§ 317-a. Amortization of amounts outstanding. a. On or before
September first, nineteen hundred eighty-nine on the basis of the annual
actuarial valuation and appraisal procedure provided for in this
article, the comptroller shall determine the annual amounts that, had
this section not been enacted, would have been required to be paid into
the pension accumulation fund and the New York state public employees'
group life insurance plan, as appropriate, from the participating
employers for all obligations including unpaid amounts for the
retirement incentive program and payments for any other benefit funded
on other than an annual basis of participating employers to the
retirement system not discharged prior to such date, for fiscal years
ending March thirty-first, nineteen hundred eighty-eight and March
thirty-first, nineteen hundred eighty-nine. Such amounts shall include
interest, as defined in section three hundred sixteen of this article,
through the fifteenth day of December, nineteen hundred eighty-nine. The
sum of such amounts shall be called the "amount to be amortized".

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

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

d. An amount sufficient to provide for such payment shall be included
in the next annual budget for each participating employer. The amounts
due shall be paid on December fifteenth of each year during the
amortization period.

e. The state comptroller is directed to promulgate regulations to
permit the pre-payment of the amounts outstanding. Such regulation shall
provide that:

(1) On or before November fifteenth, nineteen hundred eighty-nine, in
addition to the amount due for the current year billing and for the
payment of the amortized annual installment, the comptroller shall
furnish the total amount due and be authorized to accept pre-payment in
full of said amount by December fifteenth, nineteen hundred eighty-nine.

(2) On or before each November fifteenth thereafter, in addition to
the amount due for the current year billing and for the payment of the
annual amortized installment, the comptroller shall furnish the total
amount still outstanding and be authorized to accept the pre-payment of
any balance remaining to be paid by December fifteenth of that year.