New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law
Section 347.1 - Background

In 1989, the Legislature amended sections 17 and 317 of the Retirement and Social Security Law to provide that employer contributions to New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System for the fiscal year ending March 31, 1990 shall be due on December 15, 1989, rather than June 30, 1991. These sections were also amended to provide that employer contributions for all future State fiscal years shall be due on December fifteenth of such year, commencing with the payment due on December 15, 1990 for the fiscal year ending March 31, 1991. The same legislation also enacted Retirement and Social Security Law sections 17-a and 317-a, which essentially provide for the amortization at 8.75 percent over 17 years of the two payments that would otherwise have been due by June 30, 1989 and June 30, 1990. The first amortization payment must be made by December 15, 1989. Under the above provisions, employers may make prepayment of amortized contributions and the Retirement Systems shall, every year, reamortize the remaining principal balance over the remaining years. This Part is promulgated to set forth procedures for prepayment of such amortization payments. Sections 17-a and 317-a expressly and specifically require the Comptroller to promulgate a regulation which includes the provisions contained herein as sections 347.2 and 347.3 of this Part.