§ 6231. Certain payment by the state of New York to the city of New\nYork. 1. a. (i) Notwithstanding any inconsistent provision of law, but\nsubject to the provisions of paragraph d of this subdivision, the state\nand the city of New York shall each contribute fifty per centum of:\n (A) all unfunded accrued liability payments required to be made during\nthe twelve-month period commencing on July first, nineteen hundred\nseventy-nine pursuant to chapters nine hundred seventy-five, nine\nhundred seventy-six, and nine hundred seventy-seven of the laws of\nnineteen hundred seventy-seven with respect to required employer\ncontributions to the New York city employees' retirement system and to\nthe New York city teachers' retirement system on account of employees of\nthe senior colleges of the city university of New York; and\n (B) all revised unfunded accrued liability payments (as defined in\nsubdivision seven of section sixty-two hundred two of this article)\nwhich are required to be made during the twelve-month period commencing\non July first, nineteen hundred eighty with respect to required employer\ncontributions to such retirement systems on account of employees of such\nsenior colleges; and\n (C) all installments of the nineteen hundred eighty unfunded accrued\nliability adjustment (as defined in subdivision eight of such section\nsixty-two hundred two), which installments (if such adjustment is a\ncharge) are required to be paid in the twelve-month period beginning on\nJuly first, nineteen hundred eighty with respect to required employer\ncontributions to such retirement systems on account of employees of such\nsenior colleges.\n (ii) Notwithstanding any inconsistent provision of law to the\ncontrary, but subject to the provisions of paragraph d of this\nsubdivision, the city of New York shall contribute twenty per centum of\nthe amount of one year's interest required to be paid in the\ntwelve-month period beginning July first, nineteen hundred eighty on the\namount of the balance sheet liability (as such liability is determined\nas of June thirtieth, nineteen hundred eighty) with respect to required\nemployer contributions to such retirement systems on account of\nemployees of such senior colleges plus thirty per centum of that portion\nof the amount of one year's interest required to be paid in the\ntwelve-month period beginning July first, nineteen hundred eighty on the\namount of the balance sheet liability which would represent the amount\nof one year's interest which would be required on the amount of a\nhypothetical balance sheet liability had such hypothetical balance sheet\nliability been determined on June thirtieth, nineteen hundred\nseventy-five, with respect to required employer contributions to such\nretirement systems on account of employees of such senior colleges.\n (iii) Notwithstanding any inconsistent provision of law to the\ncontrary, but subject to the provisions of paragraph d of this\nsubdivision, the state of New York shall contribute that portion of the\namount of one year's interest required to be paid in the twelve-month\nperiod beginning July first, nineteen hundred eighty on the amount of\nthe balance sheet liability (as such liability is determined as of June\nthirtieth, nineteen hundred eighty) with respect to required employer\ncontributions to such retirement systems on account of employees of such\nsenior colleges, which portion shall be the remainder computed by\nsubtracting from the amount of such one year's interest required to be\npaid in such twelve-month period in relation to such employees, the\namount of interest required by subparagraph (ii) of this paragraph to be\ncontributed by the city of New York.\n b. (i) Notwithstanding any inconsistent provision of law, but subject\nto the provisions of paragraph d of this subdivision, commencing with\nthe twelve-month period beginning July first, nineteen hundred\neighty-one and ending with the twelve-month period terminating on Jun
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.