§ 430. Current payment for benefit improvements. a. Whenever a new
benefit or an improvement in any benefit takes effect or is enacted
after July first, nineteen hundred seventy-one which will result in an
increase in cost for contributions to an actuarially funded public
retirement system by the state or a municipality thereof, such employer
shall commence payment for such increased cost from an appropriation
made in the budget for the employer's fiscal year in which such benefit
or improvement becomes effective. No such benefit or improvement shall
become effective until such appropriation has been made and is available
for such payment. Within ninety days after notification that such a
benefit or improvement has been or is to be made, the head of the
retirement system affected shall submit to the fiscal officer of the
employer, or in the case of the state or the city of New York to the
director of the budget thereof, an estimate of the amount sufficient to
provide for the initial actuarial payment to the retirement system of
all additional obligations created by such benefit or improvement and
such employer shall make payment of such amount to the retirement system
during such employer's fiscal year in which such benefit or improvement
is made effective. In computing the amount to be paid by such employer
during the normal valuation process for obligations attributable to the
fiscal year in which such benefit or improvement became effective,
appropriate adjustments shall be made for amount already paid pursuant
to this section.

b. If payment of the full amount of an obligation required to be paid
by subdivision a of this section is not made by a participating employer
in a state retirement system, including the state teachers' retirement
system, by the close of such employer's fiscal year, interest at the
rate of six per centum per annum shall commence to run against the
unpaid balance thereof on the first day of the next succeeding fiscal
year.

c. The comptroller or the retirement board of the state teachers'
retirement system shall have full power and authority to bring suit in
the supreme court against any participating employer in a retirement
system headed by such comptroller or such board to recover any sum,
payment of which is not made as herein required. While any such sum
shall remain due and unpaid the comptroller may refuse to audit any
claim for funds due to such employer from the state.