2006 New York Code - Obligation Of Obligors Responsible For Supplementation To Make Contributions On Account Of Supplemental Retirement Allowances.

 
    §  13-695  Obligation  of  obligors responsible for supplementation to
  make contributions on account of supplemental retirement allowances.  a.
  Commencing  with  the  city's  nineteen hundred eighty--nineteen hundred
  eighty-one fiscal year, and in each city fiscal  year  thereafter,  each
  obligor  responsible for supplementation with respect to any retirees of
  a retirement system or with respect to any  surviving  spouses  who  are
  designated  annuitants  (as defined in paragraph ten of subdivision a of
  section 13-680 of the code) or with respect  to  any  surviving  spouses
  under continuing benefit options (as defined in subdivision h of section
  13-694  of  the code) shall contribute to the contingent reserve fund of
  such retirement system the amounts determined pursuant to the provisions
  of this article to be the contribution by such obligor  required  to  be
  made  to  fund  the  supplemental  retirement allowances payable to such
  retirees and surviving spouses.
    b. (1) Notwithstanding any other provision of law to the contrary, for
  the purpose of calculation  of  the  nineteen  hundred  eighty  unfunded
  accrued  liability  adjustment of each retirement system, there shall be
  included in the total liability for all benefits, as of June  thirtieth,
  nineteen  hundred  eighty, the present value, as of such June thirtieth,
  of the future liability of  such  retirement  system  for  all  original
  supplemental retirement allowances payable after such June thirtieth.
    (2)  Notwithstanding  any  other provision of law to the contrary, for
  the purpose of calculation of the nineteen hundred  eighty-two  unfunded
  accrued  liability  adjustment of each retirement system, there shall be
  included in the actuarial  accrued  liability,  as  of  June  thirtieth,
  nineteen  hundred  eighty-two,  the  present  value,  as  of  such  June
  thirtieth, of the future liability of such  retirement  system  for  all
  original  supplemental  retirement  allowances  payable  after such June
  thirtieth  and  for  all  supplements  commencing  in  nineteen  hundred
  eighty-one  or  later  which commenced prior to June thirtieth, nineteen
  hundred eighty-two, to the extent that such last  mentioned  supplements
  are payable after such June thirtieth.
    c.   If   the  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment with respect to any such retirement system is a charge,  each
  obligor  responsible for supplementation in relation to retirees of such
  retirement  system  shall  in  each  city  fiscal  year  in  which   any
  installment  of  such  charge  is payable, pay to the contingent reserve
  fund of such retirement system, in the manner required with  respect  to
  payment  of  public  employer contributions to such fund, the portion of
  such  installments  attributable  to  original  supplemental  retirement
  allowances.
    d.   If   the  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment with respect to any such retirement system is a  credit,  the
  obligation  of  each obligor responsible for supplementation in relation
  to retirees of such retirement system to make contributions to fund  the
  original  supplemental  retirement  allowances of such retirees shall be
  appropriately recognized in the application of the installments of  such
  credit.
    e.   (1)  Subject  to  the  provisions  of  paragraph  seven  of  this
  subdivision e, in relation  to  each  city  fiscal  year  (the  "initial
  payment year") in which any retirement system makes its first payment of
  any  supplements commencing in nineteen hundred eighty-one or later, the
  actuary of such retirement system shall determine the present value,  as
  of December thirty-first of such fiscal year, of the future liability of
  such  retirement  system  for all such supplements with respect to which
  the first payment was made or will be made in such fiscal year.
    (2) Subject to the provisions of paragraph seven of  this  subdivision
  e,  with  respect  to  each such future liability so determined for such


  retirement system, there shall be a  supplemental  retirement  allowance
  deficiency  contribution which shall be an amount determined and payable
  in ten successive annual installments in the manner hereinafter provided
  in this subdivision e.
    (3)  In  the  case of an initial payment year which occurs before July
  first, nineteen hundred eighty-two, there shall be  computed  an  amount
  which,  if paid to the contingent reserve fund of such retirement system
  in ten equal annual installments, commencing with  payment  of  a  first
  installment  in  the  initial  payment  year,  would  be  the  actuarial
  equivalent, on the basis of interest at the rate of seven  and  one-half
  per centum per annum, of the amount of such future liability.
    (4)  One  of  such  equal  annual  installments  computed  pursuant to
  paragraph three of this subdivision e shall be applicable to and payable
  in such initial payment year.
    (5) (a) The nine annual installments computed  pursuant  to  paragraph
  three  of this subdivision e which are attributable to city fiscal years
  occurring after June thirtieth, nineteen hundred eighty-two (hereinafter
  referred  to  as  "original  post-June   thirtieth,   nineteen   hundred
  eighty-two  installments")  shall be recomputed so as to remain the same
  in number and equal in amount and so that their present value,  computed
  as of June thirtieth, nineteen hundred eighty-two at an interest rate of
  eight  per  centum  per  annum,  shall  be  equal  to the present value,
  computed as of such June thirtieth at an  interest  rate  of  seven  and
  one-half  per  centum  per  annum, of such original post-June thirtieth,
  nineteen  hundred  eighty-two  installments.  One  of  such   recomputed
  installments  shall  be  applicable to and payable in each of those city
  fiscal years which occur during the  period  beginning  on  July  first,
  nineteen  hundred  eighty-two  and  ending  on  June thirtieth, nineteen
  hundred eighty-eight.
    (b) The remaining three of the  installments  recomputed  pursuant  to
  subparagraph  (a)  of  this  paragraph five, shall be recomputed so that
  their present value, computed as of  June  thirtieth,  nineteen  hundred
  eighty-eight at an interest rate of eight and one-quarter per centum per
  annum,  shall  be  equal  to  the  present  value,  computed  as of June
  thirtieth at an interest rate of eight per centum  per  annum,  of  such
  three  installments.  One of such three installments shall be applicable
  to and paid in each of the  three  city  fiscal  years  succeeding  June
  thirtieth, nineteen hundred eighty-eight.
    (6)  (a)  Subject  to  the  provisions  of  paragraph  seven  of  this
  subdivision e, in the case of each initial payment year  which  succeeds
  June  thirtieth, nineteen hundred eighty-two and commences prior to July
  first, nineteen hundred eighty-eight, there shall be computed an  amount
  which,  if paid to the contingent reserve fund of such retirement system
  in ten equal annual installments, commencing with  payment  of  a  first
  installment  in  the  initial  payment  year,  would  be  the  actuarial
  equivalent, on the basis of interest at the rate of eight per centum per
  annum, of the amount of  such  future  liability.  One  of  such  annual
  installments  shall  be applicable to and payable in the initial payment
  year and one of such installments shall be applicable to and payable  in
  each  of  the  succeeding  fiscal  years  preceding July first, nineteen
  hundred eighty-eight.
    (b) The annual installments computed pursuant to subparagraph  (a)  of
  this paragraph six which are attributable to city fiscal years occurring
  after   June   thirtieth,  nineteen  hundred  eighty-eight  (hereinafter
  referred  to  as  "original  post-June   thirtieth,   nineteen   hundred
  eighty-eight  installments")  shall  be recomputed so that their present
  value, computed as of June thirtieth, nineteen hundred  eighty-eight  at
  an interest rate of eight and one-quarter per centum per annum, shall be


  equal  to  the  present  value, computed as of such June thirtieth at an
  interest rate of eight per centum per annum, of such original  post-June
  thirtieth,  nineteen  hundred  eighty-eight  installments.  One  of such
  recomputed  installments  shall  be applicable to and payable in each of
  those city fiscal years  which  occur  after  June  thirtieth,  nineteen
  hundred  eighty-eight and which are a part of such payment period of ten
  fiscal years.
    (7) (a) The supplemental retirement allowance deficiency  contribution
  with  respect to (i) the increases in supplemental retirement allowances
  referred to in paragraph twelve of subdivision g of  section  13-694  of
  this  chapter and (ii) the additional supplemental retirement allowances
  payable by retirement systems pursuant  to  the  provisions  of  section
  thirty  of  chapter  six  hundred  fifty-eight  of  the laws of nineteen
  hundred  eighty-four  (such  increases   and   additional   supplemental
  retirement allowances being hereinafter collectively referred to as "new
  supplements   payments   effective  September  first,  nineteen  hundred
  eighty-six")  and  the  supplemental  retirement  allowance   deficiency
  contribution  with  respect  to  the  additional supplemental retirement
  allowances payable by retirement systems pursuant to the  provisions  of
  section  thirty-one  of  such  chapter  six  hundred  fifty-eight  (such
  additional supplemental retirement allowances being hereinafter referred
  to as "section thirty-one supplements") shall  be  paid  in  the  manner
  provided for in the succeeding subparagraphs of this paragraph seven.
    (b)  The  actuary  shall  determine  the  present  value,  as  of June
  thirtieth, nineteen hundred eighty-six, of the future liability of  each
  retirement  system  for the new supplements payments effective September
  first, nineteen hundred eighty-six.
    (c) The  actuary  shall  compute  ten  equal  annual  installments  of
  employer  contributions,  which,  if successively paid to the contingent
  reserve fund of such retirement system, commencing  with  payment  of  a
  first  annual  installment  in  the  twelve-month  period  beginning  on
  September first, nineteen hundred eighty-six,  would  be  the  actuarial
  equivalent, on the basis of interest at the rate of eight per centum per
  annum,  of  the  present  value computed pursuant to subparagraph (b) of
  this  paragraph.  The  ten-year  payment  period  for  the  supplemental
  retirement  allowance  deficiency contribution payable to the contingent
  reserve fund of such retirement system on  account  of  new  supplements
  payments  effective  September  first, nineteen hundred eighty-six shall
  begin on September first, nineteen hundred eighty-six.
    (d) The amount of the  installment  of  such  deficiency  contribution
  payable  in  the  period  beginning on September first, nineteen hundred
  eighty-six and ending on June thirtieth, nineteen  hundred  eighty-seven
  shall  be  ten-twelfths  of  one  of  the  annual  installments computed
  pursuant to subparagraph (c) of this paragraph.
    (e) (i) The amount of the installment of such deficiency  contribution
  payable  in  each of the city's fiscal years occurring during the period
  beginning on July first, nineteen hundred  eighty-seven  and  ending  on
  June  thirtieth,  nineteen  hundred  eighty-eight,  shall be one of such
  annual installments  computed  pursuant  to  subparagraph  (c)  of  this
  paragraph.
    (ii)  The eight and two-twelfths annual installments computed pursuant
  to subparagraph (c) of this paragraph seven which  are  attributable  to
  city  fiscal years (and two-twelfths of one fiscal year) occurring after
  June thirtieth, nineteen hundred eighty-eight (hereinafter  referred  to
  as   "original   post-June   thirtieth,  nineteen  hundred  eighty-eight
  installments") shall be recomputed so that their present value, computed
  as of June thirtieth, nineteen hundred eighty-eight at an interest  rate
  of  eight  and  one-quarter  per centum per annum, shall be equal to the


  present  value,  computed  as  of  June  thirtieth,   nineteen   hundred
  eighty-eight  at an interest rate of eight per centum per annum, of such
  original   post-June   thirtieth,    nineteen    hundred    eighty-eight
  installments.  One  of such recomputed installments, as recomputed for a
  full fiscal year, shall be applicable to and payable in each of the city
  fiscal years occurring  during  the  period  beginning  on  July  first,
  nineteen  hundred  eighty-eight  and  ending on June thirtieth, nineteen
  hundred ninety-six.
    (f) The amount of the  installment  of  such  deficiency  contribution
  payable  in  the  city's  nineteen  hundred ninety-six--nineteen hundred
  ninety-seven fiscal year shall be two-twelfths of  one  of  such  annual
  installment recomputed pursuant to item (ii) of subparagraph (e) of this
  paragraph.
    (g)  The  amount and time and manner of payment of the installments of
  the deficiency contribution  with  respect  to  the  section  thirty-one
  supplements  shall  be as prescribed in subparagraphs (b), (c), (d), (e)
  and (f)  of  this  paragraph  except  that  for  the  purposes  of  this
  subparagraph (g):
    (i)  the  term  "section thirty-one supplements" shall be deemed to be
  substituted for the term "new supplements payments  effective  September
  first,  nineteen hundred eighty-six" appearing in such subparagraphs (b)
  and (c); and
    (ii) each calendar year referred to in subparagraphs (b), (c) and  (d)
  shall be deemed to be one calendar year later; and
    (iii) item (i) of such subparagraph (e) shall not apply; and
    (iv) the word "eight" used in item (ii) of such subparagraph (e) shall
  be deemed to be nine; and
    (v)  the  words  "nineteen  hundred ninety-six" used in such item (ii)
  shall be deemed to be nineteen hundred ninety-seven; and
    (vi)  the  words  "nineteen   hundred   ninety-six--nineteen   hundred
  ninety-seven"  used  in  such  subparagraph  (f)  shall  be deemed to be
  nineteen hundred ninety-seven--nineteen hundred ninety-eight.
    f. With respect to each supplemental retirement  allowance  deficiency
  contribution  determined for a retirement system pursuant to subdivision
  e of this section, each obligor responsible for supplementation shall in
  each fiscal year constituting a part of the  applicable  payment  period
  designated  in  such  subdivision, pay to the contingent reserve fund of
  such retirement system, in the manner required with respect  to  payment
  of  its  other  public employer contributions to such contingent reserve
  fund, the installment of such contribution  applicable  to  such  fiscal
  year as prescribed by such subdivision.
    g.  In  the  computation  of  the  normal  contribution payable to the
  contingent reserve fund of any such retirement system in any fiscal year
  referred to in subdivision e of  this  section,  the  present  value  of
  future    required    supplemental   retirement   allowance   deficiency
  contributions payable to the contingent reserve fund of such  retirement
  system  by  obligors responsible for supplementation shall be an item of
  deduction from  the  total  liability  of  such  retirement  system  for
  benefits.
    h.  All  payments  required  to  be  made  in  any  fiscal year to the
  contingent reserve fund pursuant to the provisions of  this  section  by
  any  obligor responsible for supplementation shall be made with interest
  at a rate per centum per annum equal to the rate per  centum  per  annum
  used  in  determining  the normal contribution payable to the contingent
  reserve fund of such retirement system in the same fiscal year.