§ 16-a. Amortization of amounts outstanding. a. On or before September
first, nineteen hundred eighty-six, on the basis of the annual actuarial
valuation and appraisal procedure provided for in this article, the
comptroller shall determine the annual amounts that, had this section
not been enacted, would have been required to be paid into the pension
accumulation fund and the New York state public employees group life
insurance plan, as appropriate, from the general fund of the state for
all obligations of the state to the retirement system not discharged
prior to such date, for state fiscal years ending March thirty-first,
nineteen hundred eighty-five and March thirty-first, nineteen hundred
eighty-six and amounts for the state's contribution for the retirement
incentive program that would, had this section not been enacted, be due
to be paid into the pension accumulation fund during fiscal years ending
March thirty-first, nineteen hundred eighty-seven and March
thirty-first, nineteen hundred eighty-eight. Such amounts shall include
interest, as defined in section sixteen of this article through the last
day of February, nineteen hundred eighty-seven. The sum of such amounts
shall be called the "amount to be amortized".

b. The amount to be amortized shall be paid into the pension
accumulation fund and the New York state public employees group life
insurance plan, as appropriate, according to a schedule of equal annual
installments during any years remaining in the amortization period. The
"amortization period" shall be seventeen years. The first payment shall
be made March first, nineteen hundred eighty-seven.

c. The amount of the annual payment to be made in any subsequent
fiscal year shall be the amount that would be required to pay in full,
in equal annual installments over the remainder of the amortization
period, any unpaid balance of the amount to be amortized and interest on
such unpaid balance computed at eight percent per annum.

d. On or before October fifteenth of nineteen hundred eighty-six and
each succeeding year during the amortization period, the comptroller
shall file with the director of the budget an estimate of the amount of
the annual payment required to be made pursuant to this section in the
state fiscal year beginning the first day of April next succeeding such
October fifteenth.

e. An item of appropriation sufficient to provide for such payment
shall be included in the next annual budget bill for the support of
government presented to the legislature for passage. The amounts so
appropriated shall be paid from the general fund of the state upon
warrant of the comptroller on March first of each state fiscal year
during the amortization period.