§ 13-638.2 Supplementary provisions regarding employer contributions to retirement systems for fiscal years beginning on or after July first, nineteen hundred eighty-nine, for amortization of consolidated unfunded accrued liabilities and balance sheet liabilities for the nineteen hundred ninety – nineteen hundred ninety-one, nineteen hundred ninety-one – nineteen hundred ninety-two and nineteen hundred ninety-two – nineteen hundred ninety-three fiscal years, and for amortization of such liabilities and certain other unfunded accrued liabilities pursuant to the level percentage of payroll method in certain fiscal years thereafter; rates of interest.
a. As used in this section, unless the context clearly indicates otherwise, the following terms shall have the following meanings:
1. "Retirement system". Any of the following: the New York city employees' retirement system; the teachers' retirement system; the police pension fund provided for by subchapter two of chapter two of this title; the fire department pension fund provided for by subchapter two of chapter three of this title; and the board of education retirement system of the city.
2. "Teachers' retirement system". The retirement system of the teachers' retirement association provided for by chapter four of this title.
3. "NYCERS". The New York city employees' retirement system.
4. "NYCTRS". The teachers' retirement system.
5. "PPF". The police pension fund provided for in subchapter two of chapter two of this title.
6. "FPF". The fire department pension fund provided for by subchapter two of chapter three of this title.
7. "BERS". The board of education retirement system of the city.
8. "Contingent reserve fund". The contingent reserve fund of a retirement system.
9. "Governmental entity". The city, the state or a public authority, corporation or body corporate or other agency of government.
9-a. "Fiscal year". A fiscal year of the city as defined in section two hundred twenty-six of the New York city charter.
9-b. "Senior colleges". The senior colleges of the city university of New York.
9-c. "UAL". Unfunded accrued liability.
9-d. "BSL". Balance sheet liability.
10. "Responsible obligor". Any governmental entity required by any provision of law to pay contributions to a retirement system on behalf of any members thereof, whether or not such entity is the employer of such members.
10-a. "General UAL and BSL responsible obligor". Any responsible obligor (as defined in paragraph ten of this subdivision) other than the state of New York and the city of New York in their capacity as senior college UAL and BSL responsible obligors (as defined in paragraph ten-b of this subdivision).
10-b. "Senior college UAL and BSL responsible obligors". The city and the state of New York, as contributors to NYCERS and NYCTRS pursuant to their respective shares, obligations and rights as provided for in section sixty-two hundred thirty-one of the education law.
11. "Valuation rate of interest". Where used herein with respect to a retirement system in relation to any fiscal year of the city, the term "valuation rate of interest" shall mean the rate per centum per annum of interest required by law to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund of such retirement system in such fiscal year.
12. "Special interest".
(i) Such term, where used in relation to any retirement system, other than BERS, shall mean special interest as defined for such retirement system as follows: NYCERS – subdivision twenty-nine of section 13-101 of this title; PPF – subdivision twenty of section 13-214 of this title; FPF – subdivision twenty-four of section 13-313 of this title; and NYCTRS – subdivision thirty-five of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean a distribution to the annuity savings fund, in addition to regular interest, which distribution (A) for each of the periods as to which the applicable provisions of this section grant special interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is credited in such applicable amount in the annuity savings fund accounts of members who are eligible under such provisions for crediting of such amount for such period.
13. "Additional interest".
(i) Such term, where used in relation to any retirement system, other than BERS, shall mean additional interest as defined for such retirement system as follows: NYCERS – subdivision thirty of section 13-101 of this title; PPF – subdivision twenty-one of section 13-214 of this title; FPF – subdivision twenty-five of section 13-313 of this title; and NYCTRS – subdivision thirty-six of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean a distribution to the reserve-for-increased-take-home-pay, in addition to regular interest, which distribution (A) for each of the periods as to which the applicable provisions of this section grant additional interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is included in such applicable amount in the reserve-for-increased-take-home-pay of each member who is eligible under such provisions for inclusion of such amount for such period.
14. "Supplementary interest".
(i) Such term, where used in relation to a retirement system, other than BERS, shall mean supplementary interest as defined for such retirement system as follows: NYCERS – subdivision sixty-eight of section 13-101 of this title; PPF – subdivision twenty-four of section 13-214 of this title; FPF – subdivision twenty-six of section 13-313 of this title; and NYCTRS – subdivision forty-nine of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean an annual allowance, in addition to regular interest, of interest on the mean amount for the preceding year in each of the funds creditable with supplementary interest (as defined in paragraph fifteen of this subdivision) of BERS, which allowance, (A) for each of the periods as to which the applicable provisions of this section grant supplementary interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is credited in such applicable amount to such funds at the time, in the manner, to the extent and subject to the exclusions prescribed by such provisions.
15. "Fund creditable with supplementary interest".
(a) In the case of NYCERS, PPF, FPF and BERS, such term shall mean each constituent fund mentioned in the applicable provisions of sections 13-124, 13-224 and 13-324 of this title and in section eight of the rules and regulations of BERS, other than the annuity savings fund. In the case of NYCTRS, such term shall mean each constituent fund mentioned in section 13-520 of this title, other than the annuity savings fund, pension reserve fund number two and the expense fund.
(b) Nothing contained in this subdivision shall be construed as providing for supplementary interest with respect to any reserve-for-increased-take-home-pay of any member of a retirement system entitled to such a reserve or with respect to any accumulation-for-increased-take-home-pay (as defined in subdivision fifteen of section 13-313 of this title).
16. "Significant change in an actuarial valuation method".
(i) Subject to the provisions of subparagraphs (ii) and (iii) of this paragraph, the term "significant change in an actuarial valuation method" shall mean any change in any actuarial premise, device or calculation system (other than the valuation rate of interest and actuarial tables) used by the actuary in valuing the assets and liabilities of a retirement system, which change causes the actuarial accrued liability (computed pursuant to the entry age normal cost method of determining such liability) of such retirement system, as determined for the first fiscal year of the city for which such change is effective, to increase or decrease by more than ten per centum above or below the amount of the actuarial accrued liability, as determined for the fiscal year next preceding such first fiscal year on the basis of the valuation rate of interest, actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to such retirement system in such next preceding fiscal year.
(ii) For the purposes of this paragraph, all changes in actuarial premises, devices or calculation systems (other that the valuation rate of interest and actuarial tables) used in valuing assets and liabilities, which changes take effect simultaneously, shall be aggregated in determining the amount of increase or decrease in the actuarial accrued liability pursuant to subparagraph (i) of this paragraph, regardless of whether any such individual simultaneous change so aggregated is a significant change in an actuarial method within the meaning of such subparagraph (i). In any case where the aggregate of such simultaneous changes causes an increase or decrease by more than ten per centum in the actuarial accrued liability of a retirement system for the first fiscal year of effectiveness of such changes as described in subparagraph (i) of this paragraph, such aggregate shall be deemed to be a significant change in an actuarial valuation method for the purposes of this section.
(iii) The provisions of this subdivision shall not apply to any changes in an actuarial computation made to correct a mathematical or factual error.
17. "Post-June thirtieth, nineteen hundred ninety-nine unfunded accrued liability adjustment". Any unfunded accrued liability adjustment calculated pursuant to subdivision k of this section.
18. "Phase-in period". The period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-five.
19. "Regular installment period". The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
20. "Retirement system undergoing consolidated UAL funding". Any of the following: NYCTRS, NYCERS or BERS.
21. "Charge". An amount which is required to be paid to a retirement system as an employer contribution.
22. "Credit". An amount which is required to be applied in reduction of employer contributions otherwise payable to a retirement system.
23. "Individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety". Any of the following, as applicable to NYCERS, NYCTRS or BERS as of June thirtieth, nineteen hundred ninety (including any portion thereof attributable to the senior colleges): the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-six unfunded accrued liability adjustment, the nineteen hundred eighty-eight unfunded accrued liability adjustment, the post-June thirtieth, nineteen hundred eighty-nine unfunded accrued liability adjustment established for BERS pursuant to subdivision k of this section and all installments of amortization of bond sale gains and losses and all installments of funding of supplemental retirement allowances.
24. "Recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety".
(i) With respect to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), an installment amount computed in accordance with the succeeding subparagraphs of this paragraph in relation to each individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three of this subdivision) for such retirement system.
(ii) For each such retirement system, its actuary shall determine, as of June thirtieth, nineteen hundred ninety and on the basis of eight and one-quarter per centum interest per annum, the present value of all those annual installments of such individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety in relation to such retirement system, which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of such retirement system shall determine an amount which, if paid to its contingent reserve fund, or applied as a credit, as the case may be, commencing with a first payment or credit in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, in a number of equal annual installments equal to the number of such annual installments remaining due and unpaid or uncredited with respect to such retirement system as of June thirtieth, nineteen hundred ninety as described in subparagraph (ii) of this paragraph, would be the actuarial equivalent, as of such June thirtieth, on the basis of nine per centum interest per annum, of the present value determined pursuant to such subparagraph (ii).
(iv) With respect to each individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety for a retirement system undergoing consolidated UAL funding, the recomputed annual installment of individual UAL amortization in affect* as of June thirtieth, nineteen hundred ninety shall be one equal annual installment determined with respect to such individual UAL amortization for such retirement system pursuant to subparagraph (iii) of this paragraph.
* Editor's note: so in original.
25. "Single-year aggregate of recomputed annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety". With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), such aggregate shall be the total amount obtained, in relation to any fiscal year occurring during the phase-in period (as defined in paragraph eighteen of this subdivision) by adding together all recomputed annual installments of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-four of this subdivision), as applicable to such fiscal year for such retirement system. For the purpose of such addition, any such recomputed installments which constitute a credit shall be treated as a negative quantity.
26. "General nineteen hundred ninety BSL contribution". Any of the following: the NYCERS general nineteen hundred ninety BSL contribution determined pursuant to subdivision v of this section, the NYCTRS general nineteen hundred ninety BSL contribution determined pursuant to subdivision x of this section or the BERS general nineteen hundred ninety BSL contribution determined pursuant to subdivision z of this section.
27. "Nineteen hundred ninety UAL credit".
(i) An amount determined for each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision) which shall be determined as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund of such retirement system in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year and an interest rate of nine per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred ninety, the amount of the unfunded accrued liability of such retirement system, computed pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to such retirement system, as of June thirtieth, nineteen hundred ninety, on the basis of an interest rate of eight and one-quarter per centum per annum, the amount obtained by adding together (A) the present values of all those annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three of this subdivision), including any portion thereof attributable to the senior colleges, which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth, and (B) the present value, as of such June thirtieth, of all installments of balance sheet liability (including any portion thereof attributable to the senior colleges), which installments, in the absence of the enactment of such chapter nine hundred forty-eight and the act which added this paragraph, would have remained due and unpaid with respect to fiscal years succeeding such June thirtieth.
(iv) The nineteen hundred ninety UAL credit with respect to such retirement system shall be the remainder obtained by subtracting from the total amount of present values determined pursuant to subparagraph (iii) of this paragraph, the amount of unfunded accrued liability determined pursuant to subparagraph (ii) of this paragraph.
28. "Annual installment of the nineteen hundred ninety UAL credit". Any of twenty equal annual installments of credit with respect to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), which installments, if applied over a period of twenty fiscal years, commencing with the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred ninety and on the basis of interest at the rate of nine per centum per annum, of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-seven of this subdivision), as applicable to such retirement system.
29. "NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution".
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to NYCERS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to NYCERS for such fiscal year, and one NYCERS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to NYCERS and (B) the amount of one NYCERS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall be subtracted the portion of such remainder which is attributable to the senior colleges.
(v) The remainder resulting from the subtraction prescribed by subparagraph (iv) of this paragraph shall be the NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
30. "NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges". With respect to each fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount for such fiscal year which shall equal the portion of the remainder computed for the same fiscal year pursuant to subparagraph (iii) of paragraph twenty-nine of this subdivision, which portion is attributable to the senior colleges.
31. "NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution".
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to NYCTRS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to NYCTRS for such fiscal year, and one NYCTRS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to NYCTRS and (B) the amount of one NYCTRS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall be subtracted the portion of such remainder which is attributable to the senior colleges.
(v) The remainder resulting from the subtraction prescribed by subparagraph (iv) of this paragraph shall be the NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
32. "NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges". With respect to each fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount for such fiscal year which shall equal the portion of the remainder computed for the same fiscal year pursuant to subparagraph (iv) of paragraph thirty-one of this subdivision, which portion is attributable to the senior colleges.
33. "BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution".
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to BERS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to BERS for such fiscal year, and one BERS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to BERS and (B) the amount of one BERS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) The remainder resulting from the subtraction prescribed by subparagraph (iii) of this paragraph shall be the BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
34. "Unfunded accrued liability as of June thirtieth, nineteen hundred ninety". With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), the unfunded accrued liability of such retirement system as determined pursuant to subparagraph (ii) of paragraph twenty-seven of this subdivision.
35. "Nineteen hundred ninety balance sheet liability". With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), the total present value, determined as of June thirtieth, nineteen hundred ninety on the basis of an interest rate of nine per centum per annum, of all installments of general nineteen hundred ninety BSL contribution (as defined in paragraph twenty-six of this subdivision) and all installments of nineteen hundred ninety BSL contribution attributable to the senior colleges, if any, payable to such retirement system pursuant to the applicable provisions of subdivisions w and y of this section.
36. "Prior BSL contribution". Any of the following as in effect on June thirtieth, nineteen hundred ninety (including any portion thereof attributable to the senior colleges): (i) the BSL contribution of NYCERS determined pursuant to item (iii) of subparagraph (k) of paragraph four of subdivision b of section 13-127 of this title; (ii) the BSL contribution of NYCTRS determined pursuant to subparagraph (c) of paragraph eleven of subdivision f of section 13-527 of this title; and (iii) the BSL contribution of BERS determined pursuant to subparagraph sixteen-b of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law.
37. "Computation installment of nineteen hundred ninety BSL".
(i) Any installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of NYCERS, NYCTRS and BERS shall determine with respect to each such retirement system, as of June thirtieth, nineteen hundred ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph thirty-six of this subdivision) of such retirement system (including any portion thereof attributable to the senior colleges), which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this subdivision, would have remained due and unpaid to such retirement system as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such retirement system in thirty-one equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant to subparagraph (iii) of this paragraph with respect to such retirement system shall be a computation installment of nineteen hundred ninety BSL.
38. "Comprehensive installment of nineteen hundred ninety BSL contribution".
(i) An installment amount determined by the actuary of NYCERS, NYCTRS and BERS with respect to each such retirement system in the manner hereinafter provided in this paragraph.
(ii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of the present value determined pursuant to subparagraph (ii) of paragraph thirty-seven of this subdivision.
(iii) Each of the first five of such installments determined pursuant to subparagraph (ii) of this paragraph with respect to such retirement system shall be a comprehensive installment of nineteen hundred ninety BSL contribution.
39. "NYCERS regular installment of general nineteen hundred ninety consolidated UAL contribution". Any installment payable pursuant to subdivision o of this section.
40. "NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges". Any installment payable pursuant to subdivision p of this section.
41. "NYCTRS regular installment of general nineteen hundred ninety consolidated UAL contribution". Any installment payable pursuant to subdivision q of this section.
42. "NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges". Any installment payable pursuant to subdivision r of this section.
43. "BERS regular installment of general nineteen hundred ninety consolidated UAL contribution". Any installment payable pursuant to subdivision s of this section.
44. "General nineteen hundred ninety consolidated UAL contribution". Any of the following: the general nineteen hundred ninety consolidated UAL contributions for which phase-in installments are determined pursuant to paragraphs twenty-nine, thirty-one and thirty-three of this subdivision, the NYCERS general nineteen hundred ninety consolidated UAL contribution for which regular installments are determined pursuant to subdivision o of this section, the NYCTRS general nineteen hundred ninety consolidated unfunded accrued liability contribution for which regular installments are determined pursuant to subdivision q of this section or the BERS general nineteen hundred ninety consolidated unfunded accrued liability contribution for which regular installments are determined pursuant to subdivision s of this section.
45. "NYCERS installment of general nineteen hundred ninety BSL contribution". Any installment payable pursuant to subdivision v of this section.
46. "NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges". Any installment payable pursuant to subdivision w of this section.
47. "NYCTRS installment of general nineteen hundred ninety BSL contribution". Any installment payable pursuant to subdivision x of this section.
48. "NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges". Any installment payable pursuant to subdivision y of this section.
49. "BERS installment of general nineteen hundred ninety BSL contribution". Any installment payable pursuant to subdivision z of this section.
50. "UAL subject to consolidated amortization". The amount of the unfunded accrued liability of each of NYCERS, NYCTRS and BERS (including, in the case of NYCERS and NYCTRS any such liability attributable to the senior colleges), which liability, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other consolidated UAL contributions designated in subdivision bb of this section.
51. "BSL subject to consolidated amortization". The amount of the balance sheet liability of each of NYCERS, NYCTRS and BERS (including in the case of NYCERS and NYCTRS, any such liability attributable to the senior colleges), which liability, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other BSL contributions designated in subdivision bb of this section.
52. "Balance of unfunded UAL subject to consolidated amortization". An amount, separately determined for each of NYCERS, NYCTRS and BERS by its actuary, equal to the present value (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions aa and bb of this section) of the UAL subject to the consolidated amortization of such retirement system.
53. "Balance of unfunded BSL subject to consolidated amortization". An amount, separately determined for each of NYCERS, NYCTRS and BERS by its actuary, equal to the present value (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions aa and bb of this section) of the BSL subject to the consolidated amortization of such retirement system.
54. "Revised amortization period". The period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten.
55. "Special provisions for funding and financing senior college UAL and BSL amortization". The provisions of the education law and any other law which apply to (i) the time and manner of payment, (ii) payment financing, pre-financing and reimbursement, (iii) determination of city and state shares of payments, (iv) exclusion of UAL and BSL payment obligations from senior college operating expenses and from senior college "approved programs and services", or (v) any other funding of financing method or responsibility, with respect to contribution installments required to be paid by senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision bb of this section.
56. "NYCERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation". The sum obtained by adding together:
(i) The actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant to section eleven of chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter;
(iii) The actuarial present value, as computed pursuant to section eleven of chapter six hundred forty-three of the laws of nineteen hundred ninety-two, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter; and
(iv) The additional accrued employer cost, as computed pursuant to subdivision gg of this section, of providing the rights, benefits and privileges conferred by chapter seven hundred forty-nine of the laws of nineteen hundred ninety-two upon members of NYCERS.
57. "NYCERS balance of retirement incentive and part-time employee UAL". The amount, determined for NYCERS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i), (ii), (iii) and (iv) of paragraph fifty-six of this subdivision) of the NYCERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation.
58. "NYCTRS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive legislation". The sum obtained by adding together:
(i) The actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant to section eleven of chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapter; and
(iii) The actuarial present value, as required to be computed pursuant to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two, as amended by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapters.
59. "NYCTRS balance of retirement incentive UAL". The amount, determined for NYCTRS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i), (ii) and (iii) of paragraph fifty-eight of this subdivision) of the NYCTRS post-June thirty*, nineteen hundred ninety UAL established pursuant to retirement incentive legislation.
* Editor's note: so in original.
60. "BERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation". The sum obtained by adding together:
(i) the actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to BERS beneficiaries pursuant to such chapter; and
(ii) the additional accrued employer cost, as computed pursuant to subdivision gg of this section, of providing the rights, benefits and privileges conferred by chapter seven hundred forty-nine of the laws of nineteen hundred ninety-two upon members of BERS.
61. "BERS balance of retirement incentive and part-time employee UAL". The amount, determined for BERS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i) and (ii) of paragraph sixty of this subdivision) of the BERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation.
62. "Retirement incentive act". Any of the following: chapter two hundred ten of the laws of nineteen hundred ninety, chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, chapter four hundred ninety-four of the laws of nineteen hundred ninety-two, chapter six hundred forty-three of the laws of nineteen hundred ninety-two and chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two.
63. "Retirement incentive responsible obligor". Subject to the provisions of paragraph seven of subdivision ii of this section, the term "retirement incentive responsible obligor" shall mean a responsible obligor which, under the provisions of a retirement incentive act, or any other law applicable to contributions required by a retirement incentive act to fund additional retirement incentive benefits thereunder, was required, prior to July first, nineteen hundred ninety-three, to make contributions to fund additional retirement benefits payable to beneficiaries of a retirement system under such retirement incentive act.
64. "Part-time employee responsible obligor".
(i) With respect to NYCERS, the term "part-time employee responsible obligor" shall mean any responsible obligor to which paragraph two of subdivision gg of this section applied prior to July first, nineteen hundred ninety-three.
(ii) With respect to BERS, such term shall mean any responsible obligor to which paragraph three of such subdivision applied prior to July first, nineteen hundred ninety-three.
65. "Beneficiary." A person in receipt of a pension, an annuity, a retirement allowance, a death benefit or any other benefit provided by a retirement system.
66. "NYCERS 1995 UAL". The unfunded accrued liability of NYCERS as of June thirtieth, nineteen hundred ninety-five (excluding the NYCERS 1995 balance of BSL, as defined in paragraph sixty-nine of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCERS for the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year.
67. "NYCTRS 1995 UAL". The unfunded accrued liability of NYCTRS as of June thirtieth, nineteen hundred ninety-five (excluding the NYCTRS 1995 balance of BSL, as defined in paragraph seventy of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCTRS for the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year.
68. "BERS 1995 UAL". The unfunded accrued liability of BERS as of June thirtieth, nineteen hundred ninety-five (excluding the BERS 1995 balance of BSL, as defined in paragraph seventy-one of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to BERS for the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year.
69. "NYCERS 1995 balance of BSL". The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to NYCERS for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of paragraph two of subdivision hh of this section and paragraphs four, five, six and seven of such subdivision.
70. "NYCTRS 1995 balance of BSL". The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to NYCTRS for fiscal years beginning on or after July first nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of paragraph two of subdivision hh of this section and paragraphs four, five, six and seven of such subdivision.
71. "BERS 1995 balance of BSL". The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to BERS for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph three of subdivision hh of this section and paragraphs four, five and seven of such subdivision.
72. "Fifteen-year amortization period". The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
73. "NYCERS 1999 UAL". The unfunded accrued liability of NYCERS as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (ii) of subparagraph (a) of paragraph two of subdivision b of section 13-127 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCERS for the nineteen hundred ninety-nine – two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCERS 1999 UAL shall be zero.
74. "NYCTRS 1999 UAL". The unfunded accrued liability of NYCTRS as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in paragraph (1) of subdivision b of section 13-527 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCTRS for the nineteen hundred ninety-nine – two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCTRS 1999 UAL shall be zero.
75. "BERS 1999 UAL". The unfunded accrued liability of BERS as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (i) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to BERS for the nineteen hundred ninety-nine – two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCBERS 1999 UAL shall be zero.
76. "Eleven-year amortization period". The period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten.
b. (1) For the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this title and which is used to determine the amount of any contribution required to be paid by the city and other responsible obligors into the contingent reserve fund of any retirement system (and into pension reserve fund number two in the case of NYCTRS) in any fiscal year of the city mentioned in the succeeding provisions of this subdivision, "regular interest" shall mean interest at the rate per centum per annum, compounded annually, prescribed for such retirement system with respect to such fiscal year by the applicable provisions of this subdivision.
(2) With respect to each retirement system, such rate of interest shall be as hereinafter set forth in this paragraph:
Retirement System Rate of interest per centum per annum, compounded annually First day and last day of fiscal year or series of fiscal years for which rate is effective
NYCERS 7% July 1, 2011 to June 30, 2029
NYCTRS 7% July 1, 2011 to June 30, 2029
PPF 7% July 1, 2011 to June 30, 2029
FPF 7% July 1, 2011 to June 30, 2029
BERS 7% July 1, 2011 to June 30, 2029
c. Nothing contained in subdivision b of this section shall be construed as prescribing in relation to any retirement system, for the purpose of crediting interest to individual accounts in the annuity savings fund or to reserve-for-increased-take-home-pay or for any other purpose besides that specified in such subdivision, a rate of regular interest other than as prescribed by the application provisions of the definition of regular interest set forth in the retirement act of such retirement system and in any other laws applicable to purposes other than that set forth in subdivision b of this section.
d. For the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this title and which is used to determine the amount of any contribution required to be paid by the city or other responsible obligors into the contingent reserve fund (including pension reserve fund number two in the case of NYCTRS) of any retirement system in any fiscal year of the city succeeding the last fiscal year for which subdivision b of this section prescribes a valuation rate of interest with respect to such retirement system, "regular interest" shall mean interest at such rate per annum, compounded annually, as shall be prescribed with respect to such retirement system in subdivision b of this section by an amendment thereto enacted by the legislature.
e. On or after September first of the last city fiscal year for which a valuation rate of interest is prescribed by subdivision b of this section with respect to a retirement system, and no later than December thirty-first next succeeding such September first, the board of trustees of such retirement system shall submit to the governor, the temporary president and minority leader of the senate, the speaker of the assembly, the majority and minority leaders of the assembly, the state superintendent of insurance, the chairman of the permanent commission on public employee pension and retirement systems, the mayor of the city, and the council of the city (by transmittal to the city clerk), the written recommendations of such board as to the rate of interest and effective period thereof which should be established by law as the valuation rate of interest to be used for such retirement system after such last fiscal year.
f. (1) Subject to the provisions of subdivision h of this section, during the applicable period specified in paragraph two of this subdivision, special interest at the rate prescribed by the applicable provisions of such paragraph two shall be allowed with respect to the individual account of each member in the annuity savings fund of each retirement system with respect to which such interest is allowed.
(2) Such special interest shall be allowed at the rates and for the periods set forth below in this paragraph:
Retirement System Rate of interest per centum per annum, compounded annually First day and last day of fiscal year or series of fiscal years for which rate is effective
NYCERS 1 1/4% July 1, 2011 to June 30, 2029
NYCTRS 1 1/4% July 1, 2011 to June 30, 2029
PPF 1 1/4% July 1, 2011 to June 30, 2029
FPF 1 1/4% July 1, 2011 to June 30, 2029
BERS 1 1/4% July 1, 2011 to June 30, 2029
(3) Such special interest provided for by paragraphs one and two of this subdivision shall be credited to such individual account of each member entitled thereto in the same manner and at the same time as regular interest is required to be credited to such account with respect to the same period of time. Such special interest shall not be considered in determining rates of contributions of members. Nothing contained in this subdivision f shall be construed as applicable to any member of a retirement system who is subject to the provisions of article fourteen of the retirement and social security law or article fifteen of such law.
g. (1) Subject to the provisions of subdivision h of this section, during the applicable period specified in paragraph two of this subdivision, in the determination the reserve-for-increased-take-home-pay of each member of a retirement system entitled to such a reserve, additional interest at the rate prescribed by the applicable provisions of such paragraph two shall be included.
(2) Such additional interest shall be included at the rates and for the periods set forth below in this paragraph:
Retirement System Rate of interest per centum per annum, compounded annually First day and last day of fiscal year or series of fiscal years for which rate is effective
NYCERS 1 1/4% July 1, 2011 to June 30, 2029
NYCTRS 1 1/4% July 1, 2011 to June 30, 2029
PPF 1 1/4% July 1, 2011 to June 30, 2029
FPF 1 1/4% July 1, 2011 to June 30, 2029
BERS 1 1/4% July 1, 2011 to June 30, 2029
(3) Additional interest shall not be considered in determining rates of contribution of members. Nothing contained in this subdivision shall be construed as applicable to any member of a retirement system who is subject to the provisions of article fourteen of the retirement and social security law or article fifteen of such law.
h. (1) In any case where:
(A) the provisions of paragraph two of subdivision f or paragraph two of subdivision g of this section are amended so as to prescribe for any retirement system with respect to any fiscal year of the city a rate of special interest or additional interest different from that applicable to such retirement system for the next preceding fiscal year; and
(B) the date of enactment (as such date is certified pursuant to section forty-one of the legislative law) of such amendment is later than the first day of the fiscal year in which such changed rate takes effect; and
(C) during the period beginning on such first day and ending on the day next preceding such date of enactment, a member of such retirement system dies or the retirement allowance or vested rights deferred retirement allowance of such member becomes payable; the applicable rate of special interest or additional interest, as the case may be, for such next proceeding fiscal year shall apply to the crediting of special interest or additional interest in favor or such member for the portion of such period preceding such death or the commencement of payability of such retirement allowance.
(2) (i) Nothing contained in subdivisions f and g of this section shall be construed as granting special or additional interest, as the case may be, to any person with respect to any period wherein (A) such person was not a member entitled to be credited with regular interest for the same period in the annuity savings fund or with respect to his or her reserve-for-increased-take-home-pay or (B) was not a discontinued member entitled to be credited as a discontinued member with regular interest for the same period.
(ii) Nothing contained in such subdivisions f and g shall be construed (A) as granting special interest with respect to the total accumulated contributions (as defined in subdivision seven of section 13-313 of this title) of an original plan member (as defined in subdivision four-b of such section 13-313) of FPF while he or she is such a member or (B) as granting additional interest with respect to an accumulation-for-increased-take-home-pay (as defined in subdivision fifteen of such section 13-313) of an original plan member while he or she is such a member.
i. (1) Subject to the provisions of paragraph three of this subdivision, in addition to regular interest annually allowed for the applicable period specified in paragraph two of this subdivision on the mean amount for the preceding year in each fund creditable with supplementary interest (as defined in paragraph fifteen of subdivision a of this section) of each retirement system, there shall be annually allowed with respect to such period supplementary interest at the rate specified in such paragraph two on such mean amount for the preceding year in such fund. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(2) Such supplementary interest shall be allowed at the rates and for the periods set forth below in this paragraph:
Retirement System Rate of interest per centum per annum, compounded annually First day and last day of fiscal year or series of fiscal years for which rate is effective
NYCERS 0% July 1, 2011 to June 30, 2029
NYCTRS 0% July 1, 2011 to June 30, 2029
PPF 0% July 1, 2011 to June 30, 2029
FPF 0% July 1, 2011 to June 30, 2029
BERS 0% July 1, 2011 to June 30, 2029
(3) The provisions of paragraphs one and two of this subdivision shall not apply to or affect (i) the allowance of interest or the crediting of interest to accounts of members or discontinued members in the annuity savings fund or (ii) the allowance of interest on or the crediting of interest to reserve-for-increased-take-home-pay of members or discontinued members or (iii) the determination of the amount of any benefit payable to any member or beneficiary of a retirement system.
j. On or after September first of the last city fiscal year for which special, additional and supplementary interest are allowed with respect to a retirement system pursuant to the provisions of subdivisions f, g and i of this section, and no later than December thirty-first next succeeding such September first, the board of trustees of such retirement system shall submit to the public officers and body referred to in subdivision e of this section the written recommendations of such board:
(1) as to whether legislation should be enacted providing for the crediting of special interest to members of such retirement system after such last fiscal year and if so, the recommended rate thereof and duration of such crediting; and
(2) as to whether legislation should be enacted providing that in the determination of reserves-for-increased-take-home-pay of members of such retirement system entitled to such a reserve, additional interest shall be included for any period after such last fiscal year, and if so, the recommended rate thereof and the period as to which such interest should be included; and
(3) as to whether legislation should be enacted providing for the crediting of supplementary interest after such last fiscal year to funds creditable with supplementary interest of such retirement system and if so, the recommended rate thereof and duration of such crediting.
k. (1) (i) Subject to the provisions of subparagraphs (iii) and (iv) of this paragraph, in any case where the valuation rate of interest for a retirement system is changed by law for any period beginning on or after July first, two thousand four, or where the board of trustees of a retirement system, for any period beginning on or after July first, nineteen hundred ninety-nine, adopts changed actuarial tables used in valuing the liabilities of such retirement system, or where a significant change in an actuarial valuation method (as defined in paragraph sixteen of subdivision a of this section) is made for any period beginning on or after July first, nineteen hundred ninety-nine in relation to a retirement system, the actuary thereof shall calculate, as of June thirtieth next preceding the first day of the fiscal year for which such changed rate or changed tables or significant change in an actuarial valuation method first becomes or became effective, an unfunded accrued liability adjustment applicable to each responsible obligor in relation to such retirement system, provided, however, that no unfunded accrued liability adjustment shall be established under this subdivision for any retirement system with respect to any change in the valuation rate of interest, change in actuarial tables or significant change in an actuarial valuation method where such changed valuation rate of interest, actuarial tables or actuarial valuation method applies to such retirement system with respect to any actuarial valuation performed by the actuary as of June thirtieth, two thousand ten or as of any date thereafter.
(ii) Any such adjustment (or adjustments in the aggregate) shall be designed to amortize in installments over a period and by such method as shall be established by the board of trustees or retirement board of such retirement system on the recommendation of its actuary, and commencing on such first day, the increase or decrease in the actuarial accrued liability of such retirement system or pension fund resulting from any such change or changes. Such period of amortization shall be not less than ten city fiscal years nor more than twenty such years.
(iii) No unfunded accrued liability adjustment shall be established under this subdivision for any retirement system with respect to any change in actuarial tables or significant change in an actuarial valuation method, where such changed tables or changed method apply or applies to such retirement system with respect to determination of any of the NYCERS 1999 UAL, the NYCTRS 1999 UAL, the BERS 1999 UAL, the PPF 1999 UAL (as defined in paragraph thirty-two of subdivision a of section 13-638.3 of the code, as added by chapter six hundred eight of the laws of nineteen hundred ninety-one) or the FPF 1999 UAL (as defined in paragraph thirty-two of subdivision a of section 13-638.3 of the code, as added by chapter six hundred ten of the laws of nineteen hundred ninety-one), whether such change is adopted before or after July first, nineteen hundred ninety-nine. Nothing contained in this subdivision shall be construed as requiring the continuation after June thirtieth, nineteen hundred ninety-nine of the amortization of any unfunded accrued liability adjustment established under this subdivision prior to such June thirtieth.
(iv) No unfunded accrued liability adjustment shall be established under this subdivision for any retirement system with respect to any change in the valuation rate of interest, change in actuarial tables or significant change in an actuarial valuation method if (A) such unfunded accrued liabilities, when added to any existing unfunded accrued liability, would result in the total of all unfunded accrued liabilities for that retirement system equaling less than zero, or if (B) the change in unfunded actuarial liability for that retirement system would cause an increase or decrease of less than ten percent in the actuarial accrued liability (computed pursuant to the entry age normal cost method of determining such liability) and the actuary concludes that such an unfunded accrued liability need not be established.
(2) Subject to the provisions of the succeeding paragraphs of this subdivision and subdivision 1 of this section, each such unfunded accrued liability adjustment shall be calculated with respect to the affected responsible obligor, and shall be paid by or credited to such obligor, as the case may be, in accordance with the appropriate methods set forth in subdivisions b to v, inclusive, of section 13-638.1 of this subchapter.
(3) (i) Each such unfunded accrued liability adjustment (other than any such adjustment attributable to employees of the senior colleges of the city university) shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words "unfunded accrued liability adjustment attributable to," followed by the name of the responsible obligor with respect to which such adjustment was calculated.
(ii) Each such unfunded accrued liability adjustment attributable to employees of such senior colleges which is calculated for NYCERS shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words "NYCERS unfunded accrued liability adjustment attributable to the senior colleges."
(iii) Each such unfunded accrued liability adjustment attributable to employees of such senior colleges which is calculated for NYCTRS shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words "NYCTRS unfunded accrued liability adjustment attributable to the senior colleges."
(4) For the purpose of applying the provisions of subdivisions b to v, inclusive, of section 13-638.1 as prescribed by paragraph two of this subdivision:
(i) the term "valuation rate of interest" appearing in such provisions shall mean the applicable valuation rate of interest, as defined in paragraph eleven of subdivision a of this section; and
(ii) wherever the words "nineteen hundred eighty-seven-nineteen hundred eighty-eight fiscal year" appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the city fiscal year next preceding the first fiscal year of the amortization period applicable pursuant to paragraph one of this subdivision; and
(iii) wherever the words, "nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year" appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the first city fiscal year of such amortization period; and
(iv) wherever the words "June thirtieth, nineteen hundred eighty-eight" appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the month, day and year of the June thirtieth next preceding the first day of such amortization period; and
(v) wherever the words "nineteen hundred eighty-eight unfunded accrued liability adjustment" appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the calendar year in which such amortization period begins, followed by the words "unfunded accrued liability adjustment"; and
(vi) wherever the words "nineteen hundred ninety-seven-nineteen hundred ninety-eight" appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the last city fiscal year of the applicable amortization period.
k-1. All installments of contribution resulting from any unfunded accrued liability established for any retirement system prior to the establishment of the unfunded accrued liability as of June thirtieth, two thousand ten for the retirement systems pursuant to the provisions of paragraph one of subdivision k-2 of this section which are payable to any retirement system on or after July first, two thousand eleven are hereby canceled and shall not be due and payable on or after such July first.
k-2. (1) (i) The actuary for each of the retirement systems (as defined in paragraph one of subdivision a of this section), upon the basis of the latest mortality and other tables applicable at the time he or she performs the calculations, and the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section), shall calculate separately for each of the retirement systems, as of June thirtieth, two thousand ten and as of each succeeding June thirtieth, an unfunded accrued liability for each of the retirement systems in accordance with the succeeding subparagraphs of this paragraph.
(ii) The actuary shall calculate, as of the applicable June thirtieth, an amount equal to the sum of (A) the total actuarial present value of all benefits payable by the retirement system pursuant to applicable law, as determined by the actuary, and (B) the liability of the retirement system, as determined by the actuary, for amounts which the retirement system may be required by applicable law to pay to any other fund on account of related benefits financed through the retirement system, without a corresponding offset in the liabilities of the retirement system.
(iii) The unfunded accrued liability of the retirement system as of the applicable June thirtieth shall be the amount obtained by deducting from the amount of such total liability of the retirement system on account of benefits, as determined by the actuary pursuant to subparagraph (ii) of this paragraph, the sum of:
(A) the actuarial present value of entry age normal contributions payable to the retirement system, as determined by the actuary as of the applicable June thirtieth in a manner consistent with the entry age actuarial cost method, and with the applicable methodologies set forth for NYCERS in subparagraph (d) of paragraph two of subdivision b of section 13-127 of this title, for the PPF in subparagraph (e) of paragraph two of subdivision b of section 13-228 of this title, for the FPF in subparagraph (e) of paragraph two of subdivision b of section 13-331 of this title, for the NYCTRS in paragraph five of subdivision b of section 13-527 of this title or for BERS in item (v) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law;
(B) the present value of future member contributions of all members of the retirement system, as determined by the actuary as of the applicable June thirtieth;
(C) the total funds on hand of the retirement system, as determined by the actuary as of the applicable June thirtieth; and
(D) the present value of future installments of unfunded accrued liability contributions to the retirement system.
(iv) The actuary, in determining the unfunded accrued liability pursuant to this paragraph, may make any adjustments which he or she deems appropriate due to the calculation of the unfunded accrued liability as of the second June thirtieth preceding the fiscal year in which the first installment of such unfunded accrued liability becomes payable or creditable.
(2) (i) The unfunded accrued liability calculated by the actuary as of June thirtieth, two thousand ten for each retirement system pursuant to paragraph one of this subdivision shall be known as the "2010 UAL" or, with respect to NYCERS as the "NYCERS 2010 UAL", with respect to NYCTRS as the "NYCTRS 2010 UAL", with respect to the PPF as the "PPF 2010 UAL", with respect to the FPF as the "FPF 2010 UAL" and with respect to BERS as the "BERS 2010 UAL".
(ii) The 2010 UAL for each retirement system shall be amortized in twenty-one annual installments, as determined by the actuary, payable over a period of twenty-two fiscal years following its establishment as of June thirtieth, two thousand ten, with payments commencing with the two thousand eleven – two thousand twelve fiscal year. The actuary for each of the retirement systems shall determine the schedule of contribution installments so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(3) (i) The unfunded accrued liability calculated pursuant to paragraph one of this subdivision by the actuary as of June thirtieth, two thousand eleven, and as of each succeeding June thirtieth, shall be known as a "post-2010 UAL adjustment". With respect to each retirement system, such unfunded accrued liability shall be known by the name consisting of the applicable abbreviation for the retirement system, as defined in paragraph three, four, five, six or seven of subdivision a of this section, followed by the calendar year as of which the unfunded accrued liability was established, followed by the term "UAL adjustment".
(ii) Each post-2010 UAL adjustment for each retirement system shall be amortized in equal installments payable or creditable, as determined by the actuary, as follows:
(A) that portion of a post-2010 UAL adjustment which is attributable to actuarial gains or losses, as determined by the actuary, shall be amortized in fourteen annual installments, as determined by the actuary, payable or creditable over a period of fifteen fiscal years following the June thirtieth as of which the unfunded accrued liability was established, with payments or credits commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established, provided, however, that the portion of a post-2010 UAL adjustment which is attributable to actuarial gains and losses shall be an amount equal to the total amount of such post-2010 UAL adjustment minus an amount equal to the sum of the portions of such post-2010 UAL adjustment, if any, which are attributable to (1) changes in the valuation rate of interest, changes in actuarial tables and changes in actuarial methods, as determined by the actuary pursuant to item (B) of this subparagraph, and (2) recently enacted changes in benefits which were not incorporated in the unfunded accrued liability established as of the preceding June thirtieth, as determined by the actuary pursuant to item (C) of this subparagraph;
(B) that portion of a post-2010 UAL adjustment which is attributable to changes in the valuation rate of interest, changes in actuarial tables or changes in actuarial methods, as determined by the actuary, shall be amortized in nineteen annual installments, as determined by the actuary, payable or creditable over a period of twenty fiscal years following the June thirtieth as of which the unfunded accrued liability was established, with payments or credits commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established; or
(C) that portion of a post-2010 UAL adjustment which is attributable to recently enacted changes in benefits which were not incorporated in the unfunded accrued liability established as of the preceding June thirtieth, as determined by the actuary, shall, unless an amortization period of a different length is specified by the law enacting such benefit changes, be payable or creditable in annual installments over a period of fiscal years comparable in length to the number of years which is one less than the number of years of the remaining working lifetimes of members covered by the benefit changes, as determined by the actuary, with the payment or credit of such annual installments commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established, provided, however, that where the length of the amortization period for the benefit changes is not specified in the law enacting the benefit changes, the actuary, in his or her discretion, and in lieu of amortizing the portion of the unfunded accrued liability attributable to the benefit changes over a period of fiscal years comparable in length to the number of years which is one less than the number of years of the remaining working lifetimes of members covered by the benefit changes, may select an amortization period that is reasonably consistent with past practice for amortizing unfunded accrued liability attributable to the particular type of benefit changes.
(4) Notwithstanding any other provision of law to the contrary, with respect to any installment of an unfunded accrued liability or an unfunded accrued liability adjustment, in the event that such retirement system has more than one responsible obligor, the actuary for that retirement system shall determine and shall allocate to each such responsible obligor its share of that installment, as determined to be appropriate by the actuary. Each responsible obligor's share of each such installment shall be either a charge or a credit with respect to such responsible obligor for the applicable fiscal year.
(5) For each fiscal year, commencing with the two thousand eleven – two thousand twelve fiscal year, the actuary shall determine whether the sum of the charges and credits applicable to each responsible obligor for such fiscal year with respect to the applicable retirement system shall constitute a total charge or a total credit. Where such amount for such responsible obligor for such fiscal year with respect to such retirement system is a total charge, the responsible obligor shall pay an amount equal to such total charge to the retirement system in a timely manner, as required by paragraph six of this subdivision. Where such amount for such responsible obligor for such fiscal year with respect to such retirement system is a total credit, the amount of employer contributions otherwise payable by such responsible obligor to such retirement system for such fiscal year pursuant to applicable provisions of law, as determined by the actuary, shall be reduced by the amount of such total credit, provided, however, that such total amount of employer contributions otherwise payable by such responsible obligor to such retirement system for such fiscal year shall not be reduced below an amount equivalent to the amount payable by such responsible obligor for such fiscal year for administrative expenses, as determined by the actuary in accordance with the provisions of subdivision f of section 13-103 of this title for NYCERS, subdivision h of section 13-216 of this title for the PPF, subdivision d of section 13-518 of this title for the NYCTRS or paragraph (e) of subdivision twenty-three of section twenty-five hundred seventy-five of the education law for BERS, and shall not be reduced below zero for the FPF, provided further, that where a total credit for a responsible obligor with respect to a retirement system has been offset against employer contributions otherwise payable by such obligor to such retirement system for such fiscal year by the maximum amount permissible pursuant to the preceding provisions of this paragraph, and all or a portion of such credit remains after such offset, the remaining credit shall be carried forward, together with interest calculated on such amount at the valuation rate of interest, as a credit for such obligor for the following fiscal year, as determined by the actuary.
(6) All responsible obligors shall make all unfunded accrued liability payments to a retirement system required pursuant to the provisions of this subdivision in accordance with the time of payment requirements set forth in subdivision c of section 13-133 of this title for NYCERS, subdivision c of section 13-231 of this title for the PPF, subdivision c of section 13-334 of this title for the FPF, subdivision (c) of section 13-533 of this title for the NYCTRS or paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law for BERS.
k-3. All installments of contribution resulting from any unfunded accrued liability established for any retirement system prior to the establishment of the unfunded accrued liability as of June thirtieth, two thousand twenty-four for the retirement systems pursuant to the provisions of paragraph one of subdivision k-4 of this section which are payable to any retirement system on or after July first, two thousand twenty-five are hereby canceled and shall not be due and payable on or after such July first.
k-4. (1) (i) The actuary for each of the retirement systems (as defined in paragraph one of subdivision a of this section), upon the basis of the latest mortality and other tables applicable at the time such actuary performs the calculations, and the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section), shall calculate separately for each of the retirement systems, as of June thirtieth, two thousand twenty-four and as of each succeeding June thirtieth, an unfunded accrued liability for each of the retirement systems in accordance with the succeeding subparagraphs of this paragraph.
(ii) The actuary shall calculate, as of the applicable June thirtieth, an amount equal to the sum of (A) the total actuarial present value of all benefits payable by the retirement system pursuant to applicable law, as determined by the actuary, and (B) the liability of the retirement system, as determined by the actuary, for amounts which the retirement system may be required by applicable law to pay to any other fund on account of related benefits financed through the retirement system, without a corresponding offset in the liabilities of the retirement system.
(iii) The unfunded accrued liability of the retirement system as of the applicable June thirtieth shall be the amount obtained by deducting from the amount of such total liability of the retirement system on account of benefits, as determined by the actuary pursuant to subparagraph (ii) of this paragraph, the sum of:
(A) the actuarial present value of entry age normal contributions payable to the retirement system, as determined by the actuary as of the applicable June thirtieth in a manner consistent with the entry age actuarial cost method, and with the applicable methodologies set forth for NYCERS in subparagraph (d) of paragraph two of subdivision b of section 13-127 of this title, for the PPF in subparagraph (e) of paragraph two of subdivision b of section 13-228 of this title, for the FPF in subparagraph (e) of paragraph two of subdivision b of section 13-331 of this title, for the NYCTRS in paragraph five of subdivision b of section 13-527 of this title or for BERS in item (v) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law;
(B) the present value of future member contributions of all members of the retirement system, as determined by the actuary as of the applicable June thirtieth;
(C) the total funds on hand of the retirement system for valuation purposes, as determined by the actuary as of the applicable June thirtieth;
(D) the present value of future installments of unfunded accrued liability contributions to be paid to the retirement system as of the applicable June thirtieth;
(E) the present value of the pending normal contribution to the retirement system as of the applicable June thirtieth as determined by the actuary and established in the valuation for the prior year; and
(F) the present value of pending contributions to the retirement system for administrative expenses in accordance with the provisions of subdivision f of section 13-103 of this title for NYCERS, subdivision h of section 13-216 of this title for the PPF, subdivision h of section 13-316 of this title for the FPF, subdivision d of section 13-518 of this title for the NYCTRS or paragraph (e) of subdivision twenty-three of section twenty-five hundred seventy-five of the education law for BERS.
(iv) The actuary, in determining the unfunded accrued liability pursuant to this paragraph, may make any adjustments which such actuary deems appropriate due to the calculation of the unfunded accrued liability as of the second June thirtieth preceding the fiscal year in which the first installment of such unfunded accrued liability becomes payable or creditable.
(2) (i) The unfunded accrued liability calculated by the actuary as of June thirtieth, two thousand twenty-four for each retirement system pursuant to paragraph one of this subdivision shall be known as the "2024 UAL" or, with respect to NYCERS as the "NYCERS 2024 UAL", with respect to NYCTRS as the "NYCTRS 2024 UAL", with respect to the PPF as the "PPF 2024 UAL", with respect to the FPF as the "FPF 2024 UAL" and with respect to BERS as the "BERS 2024 UAL".
(ii) The 2024 UAL for each retirement system shall be amortized in twelve annual installments, as determined by the actuary, with payments commencing with the two thousand twenty-five--two thousand twenty-six fiscal year. The actuary for each of the retirement systems shall determine the schedule of contribution installments such that the first installment is equal to the amount accrued by each obligor for the two thousand twenty-five--two thousand twenty-six fiscal year reduced by one-twelfth of the preliminary annual contribution and by any difference between the preliminary and final total annual contribution for the same fiscal year, as determined by the actuary, followed by eleven equal annual installments. Any overpayments of the first installment shall be applied to the next fiscal year without interest, as determined by the actuary.
(3) Notwithstanding paragraph three of subdivision k-2 of this section or any other law to the contrary, the unfunded accrued liability calculated pursuant to paragraph one of this subdivision by the actuary as of June thirtieth, two thousand twenty-five, and as of each succeeding June thirtieth, shall be known as a "post-2024 UAL adjustment". With respect to each retirement system, such unfunded accrued liability shall be known by the name consisting of the applicable abbreviation for the retirement system, as defined in paragraph three, four, five, six or seven of subdivision a of this section, followed by the calendar year as of which the unfunded accrued liability was established, followed by the term "UAL adjustment". Each post-2024 UAL adjustment shall be amortized in the same manner and period as provided in subdivision k-2 of this section relative to post-2010 UAL adjustments.
l. (1) In any case where the valuation rate of interest for a retirement system is changed by law for any period beginning on or after July first, two thousand four, and as of June thirtieth next preceding the fiscal year for which such change first becomes effective, there remain unpaid or uncredited, as the case may be, with respect to such retirement system, any installments of (i) the NYCERS 1999 UAL, (ii) the NYCTRS 1999 UAL, (iii) the BERS 1999 UAL, (iv) any post-June thirtieth, nineteen hundred ninety-nine unfunded accrued liability adjustment (as defined in paragraph seventeen of subdivision a of this section), (v) any contribution to PPF referred to in subdivision p of section 13-638.3 of this subchapter (as added by chapter six hundred eight of the laws of nineteen hundred ninety-one), (vi) any contribution to FPF referred to in subdivision p of section 13-638.3 of this subchapter (as added by chapter six hundred ten of the laws of nineteen hundred ninety-one) or (vii) any other contribution by a responsible obligor to a retirement system (other than the normal contribution) which may be required by law for the purpose of funding any unfunded liability or funding deficiency of such retirement system, such remaining installments shall be recomputed by the actuary so that the present value of such recomputed installments, calculated as of such June thirtieth on the basis of such changed valuation rate, shall equal the present value of such remaining installments, calculated as of such June thirtieth on the basis of the valuation rate in effect immediately prior to such change.
(2) In each fiscal year succeeding such June thirtieth, one of such recomputed installments shall be paid by or credited to, as the case may be, the responsible obligor or responsible obligors with respect to such retirement system in the same manner as the corresponding prior installments were paid or credited, until all such remaining installments are paid or credited in full; provided, however, that until all such installments are so disposed of, they shall be recomputed and paid or credited in recomputed form pursuant to this subdivision for each subsequent change in such valuation rate.
m. Notwithstanding any other provision of law to the contrary, all NYCERS, NYCTRS and BERS installments of the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-six unfunded accrued liability adjustment and the nineteen hundred eighty-eight unfunded accrued liability adjustment and all installments of the post June thirtieth, nineteen hundred eighty-nine unfunded accrued liability adjustment established with respect to BERS pursuant to subdivision k of this section and all NYCERS, NYCTRS and BERS installments of amortization of bond sale gains and losses and all NYCERS, NYCTRS and BERS installments of funding of supplemental retirement allowances, which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which first amended this subdivision, would otherwise be due from and payable by any responsible obligor to NYCERS, NYCTRS or BERS (or be creditable to such obligor) with respect to any fiscal year or period beginning on or after July first, nineteen hundred ninety (including all such NYCERS or NYCTRS installments attributable to the senior colleges as defined or referred to in subdivisions seven, eight, eight-a, eight-b, eight-c, eight-d, eight-e and eight-f of section sixty-two hundred two of the education law and subdivision one of section sixty-two hundred thirty-one of such law) are hereby cancelled as of such July first and shall not be due and payable (or creditable) on or after such July first.
n. The actuary of each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of subdivision a of this section) shall determine the amount of the difference obtained by subtracting (A) the outstanding balance, as of June thirtieth, nineteen hundred ninety-five, of the nineteen hundred ninety balance sheet liability (as defined in paragraph thirty-five of subdivision a of this section) of such retirement system for (B) the outstanding balance, as of such June thirtieth, of the unfunded accrued liability as of June thirtieth, nineteen hundred ninety (as defined in paragraph thirty-four of subdivision a of this section) of such retirement system.
o. (1) From the amount of the difference determined pursuant to subdivision n of this section in relation to NYCERS, there shall be subtracted the portion thereof which is attributable to the senior colleges.
(2) The actuary of NYCERS shall determine an amount which, when paid into the contingent reserve fund of NYCERS in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
p. (1) The actuary of NYCERS shall determine an amount which, when paid by the state and the city into the contingent reserve fund of NYCERS pursuant to section sixty-two hundred thirty-one of the education law in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of difference attributable to the senior colleges, as determined pursuant to the provisions of subdivision n of this section in relation to NYCERS.
(2) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
q. (1) From the amount of the difference determined pursuant to subdivision n of this section in relation to NYCTRS there shall be subtracted the amount thereof which is attributable to the senior colleges.
(2) The actuary shall determine an amount which, when paid into the contingent reserve fund of NYCTRS in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
r. (1) The actuary of NYCTRS shall determine an amount which, when paid by the state and the city into the contingent reserve fund of NYCTRS pursuant to section sixty-two hundred thirty-one of the education law in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of difference attributable to the senior colleges, as determined pursuant to the provisions of paragraph one of subdivision q of this section in relation to NYCTRS.
(2) Such amount determined in relation to such installments shall be payable in installments as provided for in subdivision bb of this section.
s. (1) The actuary shall determine an amount which, when paid into the contingent reserve fund of BERS in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of difference computed pursuant to subdivision n of this section in relation to BERS.
(2) Such amount determined in relation to such installments shall be payable in installments as provided for in subdivision bb of this section.
t. Notwithstanding any other provision of law to the contrary, no installments of prior balance sheet liability contribution (as defined in paragraph thirty-six of subdivision a of this section) shall be due from or payable by any responsible obligor to NYCERS, NYCTRS or BERS with respect to any fiscal year of the city beginning on or after July first, nineteen hundred ninety.
u. The actuary of NYCERS, NYCTRS and BERS shall determine with respect to each such retirement system, as of June thirtieth, nineteen hundred ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph thirty-six of subdivision a of this section) of such retirement system (including any portion thereof attributable to the senior colleges), which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this subdivision, would have remained due and unpaid to such retirement system as of such June thirtieth.
v. (1) From the amount of present value determined pursuant to subdivision u of this section in relation to NYCERS, there shall be subtracted the portion thereof which is attributable to the senior colleges.
(2) The actuary of NYCERS shall determine an amount which, when paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCERS general nineteen hundred ninety BSL contribution.
w. (1) The actuary of NYCERS shall determine an amount which, when paid by the state and the city into the contingent reserve fund of NYCERS pursuant to section sixty-two hundred thirty-one of the education law in twenty equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of present value attributable to the senior colleges, as determined pursuant to the provisions of subdivision v of this section in relation to NYCERS.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCERS nineteen hundred ninety BSL contribution attributable to the senior colleges.
x. (1) From the amount of present value determined pursuant to subdivision u of this section in relation to NYCTRS, there shall be subtracted the portion thereof which is attributable to the senior colleges.
(2) The actuary of NYCTRS shall determine an amount which, when paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCTRS general nineteen hundred ninety BSL contribution.
y. (1) The actuary of NYCTRS shall determine an amount which, when paid by the state and the city into the contingent reserve fund of NYCTRS pursuant to section sixty-two hundred thirty-one of the education law in twenty equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of present value attributable to the senior colleges, as determined pursuant to the provisions of subdivision x of this section in relation to NYCTRS.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCTRS nineteen hundred ninety BSL contribution attributable to the senior colleges.
z. (1) The actuary of BERS shall determine an amount which, when paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety – nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the amount of present value determined pursuant to subdivision u of this section in relation to BERS.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the BERS general nineteen hundred ninety BSL contribution.
aa. (1) Subject to the provisions of paragraph three of this subdivision and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the general UAL and BSL responsible obligors (as defined in paragraph ten-a of subdivision a of this section) in relation to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of subdivision a of this section) shall pay into its contingent reserve fund:
(i) their respective shares of the installment amount allocated to such fiscal year for payment on account of general nineteen hundred ninety consolidated UAL contribution (as defined in paragraph forty-four of subdivision a of this section) of such retirement system; and
(ii) their respective shares of the installment amount allocated to such fiscal year for payment on account of the general nineteen hundred ninety BSL contribution (as defined in paragraph twenty-six of subdivision a of this section) of such retirement system.
(2) With respect to each fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten:
(i) the state, at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, shall contribute to NYCERS or NYCTRS, as the case may be, the state's share of:
(A) the NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph thirty of subdivision a of this section) or the NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph forty of subdivision a of this section) applicable to such fiscal year, as the case may be; and
(B) the NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph thirty-two of subdivision a of this section) or the NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph forty-two of subdivision a of this section) applicable to such fiscal year, as the case may be; and
(C) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (as defined in paragraph forty-six of subdivision a of this section) applicable to such fiscal year; and
(D) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (as defined in paragraph forty-eight of subdivision a of this section); and
(ii) the city, at the time and in the manner prescribed by the applicable provisions of such section of the education law, shall contribute to each affected retirement system, the city's share, as prescribed by such provisions, of the applicable installment amount or amounts allocated to such fiscal year for payment on account of the UAL contribution and BSL contribution referred to in subparagraph (i) of this paragraph.
(3) Each installment amount payable as provided for in paragraphs one and two of this subdivision shall be in the applicable sum prescribed in the schedule of twenty-year amortization set forth in subdivision bb of this section.
(4) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of subdivisions n through z, inclusive, of this section, and the affected provisions of subdivision bb thereof, and the preceding paragraphs of this subdivision shall be superseded in the manner prescribed by the provisions of subdivision hh of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the revised amortization period.
bb. Subject to the provisions of subdivisions k and l of this section, installments of the contributions to NYCERS, NYCTRS and BERS provided for by subdivisions n to aa, inclusive, of this section shall be paid by general UAL and BSL responsible obligors (as defined in paragraph ten-a of subdivision a of this section) and senior college responsible obligors (as defined in paragraph ten-b of subdivision a of this section) in accordance with the schedule of twenty-year amortization set forth below in this subdivision.
SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF NYCERS, NYCTRS AND BERS 1990 CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in parentheses are to paragraph numbers of definitions in subdivision a of this section)
Col. 1 Col. 2 Col. 3 Col. 4
Retirement System Fiscal year or years in which annual amortization payments are required to be made Obligor or obligors required to make payments Amount payable in each fiscal year
Col. A NYCERS Each fiscal year (9-a) in the phase-in period (18) Each general UAL and BSL responsible obligor (10-a) of NYCERS The sum obtained by adding together such obligor's shares of (a) the NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (29) applicable to such fiscal year and (b) the NYCERS installment of general nineteen hundred ninety BSL contribution (45) applicable to such fiscal year.
Col. B NYCERS Each fiscal year (9-a) in the phase-in period (18) Each of the senior college UAL and BSL responsible obligors (10-b) The sum obtained by adding together such obligor's shares of (a) the NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (30) applicable to such fiscal year and (b) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year.
Col. C NYCTRS Each fiscal year (9-a) in the phase-in period (18) Each general UAL and BSL responsible obligor (10-a) of NYCTRS The sum obtained by adding together such obligor's shares of (a) the NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (31) applicable to such fiscal year and (b) the NYCTRS installment of general nineteen hundred ninety BSL contribution (47) applicable to such fiscal year.
Col. D NYCTRS Each fiscal year (9-a) in the phase-in period (18) Each of the senior college UAL and BSL responsible obligors (10-b) The sum obtained by adding together such obligor's shares of (a) the NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (32) applicable to such fiscal year and (b) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (48) applicable to such fiscal year.
Col. E BERS Each fiscal year (9-a) in the phase-in period (18) Each general UAL and BSL responsible obligor (10-a) of BERS The sum obtained by adding together such obligor's shares of (a) the BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (33) applicable to such fiscal year and (b) the BERS phase-in installment of general nineteen hundred ninety BSL contribution (49) applicable to such fiscal year.
Col. F NYCERS Each fiscal year (9-a) in the regular installment period (19) Each general UAL and BSL responsible obligor (10-a) of NYCERS The sum obtained by adding together (a) such obligor's share of the NYCERS regular installment of general nineteen hundred ninety consolidated UAL contribution (39) applicable to such fiscal year and (b) such obligor's share of the NYCERS installment of general nineteen hundred ninety BSL contribution (45) applicable to such fiscal year.
Col. G NYCERS Each fiscal year (9-a) in the regular installment period (19) Each of the senior college UAL and BSL responsible obligors (10-b) The sum obtained by adding together such obligor's shares of (a) the NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (40) applicable to such fiscal year and (b) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year.
Col. H NYCTRS Each fiscal year (9-a) in the regular installment period (19) Each general UAL and BSL responsible obligor (10-a) of NYCTRS The sum obtained by adding together (a) such obligor's share of the NYCTRS regular installment of general nineteen hundred ninety consolidated UAL contribution (41) applicable to such fiscal year and (b) such obligor's share of the NYCTRS installment of general nineteen hundred ninety BSL contribution (47) applicable to such fiscal year.
Col. I NYCTRS Each fiscal year (9-a) in the regular installment period (19) Each of the senior college UAL and BSL responsible obligors (10-b) The sum obtained by adding together such obligor's shares of (a) the NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (42) applicable to such fiscal year and (b) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year.
Col. J BERS Each fiscal year (9-a) in the regular installment period (19) Each general UAL and BSL responsible obligor (10-a) of BERS The sum obtained by adding together (a) such obligor's share of the BERS regular installment of general nineteen hundred ninety consolidated UAL contribution (43) applicable to such fiscal year and (b) such obligor's share of the BERS installment of general nineteen hundred ninety BSL contribution (49) applicable to such fiscal year.
cc. Subject to the provisions of section sixty-two hundred thirty-one of the education law in relation to contributions on account of the senior colleges, the applicable provisions of subdivision c of section 13-133 of this title and subdivision c of section 13-533 thereof and paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law shall govern the time and manner of payment, within each fiscal year, of contributions payable with respect to such fiscal year to NYCERS, NYCTRS or BERS pursuant to the provisions of subdivisions n to bb, inclusive, of this section. Nothing contained in this section shall be construed as amending, modifying or changing such provisions of this title or the provisions of any other law relating to the time of payment, within a fiscal year, of contributions payable to such retirement systems with respect to such fiscal year.
dd. For the purpose of determining the amount of any installment of the contributions payable to NYCERS, NYCTRS or BERS pursuant to the provisions of subdivisions n to bb, inclusive, of this section, the actuary of such retirement system may use methods of calculation other than those set forth in such provisions, so long as such other methods produce in relation to such installment an amount equal to that produced by the methods of calculation set forth in such provisions.
ee. Any amount required to be contributed to NYCERS, NYCTRS or BERS by a responsible obligor with respect to any fiscal year under the provisions of subdivisions n to bb, inclusive, of this section shall be payable with interest on such amount at the valuation rate of interest for such retirement system for such fiscal year.
ff. In the determination of the normal contribution payable to NYCERS, NYCTRS or BERS with respect to each fiscal year of the city occurring during the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to subdivisions n to bb, inclusive, of this section shall be treated as an asset of such retirement system.
gg. (1) On the basis of the valuation rate of interest and the actuarial tables in effect as of June thirtieth, nineteen hundred ninety-three, the actuary of each retirement system shall, as of such June thirtieth, determine:
(i) the additional accrued employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS; and
(ii) the additional accrued employer cost of providing the rights, benefits and privileges conferred by such provisions upon members of BERS.
(2) Subject to the provisions of section 13-130 and 13-131 of the code, the city shall pay to the contingent reserve fund of NYCERS in seventeen equal annual installments, commencing with payment of a first installment in the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (i) of paragraph one of this subdivision.
(3) Subject to the provisions of subparagraphs one and two of paragraph (J) of subdivision sixteen of section twenty-five hundred seventy-five of the education law, the board of education of the city shall pay to the contingent reserve fund of BERS in seventeen equal annual installments, commencing with payment of a first installment in the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (ii) of paragraph one of this subdivision.
(4) The additional employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS and BERS, other than the additional accrued employer cost of providing such rights, benefits and privileges to be funded in accordance with paragraphs two and three of this subdivision, shall be funded through the normal contributions to NYCERS and BERS, commencing with the normal contributions for the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year.
hh. (1) All NYCERS, NYCTRS and BERS installments of UAL and BSL contribution designated in subdivision bb of this section as payable by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor for fiscal years occurring during the period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision, the actuary of NYCERS and NYCTRS shall separately determine for each such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded UAL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is non-attributable to the senior colleges, together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded BSL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded UAL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded BSL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion.
(3) Subject to the provisions of paragraph four of this subdivision, the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the BERS balance of unfunded UAL subject to consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the BERS balance of unfunded BSL subject to consolidated amortization, together with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution installments referred to in paragraphs two and three of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of nine per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than nine per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the revised amortization period the general UAL and BSL responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (i) and (ii) of paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment and payment financing of contribution installments required to be paid by general UAL and BSL responsible obligors for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision bb of this section, shall be deemed to apply to the time and manner of payment and payment financing of the contribution installments referred to in subparagraph (i) of this paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this paragraph, for each fiscal year of the revised amortization period, the senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS shall contribute to such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college UAL and BSL amortization (A) shall be deemed to apply to the contribution installments referred to in subparagraph (i) of this paragraph with respect to all matters to which such special provisions pertain, as described in subparagraphs (i) to (v), inclusive, of paragraph fifty-five of subdivision a of this section, and (B) shall be deemed to include such installments as if such installments were mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(8) In determination of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision be treated as an asset of such pension fund.
(9) (i) As used in this paragraph, unless the context clearly indicates otherwise, the following terms shall have the following meanings:
(A) "Authority". The New York city housing authority.
(B) "Actuary". The chief actuary of NYCERS.
(C) "Authority BSL". The portion of the balance of unfunded BSL subject to consolidated amortization (as defined in paragraph fifty-three of subdivision a of this section), which portion, as determined by the actuary, is attributable to the authority.
(D) "Amortization of authority BSL". The schedule of payments of principal and interest, to be made in each of the fiscal years of the applicable amortization period as now or hereafter prescribed by law, which is required, as now or hereafter prescribed by law, to pay off and extinguish the authority BSL.
(ii) Notwithstanding any other provision of law to the contrary, the city, acting by the mayor of the city or his delegee for such purpose, and the authority are authorized to enter into an agreement, upon such terms and conditions as the city and the authority deem proper, whereby the city, for such amount and form of consideration (including but not limited to direct payment to or credit in favor of the city) as the city deems proper, assumes in whole or in part as such parties may agree, the obligation which the authority would otherwise have pursuant to law to pay the amortization of authority BSL.
(iii) Immediately following the execution and delivery of such an agreement, which contains due and appropriate attestation that its execution has been duly authorized by the city and the authority, a copy of such agreement, duly certified as a correct copy by the city clerk and the secretary of the authority, shall be filed by the city with the executive director of NYCERS and the city comptroller.
(iv) Immediately after the authority has provided to the city the consideration which such agreement requires the authority to furnish to the city for the assumption by the city of such obligation in relation to payment of amortization of authority BSL, the city shall file with the executive director of NYCERS and the city comptroller, a statement executed by the officer of the city who executed such agreement in its behalf, certifying that such consideration has been received by the city from the authority in compliance with the terms of such agreement.
(v) Upon the completion of such filings as required by subparagraphs (iii) and (iv) of this paragraph, (A) the authority, to the extent provided for in such agreement, shall be released and discharged from the obligation which it would otherwise have pursuant to law with respect to payment of amortization of authority BSL and (B) the city, to the extent provided for in such agreement, shall be obligated to pay such amortization to NYCERS and shall be deemed to be substituted in the place of the authority, to such extent, as the responsible obligor required by law to pay such amortization.
(10) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by the provisions of subdivision jj of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the fifteen-year amortization period.
ii. (1) All installments of contribution prescribed by any retirement incentive act as payable, for any fiscal year of the city beginning on or after July first, nineteen hundred ninety-three, to fund additional benefits under such act payable to beneficiaries of NYCERS, NYCTRS and BERS and all installments of contributions prescribed by subdivision gg of this section as payable, for any fiscal year of the city beginning on or after such July first, to fund the additional accrued employer cost referred to in such subdivision are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of NYCERS, NYCTRS and BERS shall separately determine for each such retirement system a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the NYCERS balance of retirement incentive and part-time employee UAL, the NYCTRS balance of retirement incentive UAL and the BERS balance of retirement incentive and part-time employee UAL, together with interest on such balances.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of nine per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than nine per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130, 13-131 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-528 and 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the revised amortization period the respective retirement incentive responsible obligors and part-time employee responsible obligors of each of NYCERS and BERS, and the retirement incentive responsible obligors, in the case of NYCTRS, shall pay into the contingent reserve fund of such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment and payment financing of contribution installments required to be paid, prior to July first, nineteen hundred ninety-three, by such responsible obligors under the applicable retirement incentive acts and subdivision gg of this section shall be deemed to apply to the time and manner of payment and payment financing of the contribution installments referred to in subparagraph (i) of this paragraph.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(6) In determining of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision be treated as an asset of such pension fund.
(7) No provision of this subdivision shall be construed as amending, modifying, superseding or repealing:
(i) the amendment to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two made by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two; or
(ii) any contract, agreement, commitment or understanding between the city and any other governmental entity whereby such other entity agreed to pay or assume all or a part of the cost of contributions required by any retirement incentive act to fund additional benefits thereunder.
(8) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of paragraphs one to six, inclusive, of this subdivision shall be superseded in the manner prescribed by the provisions of subdivision jj of this section with respect to contributions on account of UAL payable for each fiscal year included in the fifteen-year amortization period.
jj. (1) All NYCERS, NYCTRS and BERS installments of contribution designated in paragraphs two, three, four, five and six of subdivision hh of this section as payable in any fiscal year succeeding June thirtieth, nineteen hundred ninety-five by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor and all installments of contribution designated in paragraphs two, three and four of subdivision ii of this section as payable by any retirement incentive responsible obligor of NYCERS, NYCTRS or BERS or part-time employee responsible obligor of NYCERS or BERS are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision, the actuary of NYCERS and NYCTRS shall separately determine for each such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 UAL or NYCTRS 1995 UAL, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 balance of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 UAL or NYCTRS 1995 UAL, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 balance of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion.
(3) Subject to the provisions of paragraph four of this subdivision, the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the BERS 1995 UAL, together with interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the BERS 1995 balance of BSL, together with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution installments referred to in paragraphs two and three of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight and three-quarters per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than eight and three-quarters per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the fifteen-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the fifteen-year amortization period, the general UAL and BSL responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (i) and (ii) of paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment of contribution installments required to be paid by general UAL and BSL responsible obligors for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision cc of this section, shall be deemed to apply to the time and manner of payment of the contribution installments referred to in subparagraph (i) of this paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this paragraph, in each fiscal year of the fifteen-year amortization period, the senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS shall contribute to such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college UAL and BSL amortization (A) shall be deemed to apply to the contribution installments referred to in subparagraph (i) of this paragraph with respect to all matters to which such special provisions pertain, as described in subparagraphs (i) to (v), inclusive, of paragraph fifty-five of subdivision a of this section, and (B) shall be deemed to include such installments as if such installments were mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(8) In determination of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the fifteen-year amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision shall be treated as an asset of the retirement system.
(9) (i) No provisions of this subdivision shall be construed as amending, modifying, superseding or repealing:
(A) the amendment to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two made by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two; or
(B) any contract, agreement, commitment or understanding between the city and any other governmental entity whereby such other entity agreed to pay or assume all or a part of the cost of contributions required by any retirement incentive act to fund additional benefits thereunder.
(ii) Any contribution required to be made by this subdivision, to the extent that such contribution amortizes any liability of a retirement system for additional benefits under a retirement incentive act, shall be deemed to be a cost of contributions required by such act to fund such additional benefits.
(10) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by the provisions of subdivision kk of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the eleven-year amortization period.
kk. (1) All NYCERS, NYCTRS and BERS installments of contribution designated in paragraphs two, three, four, five and six of subdivision jj of this section as payable in any fiscal year succeeding June thirtieth, nineteen hundred ninety-nine by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor and all other installments of contribution resulting from any unfunded accrued liability established on or before June thirtieth, nineteen hundred ninety-nine which are payable in any fiscal year succeeding such June thirtieth by an such obligor of NYCERS, NYCTRS or BERS are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of NYCERS, NYCTRS and BERS shall separately determine for each such retirement system a schedule of contribution installments, one of which is payable in each fiscal year included in the eleven-year amortization period, which installments will amortize the NYCERS 1999 UAL, NYCTRS 1999 UAL or BERS 1999 UAL, as the case may be, together with interest on such amounts.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than eight per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the eleven-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the eleven-year amortization period, the responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to paragraph two of this subdivision.
(ii) The applicable provisions of subdivision c of section 13-133 of this title and subdivision (c) of section 13-533 thereof and paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law shall govern the time and manner of payment, within each fiscal year, of contributions payable with respect to such fiscal year to NYCERS, NYCTRS or BERS pursuant to subparagraph (i) of this paragraph. Nothing contained in this subdivision shall be construed as amending, modifying or changing such provisions of this title or the provisions of any other law relating to the time of payment, within a fiscal year, of contributions payable to such retirement systems with respect to such fiscal year.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(Am. 2016 N.Y. Laws Ch. 83, 6/30/2016, eff. 7/1/2016; Am. 2017 N.Y. Laws Ch. 61, 6/29/2017, eff. 7/1/2017; Am. 2018 N.Y. Laws Ch. 100, 7/1/2018, eff. 7/1/2018; Am. 2019 N.Y. Laws Ch. 76, 7/3/2019, retro. eff. 7/1/2019; Am. 2021 N.Y. Laws Ch. 391, 8/2/2021, retro. eff. 7/1/2021; Am. 2023 N.Y. Laws Ch. 184, 6/30/2023, eff. 7/1/2023; Am. 2025 N.Y. Laws Ch. 139, 6/18/2025, eff. 7/1/2025; Am. 2026 N.Y. Laws Ch. 58, 5/26/2026, retro. eff. 7/1/2025)
