There is a newer version of the New York Consolidated Laws
2006 New York Code - Contributions Of The City And Their Use; Contingent Reserve Fund.
§ 13-527 Contributions of the city and their use; contingent reserve
fund. a. (1) Subject to the provisions of sections 13-528 and 13-529 of
this chapter and subdivision i of this section, the city shall
contribute to the contingent reserve fund:
(a) annually an amount computed pursuant to subdivision b of this
section, to be known as the "normal contribution"; and
(b) in equal annual installments during the period beginning with
fiscal year nineteen hundred seventy-seven--nineteen hundred
seventy-eight and ending on the last day of fiscal year nineteen hundred
seventy-nine--nineteen hundred eighty, an additional amount computed
pursuant to subdivision c of this section, to be known as the "original
unfunded accrued liability contribution"; and
(c) in each city fiscal year during the period beginning with fiscal
year nineteen hundred eighty--nineteen hundred eighty-one, and ending on
the last day of fiscal year two thousand fourteen--two thousand fifteen,
the annual installment, applicable to such fiscal year, of an additional
amount computed pursuant to subdivision d of this section, to be known
as the "revised unfunded accrued liability contribution"; and
(d) in each city fiscal year during the period beginning with fiscal
year nineteen hundred eighty-one--nineteen hundred eighty-two, and
ending on the last day of fiscal year two thousand twenty--two thousand
twenty-one, the annual installment, applicable to such fiscal year, of
an additional amount computed pursuant to subdivision f of this section,
to be known as the "balance sheet liability contribution"; and
(e) in fiscal year nineteen hundred eighty--nineteen hundred
eighty-one, the amount of one year's interest, at the rate of seven and
one-half per centum per annum, on the amount of the balance sheet
liability as of June thirtieth, nineteen hundred eighty, as determined
pursuant to the provisions of subdivision f of this section; and
(f) in each city fiscal year, beginning with fiscal year nineteen
hundred eighty--nineteen hundred eighty-one and ending on the last day
of fiscal year nineteen hundred ninety-four--nineteen hundred
ninety-five, the amount required to fulfill the city's obligation, if
any, which accrued in such fiscal year, to make contributions on account
of increased-take-home-pay; and
(g) in each fiscal year, beginning with fiscal year nineteen hundred
eighty-- nineteen hundred eighty-one and ending on the last day of
fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five,
the amount required to fulfill the city's obligation, which accrued in
such fiscal year under the provisions of subdivision twenty of section
two hundred forty-three of the military law, to pay in behalf of
contributors qualifying for such benefit, member contributions with
respect to certain periods of the military service of such contributors.
(2) (a) Subject to the provisions of subparagraph (d) of this
paragraph two, if the nineteen hundred eighty unfunded accrued liability
adjustment determined pursuant to subdivision e of this section is a
credit, the total of the amounts required to be contributed to the
contingent reserve fund by the city in each city fiscal year, commencing
with the nineteen hundred eighty--nineteen hundred eighty-one fiscal
year and ending with the two thousand nine--two thousand ten fiscal
year, pursuant to subparagraphs (a), (c), (d), (e), (f) and (g) of
paragraph one of this subdivision a and otherwise pursuant to law shall
be reduced by the amount of one annual installment of such nineteen
hundred eighty unfunded accrued liability adjustment.
(b) Subject to the provisions of sections 13-528 and 13-529 of this
chapter, if the nineteen hundred eighty unfunded accrued liability
adjustment determined pursuant to such subdivision e is a charge, the
city shall contribute in each city fiscal year, commencing with the
nineteen hundred eighty--nineteen hundred eighty-one fiscal year and
ending with the two thousand nine--two thousand ten fiscal year, in
addition to the amounts required to be contributed under the provisions
of subparagraph one of this subdivision a, one annual installment of
such nineteen hundred eighty unfunded accrued liability adjustment.
(c) Subject to the provisions of subparagraph (d) of this paragraph
two, the total of the amounts required to be contributed to the
contingent reserve fund in each city fiscal year commencing with the
nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year
and ending with the two thousand eleven--two thousand twelve fiscal year
pursuant to the applicable provisions of subparagraphs (a), (c), (d),
(f) and (g) of paragraph one of this subdivision a and the applicable
provisions of subparagraphs (a) and (b) of this paragraph two and
otherwise pursuant to law shall be reduced by the amount of one annual
installment of the nineteen hundred eighty-two unfunded accrued
liability adjustment determined pursuant to paragraph nine of
subdivision e of this section.
(c-1) Subject to the provisions of subparagraph (d) of this paragraph
two, the total of the amounts required to be contributed to the
contingent reserve fund in each city fiscal year commencing with the
nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year
and ending with the two thousand fourteen--two thousand fifteen fiscal
year pursuant to the applicable provisions of subparagraphs (a), (c),
(d), (f) and (g) of paragraph one of this subdivision a and the
applicable provisions of subparagraphs (a) and (b) of this paragraph two
and otherwise pursuant to law shall be reduced by the amount of one
annual installment of the nineteen hundred eighty-five unfunded accrued
liability adjustment determined pursuant to paragraph ten of subdivision
e of this section.
(c-2) Subject to the provisions of subparagraph (d) of this paragraph
two, the total of the amounts required to be contributed to the
contingent reserve fund in each city fiscal year commencing with the
nineteen hundred eighty-six--nineteen hundred eighty-seven fiscal year
and ending with the two thousand fifteen--two thousand sixteen fiscal
year pursuant to the applicable provisions of subparagraphs (a), (c),
(d), (f) and (g) of paragraph one of this subdivision a and the
applicable provisions of subparagraphs (a) and (b) of this paragraph two
and otherwise pursuant to law shall be reduced by the amount of one
annual installment of the nineteen hundred eighty-six unfunded accrued
liability adjustment determined pursuant to paragraph eleven of
subdivision e of this section.
(d) The installments of the nineteen hundred eighty-two unfunded
accrued liability adjustment and the nineteen hundred eighty-five
unfunded accrued liability adjustment (determined pursuant to paragraph
ten of subdivision e of this section) and the nineteen hundred
eighty-six unfunded accrued liability adjustment (determined pursuant to
paragraph eleven of such subdivision e), and, if the nineteen hundred
eighty unfunded accrued liability adjustment is a credit, the
installments of such credit shall be allocated among the city and other
obligors required to pay public employer contributions on account of
members of the retirement system, such allocation to be made in
accordance with the shares of such installments attributable to them
pursuant to the provisions of law prescribing their obligations to make
or assume responsibility for employer contributions.
(e) For the purpose of effectuating the nineteen hundred eighty-eight
unfunded accrued liability adjustment provided for in section 13-638.1
of the code, contributions to the contingent reserve fund on account of
charges shall be made by responsible obligors (as defined in paragraph
six of subdivision a of such section) or credits shall be allowed to
such obligors against contributions otherwise payable by them, as the
case may be, to the extent and in the manner provided for in such
section. The annual determination of the normal contribution for fiscal
years occurring during the period beginning on July first, nineteen
hundred eighty-eight and ending on June thirtieth, nineteen hundred
ninety-eight shall appropriately take account of the nineteen hundred
eighty-eight unfunded accrued liability adjustment in the manner
provided for in such section 13-638.1 and the provisions of subdivision
b of this section shall be deemed to be conformably modified for such
purpose.
(3) (i) Any amount required by the provisions of subparagraphs (c),
(d), (e), (f) and (g) of paragraph one of this subdivision a and section
13-704 of this title to be contributed to the contingent reserve fund in
the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal
year or any subsequent fiscal year shall be payable with interest on
such amount at a rate per centum per annum equal to the rate per centum
per annum required to be used for the purpose of any actuarial
valuation, determination or appraisal made to determine the amount of
the normal contribution payable in such fiscal year.
(ii) Any amount required to be contributed to the contingent reserve
fund in any fiscal year of the city preceding the nineteen hundred
eighty--nineteen hundred eighty-one fiscal year shall be deemed to have
been required to be paid with interest on such amount at a rate per
centum per annum equal to the rate per centum per annum required 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 in such fiscal year.
(iii) It is hereby declared that the provisions of subparagraphs (i)
and (ii) of this paragraph three, in so far as they relate to provisions
of this chapter or other laws requiring payment of employer
contributions to the retirement system prior to July thirty-first,
nineteen hundred eighty-one, express the intent of such provisions of
this chapter or other laws requiring such payment.
b. Normal contribution. (1) Upon the basis of the latest mortality and
other tables herein authorized and regular interest, the actuary shall
determine as of June thirtieth, nineteen hundred eighty and as of each
succeeding June thirtieth, the amount of the total liability for all
benefits provided in this chapter, in articles eleven and fourteen of
the retirement and social security law and in any other law prescribing
benefits payable by the retirement system on account of all contributors
and beneficiaries, excluding the liability on account of future
increased-take-home-pay contributions, if any, and the liability for
benefits attributable to the annuity savings fund and to the variable
annuity savings fund, provided, however, that in determining such total
liability as of June thirtieth, nineteen hundred ninety-five and as of
each succeeding June thirtieth, the actuary shall include (a) the
liability on account of future reserve-for-increased-take-home-pay
contributions, if any, (b) the liability on account of future city
obligations under the provisions of subdivision twenty of section two
hundred forty-three of the military law, to pay in behalf of
contributors qualifying for such benefit, member contributions with
respect to certain periods of the military service of such contributors,
and (c) the liability for benefits attributable to the annuity savings
fund and to the variable annuity savings fund, and provided further that
in determining such total liability as of June thirtieth, nineteen
hundred ninety-nine and as of each succeeding June thirtieth, the
actuary shall include any other liability, as determined by the actuary,
for benefits attributable to the variable annuity programs, and provided
further that in determining such total liability as of June thirtieth,
two thousand and as of each succeeding June thirtieth, the actuary shall
include the amount, if any, as estimated by the actuary, of the total
liability of the retirement system on account of payments which the
retirement system may be required to make to any other fund without a
corresponding offset in the liabilities of the retirement system.
(2) The normal rate of contribution shall be the rate per centum
obtained: (a) by adding together:
(i) (1) the amount obtained by adding together the present value of
all required future revised unfunded accrued liability contributions and
the present value of all required future payments of the nineteen
hundred eighty unfunded accrued liability adjustment, determined
pursuant to subdivision e of this section, if such adjustment is a
charge; or
(2) the remainder obtained by subtracting from the present value of
all required future revised unfunded accrued liability contributions,
the present value of all future installments of the nineteen hundred
eighty unfunded accrued liability adjustment required to be credited, if
such nineteen hundred eighty adjustment is a credit; and
(3) minus (whether (1) or (2) of this item (i) is applicable) the sum
of the present value of all future installments of the nineteen hundred
eighty-two unfunded accrued liability adjustment and the present value
of all future installments of the nineteen hundred eighty-five unfunded
accrued liability adjustment and (with respect to calculation of the
normal contribution for fiscal years succeeding June thirtieth, nineteen
hundred eighty-six) the present value of all future installments of the
nineteen hundred eighty-six unfunded accrued liability adjustment; and
(ii) the present value of all required future balance sheet liability
contributions, plus, in the case of the determination of the normal
contribution payable in fiscal year nineteen hundred eighty--nineteen
hundred eighty-one, the present value, as of June thirtieth, nineteen
hundred eighty, of the payment of interest on the balance sheet
liability as required by subparagraph (e) of paragraph one of
subdivision a of this section; and
(iii) the present value of all required future payments, pursuant to
section 13-704 of this title, of installments of losses in excess of
installments of gains on dispositions of securities within the meaning
of such section; and
(iv) in the case of the determination of the normal contribution
payable in each fiscal year commencing with fiscal year nineteen hundred
ninety-five--nineteen hundred ninety-six,the present value of future
member contributions of all contributors; and
(v) the total funds on hand, excluding the amount in pension reserve
fund number two, but including the amount of any unpaid moneys
appropriated pursuant to section 13-533 of this chapter and, in the case
of the determination of the normal contribution payable in each fiscal
year commencing with fiscal year nineteen hundred ninety-five--nineteen
hundred ninety-six, including the amount in the annuity savings fund and
in the variable annuity savings fund; and
(vi) the present value of all other future installments of accrued
liability contributions to the retirement system required by the
applicable provisions of section 13-638.2 of this title which are not
covered by the preceding items of this subparagraph (a); and
(b) by subtracting from the amount of the total liability determined
pursuant to paragraph one of this subdivision b the sum resulting from
the addition prescribed by subparagraph (a) of this paragraph two; and
(c) by dividing the remainder resulting from the applicable
subtraction prescribed by subparagraph (b) of this paragraph two by one
per centum of the present value of the prospective future salaries of
all contributors, as computed by the actuary on the basis of the latest
mortality and service tables adopted pursuant to section 13-514 of this
chapter, and on the basis of regular interest.
(3) The normal rate of contribution determined by the actuary shall
not be less than zero, shall be certified by the actuary after each
valuation and shall continue in force until the next succeeding
valuation and certification.
(4) The amount of the normal contribution due from the city to the
contingent reserve fund in each city fiscal year, commencing with the
nineteen hundred eighty--nineteen hundred eighty-one fiscal year, shall
be the amount obtained by multiplying the normal rate of contribution,
as determined by the actuary as of June thirtieth next preceding such
fiscal year, by the aggregate annual salaries of the members on such
June thirtieth next preceding such fiscal year in which such amount is
due and shall be payable in such fiscal year next following such June
thirtieth, together with such regular interest thereon which may be due,
if any, as calculated by the actuary. In the case of the normal
contribution payable in the nineteen hundred eighty--nineteen hundred
eighty-one fiscal year and in any subsequent fiscal year, the term
"regular interest" as used in this paragraph four shall mean regular
interest as defined by the applicable provisions of subparagraph (ii) or
subparagraph (iii) of paragraph (c) or paragraph (d) of subdivision
twenty-two of section 13-501 of this chapter.
c. Unfunded accrued liability contributions. The original unfunded
accrued liability contribution shall be an amount which, if paid to the
contingent reserve fund in forty equal annual installments, commencing
with payment of a first installment in the city's nineteen hundred
seventy-seven--nineteen hundred seventy-eight fiscal year, would be the
actuarial equivalent, on the basis of five and one-half percentum
interest and the actuarial tables in effect as of July first, nineteen
hundred seventy-seven, of the difference between (1) the accrued
liability (excluding the liability for benefits attributable to the
annuity savings fund and the variable annuity savings fund and to
pension reserve fund number two), on June thirtieth, nineteen hundred
seventy-five and (2) the total funds on hand, excluding the amount in
the annuity savings fund and variable annuity savings fund and in
pension reserve fund number two, but including the amount of any unpaid
moneys appropriated pursuant to section 13-533 of this chapter.
d. (1) The revised unfunded accrued liability contribution shall be an
amount determined as prescribed in paragraphs two, three, four, five,
six and seven of this subdivision d.
(2) To the amount of the difference constituting the unfunded accrued
liability as of June thirtieth, nineteen hundred seventy-five heretofore
determined pursuant to the provisions of subdivision c of this section
as in effect on July first, nineteen hundred seventy-seven, there shall
be added interest thereon at the rate of five and one-half per centum
per annum for the period from July first, nineteen hundred seventy-five
to June thirtieth, nineteen hundred eighty.
(3) (a) There shall be computed, in the manner provided in
subparagraph (b) of this paragraph three, the discounted value of each
of the installments of the unfunded accrued liability contribution
which, in the absence of the enactment of chapter nine hundred
fifty-seven of the laws of nineteen hundred eighty-one, were payable or
would have been payable in the city's nineteen hundred
seventy-seven--nineteen hundred seventy-eight, nineteen hundred
seventy-eight--nineteen hundred seventy-nine, nineteen hundred
seventy-nine--nineteen hundred eighty, nineteen hundred eighty--nineteen
hundred eighty-one and nineteen hundred eighty-one--nineteen hundred
eighty-two fiscal year.
(b) Such discounted value of each such installment shall be computed
as of January first of the city's second fiscal year preceding the
fiscal year in which such installment was payable or would have been
payable and on the basis of five and one-half per centum interest per
annum on the amount of such installment.
(c) There shall be added to such discounted value of each such
installment, interest thereon from January first of such second fiscal
year preceding the fiscal year in which such installment was or would
have been payable to June thirtieth, nineteen hundred eighty at the rate
of five and one-half per centum per annum.
(d) The discounted values of all of such installments with respect to
such fiscal years, computed as provided for in subparagraphs (a) and (b)
of this paragraph three, together with interest on each such installment
as provided for in subparagraph (c) of this paragraph, shall be added
together.
(4) From the sum computed pursuant to paragraph two of this
subdivision d, the sum computed pursuant to paragraph three of this
subdivision shall be subtracted.
(5) With respect to each city fiscal year occurring during the period
beginning on July first, nineteen hundred eighty and ending on June
thirtieth, nineteen hundred eighty-two, the revised unfunded accrued
liability contribution shall be the annual installment, applicable to
such fiscal year, of an amount which, if paid to the contingent reserve
fund in thirty-five equal annual installments, commencing with payment
of a first installment in the city's nineteen hundred eighty--nineteen
hundred eighty-one fiscal year, would be the actuarial equivalent, on
the basis of seven and one-half per centum interest per annum, of the
remainder computed pursuant to paragraph four of this subdivision.
(6) With respect to each city fiscal year occurring during the period
beginning on July first, nineteen hundred eighty-two and ending on June
thirtieth, nineteen hundred eighty-eight, the revised unfunded accrued
liability contribution shall be the annual installment, applicable to
such fiscal year, of an amount which, if paid to the contingent reserve
fund in thirty-three equal annual installments, commencing with payment
of a first installment in the city's nineteen hundred
eighty-two--nineteen hundred eighty-three fiscal year, would be the
actuarial equivalent, on the basis of eight per centum interest per
annum, of the present value, as of June thirtieth, nineteen hundred
eighty-two on the basis of seven and one-half per centum interest per
annum, of the installments of the revised unfunded accrued liability
contribution computed pursuant to paragraph five of this subdivision,
which installments are hypothetically allocated by such paragraph five
to designated city fiscal years succeeding June thirtieth, nineteen
hundred eighty-two.
(7) With respect to each city fiscal year occurring during the period
beginning on July first, nineteen hundred eighty-eight and ending June
thirtieth, two thousand fifteen, the revised unfunded accrued liability
contribution shall be the annual installment, applicable to such fiscal
year, of an amount which, when paid to the contingent reserve fund in
twenty-seven equal annual installments, commencing with payment of a
first installment in the city's nineteen hundred eighty-eight--nineteen
hundred eighty-nine fiscal year, shall be the actuarial equivalent, on
the basis of eight and one-quarter per centum interest per annum, of the
present value, as of June thirtieth, nineteen hundred eighty-eight on
the basis of eight per centum interest per annum, of the installments of
the revised unfunded accrued liability contribution computed pursuant to
paragraph six of this subdivision, which installments are hypothetically
allocated by such paragraph six to designated city fiscal years
succeeding June thirtieth, nineteen hundred eighty-eight.
e. (1) The nineteen hundred eighty unfunded accrued liability
adjustment shall be an amount determined as prescribed in paragraphs
two, three, four, five, six and seven of this subdivision e.
(2) (a) Upon the basis of the actuarial tables in effect as of June
thirtieth, nineteen hundred eighty for valuation purposes and interest
at the rate of seven and one-half per centum per annum, there shall be
determined, as of June thirtieth, nineteen hundred eighty, the amount of
the total liability for all benefits provided in this chapter, in
articles eleven and fourteen of the retirement and social security law
and in any other law prescribing benefits payable by the retirement
system on account of all contributors and beneficiaries, excluding the
liability on account of future increased-take-home-pay contributions, if
any, the liability for benefits attributable to the annuity savings fund
and to the variable annuity savings fund and the liability attributable
to pension reserve fund number two.
(b) From such total liability computed pursuant to subparagraph (a) of
this paragraph two, there shall be subtracted the sum of:
(i) the present value, as of June thirtieth, nineteen hundred eighty,
of all future normal costs of the retirement system, computed pursuant
to the entry age normal cost method of determining such normal costs;
and
(ii) the present value, as of such June thirtieth, of all future
installments of the balance sheet liability contribution (as defined in
subdivision f of this section); and
(iii) the present value, as of such June thirtieth, of all then
required future payments, pursuant to section 13-704 of this title, of
installments of losses in excess of installments of gains on
dispositions of securities within the meaning of such section; and
(iv) the present value, as of such June thirtieth, of future member
contributions of contributors subject to article fourteen of the
retirement and social security law; and
(v) the total funds on hand as of such June thirtieth, excluding the
amount in the annuity savings fund and in the variable annuity savings
fund and in pension reserve fund number two, but including the amount of
any unpaid moneys appropriated pursuant to section 13-533 of this
chapter.
(3) (a) If the amount computed pursuant to paragraph two of this
subdivision e is larger than the amount computed pursuant to paragraph
four of subdivision d of this section, the latter amount shall be
subtracted from the former amount and the remainder resulting from such
subtraction shall constitute a charge.
(b) If the amount computed pursuant to paragraph two of this
subdivision is smaller than the amount computed pursuant to paragraph
four of subdivision d of this section, the former amount shall be
subtracted from the latter amount and the remainder resulting from such
subtraction shall constitute a credit.
(4) (a) If the remainder computed pursuant to paragraph three of this
subdivision e is a charge, the nineteen hundred eighty unfunded accrued
liability adjustment shall be an amount which, if paid to the contingent
reserve fund in thirty equal annual installments, commencing with
payment of a first installment in the city's nineteen hundred
eighty--nineteen hundred eighty-one fiscal year, shall be the actuarial
equivalent, on the basis of seven and one-half per centum interest per
annum, of such remainder.
(b) If the remainder computed pursuant to paragraph three of this
subdivision is a credit, the nineteen hundred eighty unfunded accrued
liability adjustment shall be an amount which, if credited in thirty
equal annual installments (the first of which installments is to be
credited in the city's nineteen hundred eighty--nineteen hundred
eighty-one fiscal year) in reduction of the amount which the city (and
other obligors required to make public employer contributions on account
of contributors to the retirement system) would otherwise be required to
pay to the contingent reserve fund pursuant to subparagraphs (a), (c),
(d), (e), (f) and (g) of paragraph one of subdivision a of this section,
would be the actuarial equivalent, on the basis of seven and one-half
per centum interest per annum, of such remainder.
(5) If the nineteen hundred eighty unfunded accrued liability
adjustment is a credit, the installments of such credit shall be
allocated among the city and such other obligors in accordance with the
shares thereof attributable to them pursuant to the provisions of law
prescribing their obligations to make or assume responsibility for
employer contributions.
(6) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each of the city's nineteen
hundred eighty--nineteen hundred eighty-one and nineteen hundred
eighty-one--nineteen hundred eighty-two fiscal years, the annual
installment of the nineteen hundred eighty unfunded accrued liability
adjustment computed pursuant to paragraph four of this subdivision e,
which installment is applicable to such fiscal year, shall be applied as
a charge or a credit, as the case may be, in relation to such
contributions payable in such fiscal year.
(7) (a) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-two and ending on June thirtieth, nineteen hundred eighty-eight,
the nineteen hundred eighty unfunded accrued liability adjustment shall
be an amount which, if paid (if a charge) or credited (if a credit) in
twenty-eight equal annual installments, commencing with a payment or
credit, as the case may be, in the city's nineteen hundred
eighty-two--nineteen hundred eighty-three fiscal year, would be the
actuarial equivalent, on the basis of eight per centum interest per
annum, of the present value, as of June thirtieth, nineteen hundred
eighty-two on the basis of seven and one-half per centum interest per
annum, of the installments of the nineteen hundred eighty unfunded
accrued liability adjustment computed pursuant to paragraph four of this
subdivision e, which installments are hypothetically allocated by such
paragraph four to designated city fiscal years succeeding June
thirtieth, nineteen hundred eighty-two.
(b) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-eight and ending on June thirtieth, two thousand ten, the
nineteen hundred eighty unfunded accrued liability adjustment shall be
an amount which, when paid (if a charge) or credited (if a credit) in
twenty-two equal annual installments, commencing with a payment or
credit, as the case may be, in the city's nineteen hundred
eighty-eight--nineteen hundred eighty-nine fiscal year, shall be the
actuarial equivalent, on the basis of eight and one-quarter per centum
interest per annum, of the present value, as of June thirtieth, nineteen
hundred eighty-eight on the basis of eight per centum interest per
annum, of those installments of the nineteen hundred eighty unfunded
accrued liability adjustment computed pursuant to subparagraph (a) of
this paragraph seven, which installments are hypothetically allocated by
such subparagraph (a) to designated city fiscal years succeeding June
thirtieth, nineteen hundred eighty-eight.
(8) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each of such city fiscal years
referred to in paragraph seven of this subdivision e, the annual
installment of the nineteen hundred eighty unfunded accrued liability
adjustment computed pursuant to such paragraph seven, which installment
is applicable to such fiscal year, shall be applied as a charge or
credit, as the case may be, in relation to such contributions payable in
such fiscal year.
(9) (a) The nineteen hundred eighty-two unfunded accrued liability
adjustment shall be an amount determined as prescribed in subparagraphs
(b), (c), (d) and (e) of this paragraph nine.
(b) Upon the basis of the actuarial tables in effect as of June
thirtieth, nineteen hundred eighty-one for valuation purposes and
interest at the rate of seven and one-half per centum per annum, there
shall be determined, as of June thirtieth, nineteen hundred eighty-two,
the amount of the actuarial accrued liability of the retirement system,
computed pursuant to the entry age normal cost method of ascertaining
such actuarial accrued liability.
(c) Upon the basis of the actuarial tables in effect as of June
thirtieth, nineteen hundred eighty-two for valuation purposes and
interest at the rate of eight per centum per annum, there shall be
determined, as of June thirtieth, nineteen hundred eighty-two, the
amount of the actuarial accrued liability of the retirement system,
computed pursuant to the entry age normal cost method of ascertaining
such actuarial accrued liability.
(d) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-two and ending on June thirtieth, nineteen hundred eighty-eight,
the nineteen hundred eighty-two unfunded accrued liability adjustment
shall be an amount which, if credited in thirty equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-two--nineteen hundred eighty-three fiscal
year) in reduction of the amounts which the city (and other obligors
required to pay public employer contribution on account of members)
would otherwise be required to pay to the contingent reserve fund
pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
subdivision a of this section or otherwise pursuant to law, would be the
actuarial equivalent, on the basis of eight per centum interest per
annum, of the excess of the amount computed pursuant to subparagraph (b)
of this paragraph nine over the amount computed pursuant to subparagraph
(c) of this paragraph.
(e) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-eight and ending on June thirtieth, two thousand twelve, the
nineteen hundred eighty-two unfunded accrued liability adjustment shall
be an amount which, when credited in twenty-four equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-eight--nineteen hundred eighty-nine
fiscal year) in reduction of the amounts which the city (and other
obligors required to pay public employer contribution on account of
members) would otherwise be required to pay to the contingent reserve
fund pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph
one of subdivision a of this section or otherwise pursuant to law, shall
be the actuarial equivalent, on the basis of eight and one-quarter per
centum interest per annum, of the present value, as of June thirtieth,
nineteen hundred eighty-eight on the basis of eight per centum interest
per annum, of those installments of the nineteen hundred eighty-two
unfunded accrued liability adjustment computed pursuant to subparagraph
(d) of this paragraph nine, which installments are hypothetically
allocated by such subparagraph (d) to designated city fiscal years
succeeding June thirtieth, nineteen hundred eighty-eight.
(10) (a) The nineteen hundred eighty-five unfunded accrued liability
adjustment shall be an amount determined as prescribed in subparagraphs
(b), (c), (d) and (e) of this paragraph ten.
(b) Upon the basis of the actuarial tables in effect for valuation
purposes with respect to determination of the normal contribution
payable to the contingent reserve fund in the city's nineteen hundred
eighty-four--nineteen hundred eighty-five fiscal year and interest at
the rate of eight per centum per annum, there shall be determined, as of
June thirtieth, nineteen hundred eighty-five, the amount of the
actuarial accrued liability of the retirement system, computed pursuant
to the entry age normal cost method of ascertaining such actuarial
accrued liability.
(c) Upon the basis of the actuarial tables in effect for valuation
purposes with respect to determination of the normal contribution
payable to the contingent reserve fund in the city's nineteen hundred
eighty-five--nineteen hundred eighty-six fiscal year and interest at the
rate of eight per centum per annum, there shall be determined, as of
June thirtieth, nineteen hundred eighty-five, the amount of the
actuarial accrued liability of the retirement system, computed pursuant
to the entry age normal cost method of ascertaining such actuarial
accrued liability.
(d) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-five and ending on June thirtieth, nineteen hundred eighty-eight,
the nineteen hundred eighty-five unfunded accrued liability adjustment
shall be an amount which, if credited in thirty equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-five--nineteen hundred eighty-six fiscal
year) in reduction of the amounts which the city (and other obligors
required to pay public employer contributions on account of members)
would otherwise be required to pay to the contingent reserve fund
pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
subdivision a of this section or otherwise pursuant to law, would be the
actuarial equivalent, on the basis of eight per centum interest per
annum, of the excess of the amount computed pursuant to subparagraph (b)
of this paragraph ten over the amount computed pursuant to subparagraph
(b) of this paragraph ten over the amount computed pursuant to
subparagraph (c) of this paragraph.
(e) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-eight and ending on June thirtieth, two thousand fifteen, the
nineteen hundred eighty-five unfunded accrued liability adjustment shall
be an amount which, when credited in twenty-seven equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-eight--nineteen hundred eighty-nine
fiscal year) in reduction of the amounts which the city (and other
obligors required to pay public employer contributions on account of
members) would otherwise be required to pay to the contingent reserve
fund pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph
one of subdivision a of this section or otherwise pursuant to law, shall
be the actuarial equivalent, on the basis of eight and one-quarter per
centum interest per annum, of the present value, as of June thirtieth,
nineteen hundred eighty-eight on the basis of eight per centum interest
per annum, of those installments of the nineteen hundred eighty-five
unfunded accrued liability adjustment computed pursuant to subparagraph
(d) of this paragraph ten, which installments are hypothetically
allocated by such subparagraph (d) to designated city fiscal years
succeeding June thirtieth, nineteen hundred eighty-eight.
(11) (a) The nineteen hundred eighty-six unfunded accrued liability
adjustment shall be an amount determined as prescribed in subparagraphs
(b), (c), (d) and (e) of this paragraph eleven.
(b) Upon the basis of the actuarial tables in effect for valuation
purposes with respect to determination of the normal contribution
payable to the contingent reserve fund in the city's nineteen hundred
eighty-five--nineteen hundred eighty-six fiscal year and interest at the
rate of eight per centum per annum, there shall be determined, as of
June thirtieth, nineteen hundred eighty-six, the amount of the actuarial
accrued liability of the retirement system, computed pursuant to the
entry age normal cost method of ascertaining such actuarial accrued
liability.
(c) Upon the basis of the actuarial tables in effect for valuation
purposes with respect to determination of the normal contribution
payable to the contingent reserve fund in the city's nineteen hundred
eighty-six--nineteen hundred eighty-seven fiscal year and interest at
the rate of eight per centum per annum, there shall be determined, as of
June thirtieth, nineteen hundred eighty-six, the amount of the actuarial
accrued liability of the retirement system, computed pursuant to the
entry age normal cost method of ascertaining such actuarial accrued
liability.
(d) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-six and ending on June thirtieth, nineteen hundred eighty-eight,
the nineteen hundred eighty-six unfunded accrued liability adjustment
shall be an amount which, if credited in thirty equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-six--nineteen hundred eighty-seven fiscal
year) in reduction of the amounts which the city (and other obligors
required to pay public employer contributions on account of members)
would otherwise be required to pay to the contingent reserve fund
pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph one of
subdivision a of this section or otherwise pursuant to law, would be the
actuarial equivalent, on the basis of eight per centum interest per
annum, of the excess of the amount computed pursuant to subparagraph (b)
of this paragraph eleven over the amount computed pursuant to
subparagraph (c) of this paragraph.
(e) With respect to determination of the amount of contributions
payable to the contingent reserve fund in each city fiscal year
occurring during the period beginning on July first, nineteen hundred
eighty-eight and ending on June thirtieth, two thousand sixteen, the
nineteen hundred eighty-six unfunded accrued liability adjustment shall
be an amount which, when credited in twenty-eight equal annual
installments (the first of which installments is to be credited in the
city's nineteen hundred eighty-eight--nineteen hundred eighty-nine
fiscal year) in reduction of the amounts which the city (and other
obligors required to pay public employer contributions on account of
members) would otherwise be required to pay to the contingent reserve
fund pursuant to subparagraphs (a), (c), (d), (f) and (g) of paragraph
one of subdivision a of this section or otherwise pursuant to law, shall
be the actuarial equivalent, on the basis of eight and one-quarter per
centum interest per annum, of the present value, as of June thirtieth,
nineteen hundred eighty-eight on the basis of eight per centum interest
per annum, of those installments of the nineteen hundred eighty-six
unfunded accrued liability adjustment computed pursuant to subparagraph
(d) of this paragraph eleven, which installments are hypothetically
allocated by such subparagraph (d) to designated fiscal years succeeding
June thirtieth, nineteen hundred eighty-eight.
f. (1) As used in this section, the following words and phrases,
unless a different meaning is plainly required by the context, shall
have the following meanings:
(a) (i) "Normal contribution for balance sheet liability purposes".
The hypothetical amount which the normal contribution payable in each
city fiscal year occurring during the period beginning on July first,
nineteen hundred seventy-four and ending on June thirtieth, nineteen
hundred eighty would have equalled if such normal contribution had been
required by law to be paid to the contingent reserve fund in the city
fiscal year in which the obligation to make such normal contribution
accrued and such normal contribution had been required by law to be
determined in the manner provided for in items (ii), (iii) and (iv) of
this subparagraph (a).
(ii) Upon the basis of the mortality and other tables effective under
this chapter as of July first, nineteen hundred seventy-seven and
interest at the rate of five and one-half per centum per annum, the
actuary shall determine, as of June thirtieth next preceding each such
fiscal year for which such normal contribution is being determined
(hereinafter referred to as the "subject fiscal year") the amount of the
then total liability for all benefits provided in this chapter, in
articles eleven and fourteen of the retirement and social security law
and in any other law prescribing benefits payable by the retirement
system on account of all then contributors and beneficiaries, excluding
the then liability on account of future annual contributions, for
balance sheet liability purposes, on account of
reserves-for-increased-take-home-pay (as defined in subparagraph (d) of
this paragraph one) if any, and the then liability for benefits
attributable to the annuity savings fund and the variable annuity
savings fund.
(iii) The hypothetical normal rate of contribution with respect to the
subject fiscal year shall be the rate per centum obtained:
(A) by adding together:
(1) the present value of all then required future unfunded accrued
liability contributions for balance sheet liability purposes (as defined
in subparagraph (b) of this paragraph one); and
(2) the present value of all then required future annual
contributions, for balance sheet liability purposes, on account of
amortization of losses on dispositions of securities within the meaning
of section 13-704 of this title (as defined in subparagraph (c) of this
paragraph one); and
(3) the present value of future member contributions of contributors
subject to article fourteen of the retirement and social security law;
and
(4) the amount obtained by adding together the total funds on hand
(excluding therefrom the then amount in the annuity savings fund and in
the variable annuity savings fund and in pension reserve fund number
two) and balance sheet liability as of such June thirtieth next
preceding the subject fiscal year; and
(B) by subtracting from the amount of the total liability determined
pursuant to item (ii) of this subparagraph (a) the sum resulting from
the addition prescribed by sub-item (A) of this item (iii); and
(C) by dividing the remainder resulting from the applicable
subtraction prescribed by sub-item (B) of this item (iii) by one per
centum of the present value of the prospective future salaries of all
contributors, as computed on the basis of the mortality and service
tables adopted pursuant to section 13-514 of this chapter and in effect
on July first, nineteen hundred seventy-seven and on the basis of
interest at the rate of five and one-half per centum per annum.
(iv) The amount of the normal contribution for balance sheet liability
purposes hypothetically payable in the subject fiscal year shall be the
amount obtained (1) by multiplying such hypothetical normal contribution
rate computed with respect to the subject fiscal year by the aggregate
annual salaries of the members as of June thirtieth of the subject
fiscal year and (2) by adding to the product of such multiplication,
interest on such product at the rate of five and one-half per centum per
annum for a period of six months.
(b) "Unfunded accrued liability contribution for balance sheet
liability purposes".
(i) With respect to the city's nineteen hundred seventy-four--nineteen
hundred seventy-five fiscal year, such term shall mean a hypothetical
amount which, if paid to the contingent reserve fund in forty equal
annual installments, beginning with payment of a first installment in
the city's nineteen hundred seventy-four--nineteen hundred seventy-five
fiscal year, would be the actuarial equivalent, on the basis of interest
at the rate of five and one-half per centum per annum, of the remainder
computed in the manner prescribed by items (ii) and (iii) of this
subparagraph (b).
(ii) Upon the basis of the actuarial tables in effect as of July
first, nineteen hundred seventy-seven for valuation purposes and
interest at the rate of five and one-half per centum per annum, there
shall be computed, as of June thirtieth, nineteen hundred seventy-four,
the amount of the total liability for all benefits provided by this
chapter, in article eleven of the retirement and social security law and
in any other law prescribing benefits payable by retirement system on
account of all contributors and beneficiaries, excluding the liability
on account of future increased-take-home-pay contributions and the
liability for benefits attributable to the annuity savings fund and the
variable annuity savings fund.
(iii) From such total liability computed pursuant to item (ii) of this
subparagraph (b) there shall be subtracted the sum of:
(A) the present value, as of June thirtieth, nineteen hundred
seventy-four, of all future normal costs of the retirement system,
computed pursuant to the entry age normal cost method of determining
such normal costs; and
(B) the present value, as of such June thirtieth, of all then required
future payments, pursuant to section 13-704 of this title (as then in
effect), of installments of losses in excess of installments of gains on
dispositions of securities within the meaning of such section; and
(C) the sum obtained by adding together the balance sheet liability as
of such June thirtieth (as such liability is determined pursuant to the
provisions of paragraph two of this subdivision f) and the total funds
on hand as of such June thirtieth, excluding the amount in the annuity
savings fund and the variable annuity savings fund, but including the
amount of any unpaid moneys appropriated pursuant to section 13-533 of
this chapter.
(iv) With respect to each of the city's fiscal years occurring during
the period from July first, nineteen hundred seventy-five to June
thirtieth, nineteen hundred eighty, such term shall mean a hypothetical
amount which, if paid to the contingent reserve fund in forty equal
annual installments, beginning with payment of a first installment in
the city's nineteen hundred seventy-five--nineteen hundred seventy-six
fiscal year, would be the actuarial equivalent, on the basis of interest
at the rate of five and one-half per centum per annum, of the remainder
computed pursuant to items (v) and (vi) of this subparagraph (b).
(v) Upon the basis of the actuarial tables in effect as of July first,
nineteen hundred seventy-seven for valuation purposes and interest at
the rate of five and one-half per centum per annum, there shall be
computed, as of June thirtieth, nineteen hundred seventy-five, the
amount of the total liability for all benefits provided by this chapter,
in article eleven of the retirement and social security law and in any
other law prescribing benefits payable by the retirement system on
account of all contributors and beneficiaries, excluding the liability
on account of future increased-take-home-pay contributions and the
liability for benefits attributable to the annuity savings fund and the
variable annuity savings fund.
(vi) From such total liability computed pursuant to item (v) of this
subparagraph (b), there shall be subtracted the sum of:
(A) the present value, as of June thirtieth, nineteen hundred
seventy-five, of all future normal costs of the retirement system,
computed pursuant to the entry age normal cost method of determining
such normal costs; and
(B) the present value, as of such June thirtieth, of all then required
future payments, pursuant to section 13-704 of this title (as then in
effect), of installments of losses in excess of installments of gains on
dispositions of securities within the meaning of such section; and
(C) the sum obtained by adding together the balance sheet liability as
of such June thirtieth (as such liability is determined pursuant to the
provisions of subparagraphs three to nine, inclusive, of this
subdivision (f) and the total funds on hand, as of such June thirtieth,
excluding the amount in the annuity savings fund and the variable
annuity savings fund, but including the amount of any unpaid moneys
appropriated pursuant to section 13-533 of this chapter.
(c) "Annual contribution, for balance sheet liability purposes, on
account of amortization of losses on dispositions of certain securities
within the meaning of section 13-704 of this title". A hypothetical
annual payment to the contingent reserve fund in each of the city's
fiscal years occurring during the period beginning on July first,
nineteen hundred seventy-four and ending on June thirtieth, nineteen
hundred eighty, of the amount of the excess of installments (payable in
such year) of losses on prior dispositions of securities within the
meaning of section 13-704 of this title over installments (creditable in
such year) of gains on such prior dispositions, which annual amount
shall be determined in the manner provided in subdivision h of such
section 13-704.
(d) "Annual contribution, for balance sheet liability purposes, on
account of reserves-for-increased-take-home-pay". A hypothetical annual
payment to the contingent reserve fund in each of the city's fiscal
years occurring during the period from July first, nineteen hundred
seventy-four to June thirtieth, nineteen hundred eighty, of the amount
required to fulfill the public employer obligation, which accrued in
such year, to make contributions on account of increased-take-home-pay.
(e) "Annual military law contribution for balance sheet liability
purposes". A hypothetical annual payment to the contingent reserve fund
in each of the city's fiscal years occurring during the period beginning
on July first, nineteen hundred seventy-four and ending on June
thirtieth, nineteen hundred eighty, of the amount required to fulfill
the public employer obligation, which accrued in such year under the
provisions of subdivision twenty of section two hundred forty-three of
the military law, to pay in behalf of members qualifying for such
benefit member contributions with respect to certain periods of military
service of such members.
(f) "Deficiency contribution". The total annual amount which, under
the provisions of subdivisions a, c and f of this section, as such
provisions were in effect during the period from July first, nineteen
hundred seventy-two to June thirtieth, nineteen hundred seventy-seven,
the city was required to pay to the contingent reserve fund in each of
the city's nineteen hundred seventy-four--nineteen hundred seventy-five,
and nineteen hundred seventy-five--nineteen hundred seventy-six and
nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal
years.
(g) "Contribution on account of amortization, pursuant to section
13-704 of this title, of losses on dispositions of certain securities".
The total annual amount by which the sum of the installments of losses,
payable pursuant to section 13-704 of this title (as in effect prior to
July first, nineteen hundred eighty) in each of the city's fiscal years
occurring during the period from July first, nineteen hundred
seventy-four to June thirtieth, nineteen hundred eighty in relation to
dispositions of securities.
(2) The balance sheet liability as of June thirtieth, nineteen hundred
seventy-four shall be the sum of five hundred thirty-two million, three
hundred eighty-two thousand, one hundred forty-eight dollars
($532,382,148), consisting of the sum of:
(a) The discounted value, as of June thirtieth, nineteen hundred
seventy-four, of the sum of two hundred fifty million, six hundred
fifty-four thousand, two hundred forty dollars ($250,654,240), which
constituted the amount payable to the contingent reserve fund in the
city's nineteen hundred seventy-four--nineteen hundred seventy-five
fiscal year by the city in fulfillment of its obligations to make
contributions to the retirement system payable in such year, such
discounting being calculated on the basis of interest at the rate of
five and one-half per centum per annum and a discount period of six
months extending retroactively from January first, nineteen hundred
seventy-five to June thirtieth, nineteen hundred seventy-four, and such
discounted value being the sum of two hundred forty-four million,
thirty-three thousand, two hundred eight dollars ($244,033,208); and
(b) the discounted value, as of June thirtieth, nineteen hundred
seventy-four, of the sum of three hundred twelve million, four hundred
sixty-one thousand, nine hundred forty dollars ($312,461,940), which
constituted the amount payable to the contingent reserve fund in the
city's nineteen hundred seventy-five--nineteen hundred seventy-six
fiscal year by the city in fulfillment of its obligations to make
contributions to the retirement system payable in such fiscal year, such
discounting being calculated on the basis of interest at the rate of
five and one-half per centum per annum and a discount period of eighteen
months extending from January first, nineteen hundred seventy-six
retroactively to June thirtieth, nineteen hundred seventy-four, and such
discounted value being the sum of two hundred eighty-eight million,
three hundred forty-eight thousand, nine hundred forty dollars
($288,348,940).
(3) The balance sheet liability, as of each June thirtieth succeeding
June thirtieth, nineteen hundred seventy-four to and including June
thirtieth, nineteen hundred eighty, shall be determined as provided for
in paragraphs four to ten, inclusive, of this subdivision f.
(4) To the amount of the balance sheet liability as of June thirtieth
next preceding the June thirtieth (which last-mentioned June thirtieth
is hereinafter referred to as the "subject June thirtieth") as of which
the balance sheet liability is being determined as provided for in
paragraph three of this subdivision f, there shall be added one year's
interest on such amount at the rate of five and one-half per centum per
annum.
(5) With respect to the city's fiscal year ending on the subject June
thirtieth (hereinafter referred to as the "subject fiscal year"), there
shall be added together the contribution components hereinafter
specified in this paragraph five, which components, for the purposes of
this subdivision f, are hypothetically deemed to have accrued in the
subject fiscal year and to have been payable therein, as follows:
(a) the amount of the normal contribution for balance sheet liability
purposes (as defined in subparagraph (a) of paragraph one of this
subdivision f); and
(b) the amount of the applicable installment of the unfunded accrued
liability contribution for balance sheet liability purposes (as defined
in subparagraph (b) of paragraph one of this subdivision); and
(c) the amount of the annual contribution, for balance sheet liability
purposes, on account of amortization of losses on dispositions of
certain securities within the meaning of section 13-704 of this title
(as defined in subparagraph (c) of paragraph one of this subdivision);
and
(d) the amount of the annual contribution, for balance sheet liability
purposes, on account of reserves-for-increased-take-home-pay (as defined
in subparagraph (d) of paragraph one of this subdivision); and
(e) the amount of the annual military law contribution for balance
sheet liability purposes (as defined in subparagraph (e) of paragraph
one of this subdivision).
(6) To the amount resulting from the addition prescribed by paragraph
five of this subdivision, there shall be added interest thereon at the
rate of five and one-half per centum per annum from January first of the
subject fiscal year to June thirtieth of such fiscal year.
(7) The amount computed pursuant to paragraph four of this subdivision
in relation to the balance sheet liability as of June thirtieth next
preceding the subject June thirtieth (together with one year's interest
on such balance sheet liability) shall be added to the amount computed
pursuant to paragraph six of this subdivision in relation to the subject
fiscal year.
(8) From the amount computed pursuant to paragraph seven of this
subdivision, there shall be subtracted the sum of:
(a) The total amount of the sums paid to the contingent reserve fund
during the subject fiscal year by the city on account of its
obligations, which accrued during the city's second fiscal year
preceding the subject fiscal year, to provide:
(i) the normal contribution payable in the subject fiscal year under
the provisions of subdivisions a and b of this section, as then in
effect; and
(ii) the installment of the deficiency contribution (as defined in
subparagraph (f) of paragraph one of this subdivision f) or the
installment of the original unfunded accrued liability contribution (as
defined in subparagraph (b) of paragraph one of subdivision a of this
section), as the case may be, payable in the subject fiscal year; and
(iii) the amount of the contribution on account of amortization,
pursuant to section 13-704 of this title, of losses on dispositions of
certain securities (as defined in subparagraph (g) of paragraph one of
this subdivision f) payable in the subject fiscal year; and
(iv) the amount payable in the subject fiscal year on account of
reserves-for-increased-take-home-pay; and
(v) the amount payable in the subject fiscal year in behalf of
contributors pursuant to subdivision twenty of section two hundred
forty-three of the military law; plus
(b) interest on such total amount referred to in subparagraph (a) of
this paragraph eight at the rate of five and one-half per centum per
annum from January first of the subject fiscal year to June thirtieth
thereof.
(9) The remainder resulting from the subtraction prescribed by
paragraph eight of this subdivision f shall be the balance sheet
liability as of June thirtieth of the subject fiscal year.
(10) The balance sheet liability as of June thirtieth, nineteen
hundred eighty shall be the amount resulting from the successive
computations of the balance sheet liability as of each June thirtieth
succeeding June thirtieth, nineteen hundred seventy-four up to and
including June thirtieth, nineteen hundred eighty, as prescribed by
paragraphs four to nine, inclusive, of this subdivision f.
(11) (a) The balance sheet liability contribution payable in the
city's nineteen hundred eighty-one--nineteen hundred eighty-two fiscal
year shall be the first annual installment an amount which, if paid to
the contingent reserve fund in forty equal annual installments,
commencing with payment of a first installment in the city's nineteen
hundred eighty-one--nineteen hundred eighty-two fiscal year, would be
the actuarial equivalent, as of June thirtieth, nineteen hundred
eighty-one, on the basis of seven and one-half per centum interest per
annum, of an amount equal to the balance sheet liability as of June
thirtieth, nineteen hundred eighty.
(b) The balance sheet liability contribution payable in each city
fiscal year during the period beginning on July first, nineteen hundred
eighty-two and ending on June thirtieth, nineteen hundred eighty-eight
shall be one annual installment of an amount which, if paid to the
contingent reserve fund in thirty-nine equal annual installments,
commencing with a first payment in the city's nineteen hundred
eighty-two--nineteen hundred eighty-three fiscal year, would be the
actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two,
on the basis of eight per centum interest per annum, of the present
value, as of June thirtieth, nineteen hundred eighty-two on the basis of
seven and one-half per centum interest per annum, of those installments
of the balance sheet liability contribution computed pursuant to
subparagraph (a) of this paragraph (11), which installments are
hypothetically allocated by such subparagraph (a) to designated city
fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
(c) The balance sheet liability contribution payable in each city
fiscal year during the period beginning on July first, nineteen hundred
eighty-eight and ending on June thirtieth, two thousand twenty-one shall
be one annual installment of an amount which, when paid to the
contingent reserve fund in thirty-three equal annual installments,
commencing with a first payment in the city's nineteen hundred
eighty-eight--nineteen hundred eighty-nine fiscal year, shall be the
actuarial equivalent, as of June thirtieth, nineteen hundred
eighty-eight, on the basis of eight and one-quarter per centum interest
per annum, of the present value, as of June thirtieth, nineteen hundred
eighty-eight on the basis of eight per centum interest per annum, of
those installments of the balance sheet liability contribution computed
pursuant to subparagraph (b) of this paragraph (11), which installments
are hypothetically allocated by such subparagraph (b) to designated city
fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
g. Whenever the board, upon recommendation by the actuary, shall
determine that it is necessary to increase the reserves held in the
annuity reserve fund, the pension reserve fund number one or the pension
reserve fund number two or upon recommendation by the executive
director, shall determine that it is necessary to increase the reserves
held in the expense fund, the board may direct that the amount so needed
shall be transferred thereto from the contingent reserve fund.
h. Contributions shall be paid into the contingent reserve fund in the
manner and to the extent specified by subparagraph (f) of paragraph one
of subdivision a of this section, to provide
reserves-for-increased-take-home-pay.
i. Contributions to the contingent reserve fund payable in fiscal
years of the city beginning on and after July first, nineteen hundred
ninety by the city and other obligors required to make such
contributions shall be governed by the provisions of this section, as
modified and supplemented by section 13-638.2 of this title and
subdivision k of section 13-582 thereof, and such other laws as may be
applicable.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
