOUSAND ELEVEN--TWO THOUSAND TWELVE FISCAL YEAR.
A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR-
TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR
ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TEN, ON THE BASIS  OF  THE  ANNUAL
ACTUARIAL  VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL
DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM  LIFE  INSUR-

A. 9037                            21

ANCE,  DEFICIENCY  PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS'
OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES  OR  ANY
OTHER  OBLIGATIONS  THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON
AN  AMORTIZED  BASIS)  OF  THE  ANNUAL  CONTRIBUTION FOR A PARTICIPATING
EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR  THE
FISCAL  YEAR  ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE. THE AMOUNT
BY WHICH SUCH CONTRIBUTION EXCEEDS TEN AND ONE-HALF PERCENT OF THE ESTI-
MATED  PENSIONABLE  SALARY  BASE  FOR  THE  FISCAL  YEAR  ENDING   MARCH
THIRTY-FIRST,  TWO  THOUSAND  TWELVE  SHALL  BE THE "AMOUNT ELIGIBLE FOR
AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION"
MAY  BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST PER
ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED  TO  THE  UNPAID
BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH
APPROXIMATES  A  MARKET  RATE OF RETURN ON TAXABLE FIXED RATE SECURITIES
WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST  OF  TEN
EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND THIRTEEN.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND TWELVE BILL, PAY A  LESSER  AMOUNT  ON  FEBRUARY
FIRST,  TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER
BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND  ELEVEN  BILL,  CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS  SECTION)  LESS  THE  "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED
PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF
THIS ARTICLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO  THOUSAND  THIRTEEN  AN
AMOUNT  DETERMINED  BY  THE  COMPTROLLER  BY  ADDING THE FOLLOWING THREE
AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL,  CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS  SECTION),  LESS  THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED
PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF THIS TITLE; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.  AMORTIZED  PAYMENTS  DETERMINED  PURSUANT TO SECTIONS SEVENTEEN-B,
SEVENTEEN-C, SEVENTEEN-D, AND SEVENTEEN-E OF THIS TITLE, AND PURSUANT TO
THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY  FIRST  OF  EACH  YEAR
DURING  THE  APPLICABLE  AMORTIZATION PERIOD. THE COMPTROLLER SHALL HAVE
THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF THE REMAINING BALANCE OF  THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO ALL SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND TWELVE  IN  ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS  SEVEN-
TEEN-B,  SEVENTEEN-C,  SEVENTEEN-D,  AND  SEVENTEEN-E  OF THIS TITLE AND
PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING
EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT
IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOUSAND THIRTEEN.
  (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER,  IN  ADDITION  TO
THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE

A. 9037                            22

ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE  PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO  ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  16.  The  retirement and social security law is amended by adding a
new section 17-g to read as follows:
  S 17-G. AMORTIZATION OF A  PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO  THOUSAND  TWELVE--TWO THOUSAND THIRTEEN FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS  SECTION,  THEN,
ON  OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND ELEVEN, ON THE BASIS OF THE
ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER
SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR  GROUP  TERM  LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY  OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO
PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A  PARTICIPAT-
ING  EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR
THE FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO  THOUSAND  TWELVE.  THE
AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS ELEVEN AND ONE-HALF PERCENT OF
THE  ESTIMATED  PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND THIRTEEN SHALL BE THE  "AMOUNT  ELIGIBLE  FOR
AMORTIZATION".  AN  AMOUNT  UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION"
MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST  PER
ANNUM  TO  BE  DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID
BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH
APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE  FIXED  RATE  SECURITIES
WITH  SIMILAR  TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN
EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO THOUSAND THIRTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE  COMPTROLLER
BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER:
  (1)  THE  ENTIRE  FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION) LESS THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED
PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN AN
AMOUNT DETERMINED BY  THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  FOUR
AMOUNTS TOGETHER:
  (1)  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION); AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE

A. 9037                            23

  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.  AMORTIZED  PAYMENTS  DETERMINED  PURSUANT TO SECTIONS SEVENTEEN-B,
SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, AND SEVENTEEN-F OF THIS TITLE AND
PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY  FIRST  OF
EACH  YEAR  DURING  THE  APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER
SHALL HAVE THE AUTHORITY TO PERMIT  THE  PRE-PAYMENT  OF  THE  REMAINING
BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO
ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND THIRTEEN IN ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS  SEVEN-
TEEN-B,  SEVENTEEN-C,  SEVENTEEN-D, SEVENTEEN-E, AND SEVENTEEN-F OF THIS
TITLE AND PURSUANT TO THIS SECTION, THE  COMPTROLLER  SHALL  ADVISE  THE
PARTICIPATING  EMPLOYER  OF  THE  TOTAL  AMOUNT DUE AND BE AUTHORIZED TO
ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST,  TWO  THOU-
SAND FOURTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  17.  The  retirement and social security law is amended by adding a
new section 17-h to read as follows:
  S 17-H. AMORTIZATION OF A  PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO THOUSAND THIRTEEN--TWO THOUSAND FOURTEEN FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS  SECTION,  THEN,
ON  OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TWELVE, ON THE BASIS OF THE
ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER
SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR  GROUP  TERM  LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY  OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO
PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A  PARTICIPAT-
ING  EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE DUE FOR
THE FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO  THOUSAND  TWELVE.  THE
AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWELVE AND ONE-HALF PERCENT OF
THE  ESTIMATED  PENSIONABLE SALARY BASE FOR THE FISCAL YEAR ENDING MARCH
THIRTY-FIRST, TWO THOUSAND FOURTEEN SHALL BE THE  "AMOUNT  ELIGIBLE  FOR
AMORTIZATION".  AN  AMOUNT  UP TO THE "AMOUNT ELIGIBLE FOR AMORTIZATION"
MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF INTEREST  PER
ANNUM  TO  BE  DETERMINED BY THE COMPTROLLER TO BE APPLIED TO THE UNPAID
BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION OF ALL EMPLOYERS, WHICH
APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE  FIXED  RATE  SECURITIES
WITH  SIMILAR  TERMS ISSUED BY COMPARABLE ISSUERS, WITH THE FIRST OF TEN
EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO THOUSAND FOURTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND TWELVE WHICH SHALL BE DETERMINED BY THE  COMPTROLLER
BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER:
  (1)  THE  ENTIRE  FEBRUARY FIRST, TWO THOUSAND TWELVE BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO

A. 9037                            24

THIS SECTION) LESS THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED
PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL  PAY ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN AN
AMOUNT DETERMINED BY  THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  FIVE
AMOUNTS TOGETHER:
  (1)  THE  ENTIRE FEBRUARY FIRST, TWO THOUSAND FIFTEEN BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION) LESS THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED
PURSUANT TO SECTION SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF
THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF
THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF
THIS TITLE, IF APPLICABLE.
  D. AMORTIZED PAYMENTS DETERMINED  PURSUANT  TO  SECTIONS  SEVENTEEN-B,
SEVENTEEN-C,  SEVENTEEN-D,  SEVENTEEN-E,  SEVENTEEN-F AND SEVENTEEN-G OF
THIS TITLE AND PURSUANT TO THIS SECTION SHALL  BE  DUE  AND  PAYABLE  ON
FEBRUARY  FIRST  OF EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD.
THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT  THE  PRE-PAYMENT  OF
THE  REMAINING  BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETER-
MINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FOURTEEN IN ADDITION
TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR  THE  PAYMENT  OF
THE  AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN-
TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E,  SEVENTEEN-F  AND  SEVEN-
TEEN-G OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL
ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHOR-
IZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO
THOUSAND FIFTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  18.  The  retirement and social security law is amended by adding a
new section 17-i to read as follows:
  S 17-I. AMORTIZATION OF A  PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO  THOUSAND FOURTEEN--TWO THOUSAND FIFTEEN FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT

A. 9037                            25

AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS  SECTION,  THEN,
ON  OR  ABOUT  OCTOBER FIFTEENTH, TWO THOUSAND THIRTEEN, ON THE BASIS OF
THE ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER,  THE  COMP-
TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM
LIFE  INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING  TO PRIOR
FISCAL YEARS'  OBLIGATIONS  AND  OBLIGATIONS  PERTAINING  TO  RETIREMENT
INCENTIVES  OR  ANY  OTHER  OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS
PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A
PARTICIPATING EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS  ARTI-
CLE  DUE  FOR  THE  FISCAL  YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND
THIRTEEN. THE AMOUNT BY WHICH SUCH  CONTRIBUTION  EXCEEDS  THIRTEEN  AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR  ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND  FIFTEEN  SHALL BE THE
"AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE
FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR  PERIOD  AT  A  FIXED
RATE  OF  INTEREST  PER  ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE
APPLIED TO THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE  FOR  AMORTIZATION
OF  ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE
FIXED RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,
WITH  THE  FIRST  OF  TEN  EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO
THOUSAND SIXTEEN.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO  THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND THIRTEEN WHICH SHALL  BE  DETERMINED  BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER:
  (1)  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION) LESS THE "AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED
PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-H  OF
THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL  PAY ON FEBRUARY FIRST, TWO THOUSAND SIXTEEN AN
AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS
TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SIXTEEN  BILL,  CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS  SECTION)  LESS  THE  "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED
PURSUANT TO SECTION SEVENTEEN-J OF THIS TITLE, IF APPLICABLE; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-H  OF
THIS TITLE, IF APPLICABLE; AND

A. 9037                            26

  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.  AMORTIZED  PAYMENTS  DETERMINED  PURSUANT TO SECTIONS SEVENTEEN-B,
SEVENTEEN-C,  SEVENTEEN-D,  SEVENTEEN-E,  SEVENTEEN-F,  SEVENTEEN-G  AND
SEVENTEEN-H  OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND
PAYABLE ON FEBRUARY FIRST OF EACH YEAR  DURING  THE  APPLICABLE  AMORTI-
ZATION  PERIOD.  THE  COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE
PRE-PAYMENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE  FOLLOW-
ING:
  (1)  ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FIFTEEN IN ADDITION
TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR  THE  PAYMENT  OF
THE  AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN-
TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F,  SEVENTEEN-G
AND  SEVENTEEN-H  OF  THIS TITLE AND PURSUANT TO THIS SECTION, THE COMP-
TROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT  DUE
AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRU-
ARY FIRST, TWO THOUSAND SIXTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  19.  The  retirement and social security law is amended by adding a
new section 17-j to read as follows:
  S 17-J. AMORTIZATION OF A  PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO  THOUSAND  FIFTEEN--TWO THOUSAND SIXTEEN FISCAL
YEAR.   A. IF THE COMPTROLLER, IN HIS  OR  HER  DISCRETION,  DECIDES  TO
PERMIT  AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION,
THEN, ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND FOURTEEN, ON THE BASIS
OF THE ANNUAL ACTUARIAL VALUATION PROVIDED  FOR  IN  THIS  CHAPTER,  THE
COMPTROLLER  SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP
TERM LIFE INSURANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO  PRIOR
FISCAL  YEARS'  OBLIGATIONS  AND  OBLIGATIONS  PERTAINING  TO RETIREMENT
INCENTIVES OR ANY OTHER OBLIGATIONS THAT  A  PARTICIPATING  EMPLOYER  IS
PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A
PARTICIPATING  EMPLOYER PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTI-
CLE DUE FOR THE FISCAL YEAR  ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND
FOURTEEN.  THE  AMOUNT  BY  WHICH SUCH CONTRIBUTION EXCEEDS FOURTEEN AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH  THIRTY-FIRST,  TWO  THOUSAND  SIXTEEN  SHALL  BE  THE
"AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE
FOR  AMORTIZATION"  MAY  BE  AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED
RATE OF INTEREST PER ANNUM TO BE DETERMINED BY  THE  COMPTROLLER  TO  BE
APPLIED  TO  THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION
OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON  TAXABLE
FIXED  RATE  SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS,

A. 9037                            27

WITH THE FIRST OF TEN EQUAL PAYMENTS  PAYABLE  ON  FEBRUARY  FIRST,  TWO
THOUSAND SEVENTEEN.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER  AMOUNT  ON  FEBRUARY
FIRST,  TWO  THOUSAND  FOURTEEN  WHICH  SHALL BE DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL,  CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS  SECTION)  LESS  THE  "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED
PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-I OF
THIS TITLE, IF APPLICABLE; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-H OF
THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-G OF
THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-F OF
THIS TITLE, IF APPLICABLE; AND
  (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT TO SUBDIVISION A OF SECTION SEVENTEEN-E OF
THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF THIS SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND  SEVENTEEN  AN
AMOUNT  DETERMINED  BY  THE  COMPTROLLER  BY  ADDING THE FOLLOWING SEVEN
AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SEVENTEEN BILL, CALCULATED
PURSUANT TO SECTION TWENTY-THREE-A OF THIS ARTICLE (WITHOUT REFERENCE TO
THIS SECTION); AND
  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-I  OF
THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-H  OF
THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-G  OF
THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-F  OF
THIS TITLE, IF APPLICABLE; AND
  (7)  THE  SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF SECTION  SEVENTEEN-E  OF
THIS TITLE, IF APPLICABLE.
  D.  AMORTIZED  PAYMENTS  DETERMINED  PURSUANT TO SECTIONS SEVENTEEN-B,
SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G,  SEVEN-
TEEN-H  AND SEVENTEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL
BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING THE  APPLICABLE
AMORTIZATION  PERIOD. THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT
THE PRE-PAYMENT OF THE REMAINING BALANCE OF  THE  "AMOUNT  ELIGIBLE  FOR

A. 9037                            28

AMORTIZATION"  DETERMINED  PURSUANT  TO ALL SUCH SECTIONS SUBJECT TO THE
FOLLOWING:
  (1)  ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND SIXTEEN IN ADDITION
TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR  THE  PAYMENT  OF
THE  AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS SEVEN-
TEEN-B, SEVENTEEN-C, SEVENTEEN-D, SEVENTEEN-E, SEVENTEEN-F, SEVENTEEN-G,
SEVENTEEN-H AND SEVENTEEN-I OF THIS TITLE AND PURSUANT TO THIS  SECTION,
THE  COMPTROLLER  SHALL  ADVISE  THE PARTICIPATING EMPLOYER OF THE TOTAL
AMOUNT DUE AND BE AUTHORIZED TO  ACCEPT  PRE-PAYMENT  IN  FULL  OF  SAID
AMOUNT BY FEBRUARY FIRST, TWO THOUSAND SEVENTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  20.  The  retirement and social security law is amended by adding a
new section 317-e to read as follows:
  S 317-E. AMORTIZATION OF A PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR THE TWO THOUSAND TEN--TWO THOUSAND ELEVEN FISCAL YEAR. A.
IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT  AMORTI-
ZATION  OF  EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR
ABOUT OCTOBER FIFTEENTH, TWO THOUSAND NINE, ON THE BASIS OF  THE  ANNUAL
ACTUARIAL  VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER SHALL
DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM  LIFE  INSUR-
ANCE,  DEFICIENCY  PAYMENTS, ADJUSTMENTS RELATING TO PRIOR FISCAL YEARS'
OBLIGATIONS AND OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES  OR  ANY
OTHER  OBLIGATIONS  THAT A PARTICIPATING EMPLOYER IS PERMITTED TO PAY ON
AN AMORTIZED BASIS) OF  THE  ANNUAL  CONTRIBUTION  FOR  A  PARTICIPATING
EMPLOYER  PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTI-
CLE DUE FOR THE FISCAL YEAR  ENDING  MARCH  THIRTY-FIRST,  TWO  THOUSAND
ELEVEN.  THE  AMOUNT  BY  WHICH  SUCH CONTRIBUTION EXCEEDS SEVENTEEN AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND ELEVEN SHALL BE THE "AMOUNT
ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO  THE  "AMOUNT  ELIGIBLE  FOR
AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED
RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND
TWELVE.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO  THOUSAND  ELEVEN BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE  COMPTROLLER
EQUALING THE FOLLOWING AMOUNTS,
  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED PURSU-
ANT  TO  SECTION  THREE  HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITHOUT
REFERENCE TO THIS SECTION) LESS THE "AMOUNT ELIGIBLE  FOR  AMORTIZATION"
DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL  PAY  ON FEBRUARY FIRST, TWO THOUSAND TWELVE AN
AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING TWO AMOUNTS
TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND  TWELVE  BILL,  CALCULATED
PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-

A. 9037                            29

OUT REFERENCE TO THIS SECTION), LESS THE "AMOUNT  ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-F OF THIS TITLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION.
  D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO  SECTIONS  THREE  HUNDRED
SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, AND THREE HUNDRED SEVENTEEN-D OF
THIS  TITLE  AND  PURSUANT  TO  THIS SECTION SHALL BE DUE AND PAYABLE ON
FEBRUARY FIRST OF EACH YEAR DURING THE APPLICABLE  AMORTIZATION  PERIOD.
THE  COMPTROLLER  SHALL  HAVE THE AUTHORITY TO PERMIT THE PRE-PAYMENT OF
THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR  AMORTIZATION"  DETER-
MINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON  OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND ELEVEN IN ADDITION
TO THE THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR  THE  PAYMENT
OF  THE  AMORTIZED  ANNUAL  INSTALLMENT  DETERMINED PURSUANT TO SECTIONS
THREE HUNDRED SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, AND THREE  HUNDRED
SEVENTEEN-D  OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER
SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE  AND  BE
AUTHORIZED  TO  ACCEPT  PRE-PAYMENT  IN  FULL OF SAID AMOUNT BY FEBRUARY
FIRST, TWO THOUSAND TWELVE.
  (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER,  IN  ADDITION  TO
THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE
ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE  PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO  ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S 21. The retirement and social security law is amended  by  adding  a
new section 317-f to read as follows:
  S  317-F.  AMORTIZATION  OF  A  PORTION OF THE BILLS FOR PARTICIPATING
EMPLOYERS FOR THE TWO THOUSAND ELEVEN--TWO THOUSAND TWELVE FISCAL  YEAR.
A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT AMOR-
TIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN, ON OR
ABOUT  OCTOBER  FIFTEENTH,  TWO THOUSAND TEN, ON THE BASIS OF THE ANNUAL
ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER  SHALL
DETERMINE  THE  AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM LIFE INSUR-
ANCE, DEFICIENCY PAYMENTS, ADJUSTMENTS RELATING TO PRIOR  FISCAL  YEARS'
OBLIGATIONS  AND  OBLIGATIONS PERTAINING TO RETIREMENT INCENTIVES OR ANY
OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO  PAY  ON
AN  AMORTIZED  BASIS)  OF  THE  ANNUAL  CONTRIBUTION FOR A PARTICIPATING
EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS  ARTI-
CLE  DUE  FOR  THE  FISCAL  YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND
TWELVE. THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS EIGHTEEN AND  ONE-
HALF  PERCENT  OF  THE  ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND TWELVE SHALL BE THE "AMOUNT
ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO  THE  "AMOUNT  ELIGIBLE  FOR
AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED RATE OF
INTEREST  PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO BE APPLIED TO
THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTIZATION  OF  ALL
EMPLOYERS,  WHICH  APPROXIMATES A MARKET RATE OF RETURN ON TAXABLE FIXED
RATE SECURITIES WITH SIMILAR TERMS ISSUED BY  COMPARABLE  ISSUERS,  WITH
THE  FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST, TWO THOUSAND
THIRTEEN.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO  THOUSAND  TWELVE BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE  COMPTROLLER
BY ADDING THE FOLLOWING TWO AMOUNTS TOGETHER:

A. 9037                            30

  (1)  THE  ENTIRE  FEBRUARY FIRST, TWO THOUSAND ELEVEN BILL, CALCULATED
PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE  (WITH-
OUT  REFERENCE  TO  THIS  SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND THIRTEEN AN
AMOUNT DETERMINED BY THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  THREE
AMOUNTS TOGETHER:
  (1)  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL, CALCULATED
PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE  (WITH-
OUT  REFERENCE  TO  THIS SECTION), LESS THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-G OF THIS TITLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO  SECTIONS  THREE  HUNDRED
SEVENTEEN-B,  THREE  HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, AND
THREE HUNDRED SEVENTEEN-E OF THIS TITLE, AND PURSUANT  TO  THIS  SECTION
SHALL  BE  DUE  AND  PAYABLE  ON  FEBRUARY FIRST OF EACH YEAR DURING THE
APPLICABLE AMORTIZATION PERIOD.  THE COMPTROLLER SHALL HAVE THE AUTHORI-
TY TO PERMIT THE PRE-PAYMENT OF THE REMAINING  BALANCE  OF  THE  "AMOUNT
ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO ALL SUCH SECTIONS
SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND TWELVE  IN  ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
AMORTIZED ANNUAL  INSTALLMENT  DETERMINED  PURSUANT  TO  SECTIONS  THREE
HUNDRED  SEVENTEEN-B,  THREE  HUNDRED  SEVENTEEN-C, THREE HUNDRED SEVEN-
TEEN-D, AND THREE HUNDRED SEVENTEEN-E OF THIS TITLE AND PURSUANT TO THIS
SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF  THE
TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID
AMOUNT BY FEBRUARY FIRST, TWO THOUSAND THIRTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  22.   The retirement and social security law is amended by adding a
new section 317-g to read as follows:
  S 317-G. AMORTIZATION OF A PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO  THOUSAND  TWELVE--TWO THOUSAND THIRTEEN FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS  SECTION,  THEN,
ON  OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND ELEVEN, ON THE BASIS OF THE
ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER
SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR  GROUP  TERM  LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY  OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO
PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A  PARTICIPAT-

A. 9037                            31

ING  EMPLOYER  PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS
ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO  THOUSAND
TWELVE.  THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS NINETEEN AND ONE-
HALF  PERCENT  OF  THE  ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  THIRTEEN  SHALL  BE  THE
"AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE
FOR  AMORTIZATION"  MAY  BE  AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED
RATE OF INTEREST PER ANNUM TO BE DETERMINED BY  THE  COMPTROLLER  TO  BE
APPLIED  TO  THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION
OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON  TAXABLE
FIXED  RATE  SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS,
WITH THE FIRST OF TEN EQUAL PAYMENTS  PAYABLE  ON  FEBRUARY  FIRST,  TWO
THOUSAND FOURTEEN.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND THIRTEEN BILL, PAY A LESSER AMOUNT  ON  FEBRUARY
FIRST,  TWO THOUSAND ELEVEN WHICH SHALL BE DETERMINED BY THE COMPTROLLER
BY ADDING THE FOLLOWING THREE AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND  ELEVEN  BILL,  CALCULATED
PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-
OUT REFERENCE TO THIS SECTION) LESS THE  "AMOUNT  ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND FOURTEEN AN
AMOUNT DETERMINED BY  THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  FOUR
AMOUNTS TOGETHER:
  (1)  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED
PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE  (WITH-
OUT REFERENCE TO THIS SECTION); AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO  SECTIONS  THREE  HUNDRED
SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE
HUNDRED  SEVENTEEN-E,  AND  THREE  HUNDRED SEVENTEEN-F OF THIS TITLE AND
PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY  FIRST  OF
EACH  YEAR  DURING  THE  APPLICABLE AMORTIZATION PERIOD. THE COMPTROLLER
SHALL HAVE THE AUTHORITY TO PERMIT  THE  PRE-PAYMENT  OF  THE  REMAINING
BALANCE OF THE "AMOUNT ELIGIBLE FOR AMORTIZATION" DETERMINED PURSUANT TO
ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND THIRTEEN IN ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO  SECTIONS  THREE
HUNDRED  SEVENTEEN-B,  THREE  HUNDRED  SEVENTEEN-C, THREE HUNDRED SEVEN-
TEEN-D, THREE HUNDRED SEVENTEEN-E, AND THREE HUNDRED SEVENTEEN-F OF THIS
TITLE AND PURSUANT TO THIS SECTION, THE  COMPTROLLER  SHALL  ADVISE  THE

A. 9037                            32

PARTICIPATING  EMPLOYER  OF  THE  TOTAL  AMOUNT DUE AND BE AUTHORIZED TO
ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST,  TWO  THOU-
SAND FOURTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  23.  The  retirement and social security law is amended by adding a
new section 317-h to read as follows:
  S 317-H. AMORTIZATION OF A PORTION  OF  THE  BILLS  FOR  PARTICIPATING
EMPLOYERS  FOR  THE  TWO THOUSAND THIRTEEN--TWO THOUSAND FOURTEEN FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION OF EMPLOYER CONTRIBUTIONS PURSUANT TO THIS  SECTION,  THEN,
ON  OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND TWELVE, ON THE BASIS OF THE
ANNUAL ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMPTROLLER
SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR  GROUP  TERM  LIFE
INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING TO PRIOR FISCAL
YEARS' OBLIGATIONS AND OBLIGATIONS PERTAINING TO  RETIREMENT  INCENTIVES
OR  ANY  OTHER OBLIGATIONS THAT A PARTICIPATING EMPLOYER IS PERMITTED TO
PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A  PARTICIPAT-
ING  EMPLOYER  PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS
ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO  THOUSAND
TWELVE.  THE  AMOUNT  BY  WHICH  SUCH  CONTRIBUTION  EXCEEDS  TWENTY AND
ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR THE FISCAL
YEAR ENDING MARCH THIRTY-FIRST,  TWO  THOUSAND  FOURTEEN  SHALL  BE  THE
"AMOUNT ELIGIBLE FOR AMORTIZATION". AN AMOUNT UP TO THE "AMOUNT ELIGIBLE
FOR  AMORTIZATION"  MAY  BE  AMORTIZED OVER A TEN-YEAR PERIOD AT A FIXED
RATE OF INTEREST PER ANNUM TO BE DETERMINED BY  THE  COMPTROLLER  TO  BE
APPLIED  TO  THE UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTIZATION
OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON  TAXABLE
FIXED  RATE  SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE ISSUERS,
WITH THE FIRST OF TEN EQUAL PAYMENTS  PAYABLE  ON  FEBRUARY  FIRST,  TWO
THOUSAND FIFTEEN.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND FOURTEEN BILL, PAY A LESSER AMOUNT  ON  FEBRUARY
FIRST,  TWO THOUSAND TWELVE WHICH SHALL BE DETERMINED BY THE COMPTROLLER
BY ADDING THE FOLLOWING FOUR AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND  TWELVE  BILL,  CALCULATED
PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-
OUT REFERENCE TO THIS SECTION) LESS THE  "AMOUNT  ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL  PAY ON FEBRUARY FIRST, TWO THOUSAND FIFTEEN AN
AMOUNT DETERMINED BY  THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  FIVE
AMOUNTS TOGETHER:

A. 9037                            33

  (1)  THE  ENTIRE FEBRUARY FIRST, TWO THOUSAND FIFTEEN BILL, CALCULATED
PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE  (WITH-
OUT  REFERENCE  TO  THIS  SECTION, LESS THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SEVENTEEN-I OF THIS
TITLE, IF APPLICABLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO  SECTIONS  THREE  HUNDRED
SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE
HUNDRED  SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F AND THREE HUNDRED SEVEN-
TEEN-G OF THIS TITLE AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYA-
BLE ON FEBRUARY FIRST OF EACH YEAR DURING  THE  APPLICABLE  AMORTIZATION
PERIOD.  THE COMPTROLLER SHALL HAVE THE AUTHORITY TO PERMIT THE PRE-PAY-
MENT OF THE REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR  AMORTIZATION"
DETERMINED PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FOURTEEN IN ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO  SECTIONS  THREE
HUNDRED  SEVENTEEN-B,  THREE  HUNDRED  SEVENTEEN-C, THREE HUNDRED SEVEN-
TEEN-D, THREE HUNDRED SEVENTEEN-E, THREE HUNDRED SEVENTEEN-F  AND  THREE
HUNDRED  SEVENTEEN-G  OF  THIS  TITLE  AND PURSUANT TO THIS SECTION, THE
COMPTROLLER SHALL ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL  AMOUNT
DUE  AND  BE  AUTHORIZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY
FEBRUARY FIRST, TWO THOUSAND FIFTEEN.
  (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER,  IN  ADDITION  TO
THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE
ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE  PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO  ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S 24. The retirement and social security law is amended  by  adding  a
new section 317-i to read as follows:
  S  317-I.  AMORTIZATION  OF  A  PORTION OF THE BILLS FOR PARTICIPATING
EMPLOYERS FOR THE TWO THOUSAND  FOURTEEN--TWO  THOUSAND  FIFTEEN  FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION  OF  EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN,
ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND THIRTEEN, ON  THE  BASIS  OF
THE  ANNUAL  ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMP-
TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM
LIFE INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING  TO  PRIOR
FISCAL  YEARS'  OBLIGATIONS  AND  OBLIGATIONS  PERTAINING  TO RETIREMENT
INCENTIVES OR ANY OTHER OBLIGATIONS THAT  A  PARTICIPATING  EMPLOYER  IS
PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A
PARTICIPATING  EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A
OF THIS ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO
THOUSAND  THIRTEEN.  THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWEN-
TY-ONE AND ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR

A. 9037                            34

THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND FIFTEEN SHALL BE
THE "AMOUNT ELIGIBLE FOR AMORTIZATION". AN  AMOUNT  UP  TO  THE  "AMOUNT
ELIGIBLE  FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A
FIXED  RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER TO
BE APPLIED TO THE UNPAID BALANCE OF THE  AMOUNTS  ELIGIBLE  FOR  AMORTI-
ZATION  OF  ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF RETURN ON
TAXABLE FIXED RATE SECURITIES WITH SIMILAR TERMS  ISSUED  BY  COMPARABLE
ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST,
TWO THOUSAND SIXTEEN.
  B.  A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE FEBRU-
ARY FIRST, TWO THOUSAND FIFTEEN BILL, PAY A LESSER  AMOUNT  ON  FEBRUARY
FIRST,  TWO  THOUSAND  THIRTEEN  WHICH  SHALL BE DETERMINED BY THE COMP-
TROLLER BY ADDING THE FOLLOWING FIVE AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND THIRTEEN BILL,  CALCULATED
PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-
OUT REFERENCE TO THIS SECTION) LESS THE  "AMOUNT  ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION  SHALL  PAY ON FEBRUARY FIRST, TWO THOUSAND SIXTEEN AN
AMOUNT DETERMINED BY THE COMPTROLLER BY ADDING THE FOLLOWING SIX AMOUNTS
TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SIXTEEN  BILL,  CALCULATED
PURSUANT  TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-
OUT REFERENCE TO THIS SECTION) LESS THE  "AMOUNT  ELIGIBLE  FOR  AMORTI-
ZATION" DETERMINED PURSUANT TO SECTION THREE HUNDRED SEVENTEEN-J OF THIS
TITLE, IF APPLICABLE; AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO  SECTIONS  THREE  HUNDRED
SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE
HUNDRED  SEVENTEEN-E,  THREE  HUNDRED  SEVENTEEN-F, THREE HUNDRED SEVEN-
TEEN-G AND THREE HUNDRED SEVENTEEN-H OF THIS TITLE AND PURSUANT TO  THIS

A. 9037                            35

SECTION  SHALL  BE DUE AND PAYABLE ON FEBRUARY FIRST OF EACH YEAR DURING
THE APPLICABLE AMORTIZATION  PERIOD.  THE  COMPTROLLER  SHALL  HAVE  THE
AUTHORITY  TO  PERMIT  THE  PRE-PAYMENT  OF THE REMAINING BALANCE OF THE
"AMOUNT  ELIGIBLE  FOR  AMORTIZATION"  DETERMINED  PURSUANT  TO ALL SUCH
SECTIONS SUBJECT TO THE FOLLOWING:
  (1) ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND FIFTEEN IN  ADDITION
TO  THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF
THE AMORTIZED ANNUAL INSTALLMENT DETERMINED PURSUANT TO  SECTIONS  THREE
HUNDRED  SEVENTEEN-B,  THREE  HUNDRED  SEVENTEEN-C, THREE HUNDRED SEVEN-
TEEN-D, THREE HUNDRED  SEVENTEEN-E,  THREE  HUNDRED  SEVENTEEN-F,  THREE
HUNDRED  SEVENTEEN-G  AND  THREE  HUNDRED  SEVENTEEN-H OF THIS TITLE AND
PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL ADVISE THE PARTICIPATING
EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHORIZED TO ACCEPT PRE-PAYMENT
IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO THOUSAND SIXTEEN.
  (2) ON OR BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER,  IN  ADDITION  TO
THE  AMOUNT  DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT OF THE
ANNUAL AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE  PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO  ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S 25.  The retirement and social security law is amended by  adding  a
new section 317-j to read as follows:
  S  317-J.  AMORTIZATION  OF  A  PORTION OF THE BILLS FOR PARTICIPATING
EMPLOYERS FOR THE TWO  THOUSAND  FIFTEEN--TWO  THOUSAND  SIXTEEN  FISCAL
YEAR. A. IF THE COMPTROLLER, IN HIS OR HER DISCRETION, DECIDES TO PERMIT
AMORTIZATION  OF  EMPLOYER CONTRIBUTIONS PURSUANT TO THIS SECTION, THEN,
ON OR ABOUT OCTOBER FIFTEENTH, TWO THOUSAND FOURTEEN, ON  THE  BASIS  OF
THE  ANNUAL  ACTUARIAL VALUATION PROVIDED FOR IN THIS CHAPTER, THE COMP-
TROLLER SHALL DETERMINE THE AMOUNT (EXCLUSIVE OF PAYMENTS FOR GROUP TERM
LIFE INSURANCE,  DEFICIENCY  PAYMENTS,  ADJUSTMENTS  RELATING  TO  PRIOR
FISCAL  YEARS'  OBLIGATIONS  AND  OBLIGATIONS  PERTAINING  TO RETIREMENT
INCENTIVES OR ANY OTHER OBLIGATIONS THAT  A  PARTICIPATING  EMPLOYER  IS
PERMITTED TO PAY ON AN AMORTIZED BASIS) OF THE ANNUAL CONTRIBUTION FOR A
PARTICIPATING  EMPLOYER PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A
OF THIS ARTICLE DUE FOR THE FISCAL YEAR ENDING MARCH  THIRTY-FIRST,  TWO
THOUSAND  THIRTEEN.  THE AMOUNT BY WHICH SUCH CONTRIBUTION EXCEEDS TWEN-
TY-TWO AND ONE-HALF PERCENT OF THE ESTIMATED PENSIONABLE SALARY BASE FOR
THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND SIXTEEN SHALL BE
THE "AMOUNT ELIGIBLE FOR AMORTIZATION". AN  AMOUNT  UP  TO  THE  "AMOUNT
ELIGIBLE  FOR AMORTIZATION" MAY BE AMORTIZED OVER A TEN-YEAR PERIOD AT A
FIXED RATE OF INTEREST PER ANNUM TO BE DETERMINED BY THE COMPTROLLER  TO
BE  APPLIED  TO  THE  UNPAID BALANCE OF THE AMOUNTS ELIGIBLE FOR AMORTI-
ZATION OF ALL EMPLOYERS, WHICH APPROXIMATES A MARKET RATE OF  RETURN  ON
TAXABLE  FIXED  RATE  SECURITIES WITH SIMILAR TERMS ISSUED BY COMPARABLE
ISSUERS, WITH THE FIRST OF TEN EQUAL PAYMENTS PAYABLE ON FEBRUARY FIRST,
TWO THOUSAND SEVENTEEN.
  B. A PARTICIPATING EMPLOYER, MAY, IN LIEU OF PAYING ITS ENTIRE  FEBRU-
ARY  FIRST,  TWO  THOUSAND FIFTEEN BILL, PAY A LESSER AMOUNT ON FEBRUARY
FIRST, TWO THOUSAND FOURTEEN WHICH SHALL  BE  DETERMINED  BY  THE  COMP-
TROLLER BY ADDING THE FOLLOWING SIX AMOUNTS TOGETHER:
  (1)  THE ENTIRE FEBRUARY FIRST, TWO THOUSAND FOURTEEN BILL, CALCULATED
PURSUANT TO SECTION THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE  (WITH-
OUT  REFERENCE  TO  THIS  SECTION) LESS THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION); AND

A. 9037                            36

  (2) THE FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND
  (3)  THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (4)  THE  THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (5)  THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (6)  THE  FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF  SECTION  THREE  HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
  C. A PARTICIPATING EMPLOYER MAKING A PAYMENT PURSUANT TO SUBDIVISION B
OF  THIS  SECTION SHALL PAY ON FEBRUARY FIRST, TWO THOUSAND SEVENTEEN AN
AMOUNT DETERMINED BY THE  COMPTROLLER  BY  ADDING  THE  FOLLOWING  SEVEN
AMOUNTS TOGETHER:
  (1) THE ENTIRE FEBRUARY FIRST, TWO THOUSAND SEVENTEEN BILL, CALCULATED
PURSUANT TO SECTIONS THREE HUNDRED TWENTY-THREE-A OF THIS ARTICLE (WITH-
OUT REFERENCE TO THIS SECTION); AND
  (2)  THE  FIRST ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR AMORTI-
ZATION" DETERMINED PURSUANT TO SUBDIVISION A OF THIS SECTION; AND
  (3) THE SECOND ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-I OF THIS TITLE, IF APPLICABLE; AND
  (4) THE THIRD ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-H OF THIS TITLE, IF APPLICABLE; AND
  (5) THE FOURTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-G OF THIS TITLE, IF APPLICABLE; AND
  (6) THE FIFTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-F OF THIS TITLE, IF APPLICABLE; AND
  (7) THE SIXTH ANNUAL INSTALLMENT OF THE "AMOUNT ELIGIBLE  FOR  AMORTI-
ZATION"  DETERMINED  PURSUANT  TO SUBDIVISION A OF SECTION THREE HUNDRED
SEVENTEEN-E OF THIS TITLE, IF APPLICABLE.
   D. AMORTIZED PAYMENTS DETERMINED PURSUANT TO SECTIONS  THREE  HUNDRED
SEVENTEEN-B, THREE HUNDRED SEVENTEEN-C, THREE HUNDRED SEVENTEEN-D, THREE
HUNDRED  SEVENTEEN-E,  THREE  HUNDRED  SEVENTEEN-F, THREE HUNDRED SEVEN-
TEEN-G, THREE HUNDRED SEVENTEEN-H AND THREE HUNDRED SEVENTEEN-I OF  THIS
TITLE  AND PURSUANT TO THIS SECTION SHALL BE DUE AND PAYABLE ON FEBRUARY
FIRST OF EACH YEAR DURING THE APPLICABLE AMORTIZATION PERIOD. THE  COMP-
TROLLER  SHALL  HAVE  THE  AUTHORITY  TO  PERMIT  THE PRE-PAYMENT OF THE
REMAINING BALANCE OF THE "AMOUNT ELIGIBLE FOR  AMORTIZATION"  DETERMINED
PURSUANT TO ALL SUCH SECTIONS SUBJECT TO THE FOLLOWING:
  (1)  ON OR BEFORE NOVEMBER FIFTEENTH, TWO THOUSAND SIXTEEN IN ADDITION
TO THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR  THE  PAYMENT  OF
THE  AMORTIZED  ANNUAL INSTALLMENT DETERMINED PURSUANT TO SECTIONS THREE
HUNDRED SEVENTEEN-B, THREE HUNDRED  SEVENTEEN-C,  THREE  HUNDRED  SEVEN-
TEEN-D,  THREE  HUNDRED  SEVENTEEN-E,  THREE  HUNDRED SEVENTEEN-F, THREE
HUNDRED SEVENTEEN-G, THREE HUNDRED SEVENTEEN-H AND THREE HUNDRED  SEVEN-
TEEN-I OF THIS TITLE AND PURSUANT TO THIS SECTION, THE COMPTROLLER SHALL
ADVISE THE PARTICIPATING EMPLOYER OF THE TOTAL AMOUNT DUE AND BE AUTHOR-

A. 9037                            37

IZED TO ACCEPT PRE-PAYMENT IN FULL OF SAID AMOUNT BY FEBRUARY FIRST, TWO
THOUSAND SEVENTEEN.
  (2)  ON  OR  BEFORE EACH NOVEMBER FIFTEENTH THEREAFTER, IN ADDITION TO
THE AMOUNT DUE FOR THE CURRENT YEAR BILLING AND FOR THE PAYMENT  OF  THE
ANNUAL  AMORTIZED INSTALLMENTS, THE COMPTROLLER SHALL ADVISE THE PARTIC-
IPATING EMPLOYER OF THE TOTAL AMOUNT STILL OUTSTANDING AND BE AUTHORIZED
TO ACCEPT THE PRE-PAYMENT OF ANY BALANCE REMAINING TO BE PAID BY  FEBRU-
ARY FIRST OF THE SUCCEEDING YEAR.
  S  26. Paragraph 2 of subdivision b of section 323-a of the retirement
and social security law, as added by section 2 of part A of  chapter  49
of the laws of 2003, is amended to read as follows:
  2.  requiring  a  minimum annual contribution from the state and every
participating employer (exclusive of payments for group term life insur-
ance, deficiency payments, adjustments relating to prior  fiscal  years'
obligations  and  obligations pertaining to retirement incentives or any
other obligations that the state or participating employer is  permitted
to  pay on an amortized basis) equal to [four] FIVE and one-half percent
of pensionable salaries. Effective immediately  upon  implementation  by
the comptroller of the comprehensive structural reform program set forth
in  this  section,  and in all subsequent years, participating employers
shall pay either the required annual contribution determined  under  the
revised  schedule  pertaining  to  the valuation, billing and payment of
contributions pursuant to paragraph one  of  this  subdivision,  or  the
required  minimum  annual  contribution  of four and one-half percent of
pensionable salaries, whichever is greater; and
  S 27. Severability clause. If any clause, sentence, paragraph,  subdi-
vision,  section  or  part of this act shall be adjudged by any court of
competent jurisdiction to be invalid, such judgment  shall  not  affect,
impair,  or  invalidate  the remainder thereof, but shall be confined in
its operation to the clause, sentence, paragraph,  subdivision,  section
or part thereof directly involved in the controversy in which such judg-
ment shall have been rendered. It is hereby declared to be the intent of
the  legislature  that  this  act  would  have been enacted even if such
invalid provisions had not been included herein.
  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.