§ 19-a. Employer contributions for the two thousand ten - two thousand\neleven fiscal year and subsequent fiscal years. a. In addition to the\ndefinitions in section two of this article, when used in this section:\n (1) "Amortizing employer" shall mean an employer that elects to\namortize a portion of the employer's annual bill pursuant to paragraph\none of subdivision d of this section for the two thousand ten - two\nthousand eleven fiscal year, or any subsequent fiscal year, pursuant to\nthe system graded contribution rate regardless of whether the employer\nhas subsequently paid in full all such amortized amounts, and that does\nnot elect to amortize as an alternative amortizing employer for the two\nthousand thirteen - two thousand fourteen fiscal year.\n (1-a) "Alternative amortizing employer" shall mean a county, city,\ntown, village, school district, board of cooperative educational\nservices, or public benefit corporation that operates a public general\nhospital located in the county of Westchester, the county of Erie, or\nthe county of Nassau that, on a form prepared by the comptroller, elects\nto and does amortize a portion of the employer's annual bill pursuant to\nparagraph one of subdivision d of this section for the two thousand\nthirteen - two thousand fourteen fiscal year pursuant to the alternative\nsystem graded contribution rate, regardless of whether the employer has\nsubsequently paid in full all such amortized amounts.\n (2) "Amount eligible for amortization" for a given fiscal year shall\nmean the amount by which an employer's actuarial contribution for such\nfiscal year exceeds the employer's graded contribution for the same\nfiscal year, less any amount from the employer contribution reserve fund\napplied to reduce the employer's payment to the retirement system for\nthe fiscal year, provided, however, that if the employer's average\nactuarial contribution rate for the fiscal year is less than nine and\none-half percent, then the amount eligible for amortization shall be\nzero.\n (3) "Employer's actuarial contribution" for a given fiscal year shall\nmean an employer's annual bill for such fiscal year exclusive of\ndeficiency contributions and payments on account of group term life\ninsurance, adjustments relating to prior fiscal years' obligations,\nretirement incentives and prior amortizations.\n (4) "Employer's annual bill" shall mean for a given fiscal year the\nsum of the following amounts: (i) an employer's normal contributions for\nthe fiscal year determined in accordance with paragraph one of\nsubdivision b of section twenty-three of this article and the\ncomprehensive structural reform program implemented pursuant to\nsubdivision b of section twenty-three-a of this article, including the\nprovisions of subdivision b of section twenty-three-a of this article\nrelating to the required minimum annual contribution of four and\none-half percent of pensionable salaries; (ii) the employer's deficiency\ncontributions and administration contributions for the fiscal year\ndetermined in accordance with paragraphs two and three of subdivision b\nof section twenty-three of this article; and (iii) any payments by the\nemployer due in the fiscal year on account of group term life insurance,\nadjustments relating to prior fiscal years' obligations, retirement\nincentives and prior amortizations.\n (5) "Employer's average actuarial contribution rate" for a given\nfiscal year shall mean an employer's actuarial contribution for such\nfiscal year divided by the employer's payroll for the previous fiscal\nyear.\n (6) "Employer contribution reserve fund" or "fund" shall mean the\nemployer contribution reserve fund established pursuant to subdivision e\nof this section.\n (7) "Employer's graded contribution" for a given fiscal year shall\nmean the amount determined by applying the employer's graded\ncontribution rate or the alternative system graded contribution rate for\nsuch fiscal year to an employer's pay
‹ 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.