2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 2 - NEW YORK STATE EMPLOYEES' RETIREMENT SYSTEM
Title 3 - (20 - 25) FUNDS OF THE SYSTEM; MEMBERS' CONTRIBUTIONS AND EMPLOYERS' CONTRIBUTIONS
25 - Appropriations in retirement bills.

 
    §  25.  Appropriations  in  retirement  bills.  The state shall make a
  payment to the retirement system in an amount equal to the value of  the
  benefits  associated  with  prior  service  upon the enactment of a bill
  which enacts or amends any provision of law  relating  to  a  retirement
  system  or  plan  of  the  state  of New York or of any of its political
  subdivisions. The state may amortize  such  payment  over  a  five  year
  period  at a rate of interest to be determined by the retirement system.
  Such bill shall contain  an  itemized  appropriation  from  the  state's
  general  fund  beginning  for  the  fiscal  year in which such amendment
  becomes effective and which shall not be used  for  any  other  purpose,
  sufficient  to disburse a minimum of the first of five such amortization
  payments plus the present value of the benefits provided to employees of
  the state or its political subdivisions by  the  bill  for  the  current
  fiscal  year.  The  state  shall  continue  to  pay  for the cost of the
  benefits as provided  by  the  bill  to  the  state  and  its  political
  subdivisions  on  an  ongoing basis. Such appropriation from the state's
  general fund shall only  be  required  when  a  bill  is  enacted  on  a
  statewide  basis.  In  addition,  such  appropriation  from  the state's
  general fund shall not be required  when  the  benefits  provided  by  a
  particular  bill  must  be  elected  by  a participating employer, local
  government, or school district.