§ 13-638.3 Funding of consolidated unfunded accrued liabilities and remainder of balance sheet liability of the fire department pension fund, subchapter two; amortization of such liabilities and certain liabilities for transfers to variable supplements funds pursuant to the level percentage of payroll method in certain fiscal years.*
* Editor's note: there are two sections designated as § 13-638.3.
a. The following words and phrases, as used in this section, shall have the following meanings, unless a different meaning is plainly required by the context:
(1) "FPF". The fire department pension fund, subchapter two.
(2) "Fiscal year". A fiscal year of the city as defined in section two hundred twenty-six of the New York city charter.
(3) "UAL". Unfunded accrued liability.
(4) "BSL". Balance sheet liability.
(5) "Phase-in period". The period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-five.
(6) "Regular installment period". The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(7) "Charge". An amount which is required to be paid to FPF as an employer contribution.
(8) "Credit". An amount which is required to be applied in reduction of employer contributions otherwise payable to FPF.
(9) "Individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety". Any of the following, as applicable to FPF as of June thirtieth, nineteen hundred ninety: the unfunded accrued liability contribution, the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-eight unfunded accrued liability adjustment, all installments of amortization of bond sale gains and losses and all installments of funding of supplemental retirement allowances.
(10) "Recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety".
(i) An installment amount computed in accordance with the succeeding subparagraphs of this paragraph in relation to each FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision) for such pension fund.
(ii) The actuary of FPF shall determine, as of June thirtieth, nineteen hundred ninety and on the basis of eight and one-quarter per centum interest per annum, the present value of all those annual installments of such FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of FPF shall determine an amount which, if paid to its contingent reserve fund, or applied as a credit, as the case may be, commencing with a first payment or credit in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, in a number of equal annual installments equal to the number of such annual installments remaining due and unpaid or uncredited with respect to FPF as of June thirtieth, nineteen hundred ninety as described in subparagraph (ii) of this paragraph, would be the actuarial equivalent, as of such June thirtieth, on the basis of eight and one-half per centum interest per annum, of the present value determined pursuant to such subparagraph (ii).
(iv) With respect to each FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, the recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety shall be one equal annual installment determined with respect to such individual UAL amortization pursuant to subparagraph (iii) of this paragraph.
(11) "Single-year aggregate of recomputed annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety". Such aggregate shall be the total amount obtained, in relation to any fiscal year occurring during the phase-in period (as defined in paragraph five of this subdivision) by adding together all recomputed annual installments of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph ten of this subdivision), as applicable to such fiscal year. For the purpose of such addition, any such recomputed installments which constitute a credit shall be treated as a negative quantity.
(12) "Nineteen hundred ninety BSL contribution". The nineteen hundred ninety BSL contribution determined pursuant to subdivision g of this section.
(13) "Nineteen hundred ninety UAL credit".
(i) An amount which shall be determined for FPF as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund of FPF in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year and an interest rate of eight and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred ninety, the amount of the unfunded accrued liability of FPF, computed pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to FPF, as of June thirtieth, nineteen hundred ninety, on the basis of an interest rate of eight and one-quarter per centum per annum, the amount obtained by adding together (A) the present values of all those annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision), which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth, and (B) the present value, as of such June thirtieth, of all installments of balance sheet liability, which installments, in the absence of the enactment of the act which added this paragraph, would have remained due and unpaid with respect to fiscal years succeeding such June thirtieth.
(iv) Such total amount of present values determined pursuant to subparagraph (iii) of this paragraph shall be subtracted from such amount of unfunded accrued liability determined pursuant to subparagraph (ii) thereof. The resulting remainder shall be the nineteen hundred ninety UAL credit applicable to FPF.
(14) "Annual installment of the nineteen hundred ninety UAL credit". Any of twenty equal annual installments of charge with respect to FPF, which installments, if paid, over a period of twenty fiscal years, commencing with the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred ninety and on the basis of interest at the rate of eight and one-half per centum per annum, of the nineteen hundred ninety UAL charge (as defined in paragraph thirteen of this subdivision).
(15) "Phase-in installment of nineteen hundred ninety consolidated UAL contribution".
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph five of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to FPF in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph eleven of this subdivision), as applicable for such fiscal year, and one installment of the nineteen hundred ninety UAL charge (as defined in paragraph fourteen of this subdivision) and one computation installment of nineteen hundred ninety BSL (as defined in paragraph nineteen of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount of one installment of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision).
(iv) The remainder resulting from the subtraction prescribed by subparagraph (iii) of this paragraph shall be the phase-in installment of nineteen hundred ninety consolidated UAL contribution for such fiscal year.
(16) "Unfunded accrued liability as of June thirtieth, nineteen hundred ninety". The unfunded accrued liability of FPF as determined pursuant to subparagraph (ii) of paragraph thirteen of this subdivision.
(17) "Nineteen hundred ninety balance sheet liability". The total present value, determined as of June thirtieth, nineteen hundred ninety on the basis of an interest rate of eight and one-half per centum per annum, of all installments of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision) payable to such pension fund pursuant to the provisions of subdivision g of this section.
(18) "Prior BSL contribution". The BSL contribution of FPF determined pursuant to paragraph four of subdivision b of section 13-331 of this title, as such contribution was in effect on June thirtieth, nineteen hundred ninety.
(19) "Computation installment of nineteen hundred ninety BSL".
(i) Any installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of FPF shall determine with respect to such pension fund, as of June thirtieth, nineteen ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph eighteen of this subdivision) of such pension fund, which installments, in the absence of the enactment of the act which added this subdivision, would have remained due and unpaid to such pension fund as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such pension fund in thirty-one equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of eight and one-half per centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant to subparagraph (iii) of this paragraph with respect to such pension fund shall be a computation installment of nineteen hundred ninety BSL.
(20) "Regular installment of nineteen hundred ninety consolidated UAL contribution". Any installment payable pursuant to subdivision d of this section.
(21) "Nineteen hundred ninety consolidated UAL contribution". The nineteen hundred ninety consolidated UAL contribution for which phase-in installments are determined pursuant to paragraph fifteen of this subdivision and for which regular installments are determined pursuant to subdivision d of this section.
(22) "Installment of nineteen hundred ninety BSL contribution". Any installment payable pursuant to subdivision g of this section.
(23) "UAL subject to consolidated amortization". The amount of the unfunded accrued liability of FPF which prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and regular consolidated UAL contributions designated in subdivision i of this section.
(24) "BSL subject to consolidated amortization". The amount of the balance sheet liability of FPF which, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other BSL contributions designated in subdivision i of this section.
(25) "Balance of unfunded UAL subject to consolidated amortization". An amount, determined by the actuary of FPF, equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the FPF UAL subject to consolidated amortization.
(26) "Balance of unfunded BSL subject to consolidated amortization". An amount, determined by the actuary of FPF, which is equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the FPF BSL subject to consolidated amortization.
(27) "Revised amortization period". The period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten.
(28) "FPF 1995 UAL". The unfunded accrued liability of FPF as of June thirtieth, nineteen hundred ninety-five for benefits payable by FPF (excluding the FPF 1995 balance of BSL, as defined in paragraph thirty of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to FPF for the nineteen hundred ninety-five – nineteen hundred ninety-six fiscal year.
(29) "FPF 1995 accrued liability on account of required transfers to variable supplements funds". The actuarial present value as of June thirtieth, nineteen hundred ninety-five, as estimated by the actuary, of the accrued liability of the pension fund on account of payments which the pension fund may be required to make for base fiscal years (as defined by the applicable provisions of paragraph one of subdivision b of section 13-335.1 of this title and paragraph one of subdivision b of section 13-335.3 of this title) beginning on or after July first, nineteen hundred ninety-four to the firefighters' variable supplements fund, pursuant to subdivisions d, e and f of such section 13-335.1 and to the fire officers' variable supplements fund pursuant to subdivisions d, e and f of such section 13-335.3.
(30) "FPF 1995 balance of BSL". The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to FPF for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph two of subdivision n of this section and paragraphs three and four of such subdivision.
(31) "Fifteen-year amortization period". The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(32) "FPF 1999 UAL". The unfunded accrued liability of FPF as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (ii) of subparagraph (a) of paragraph two of subdivision b of section 13-331 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to FPF for the nineteen hundred ninety-nine – two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the FPF 1999 UAL shall be zero.
(33) "Eleven-year amortization period". The period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten.
b. Notwithstanding any other provision of law to the contrary, all FPF installments of the unfunded accrued liability contribution, the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment and the nineteen hundred eighty-eight unfunded accrued liability adjustment and all FPF installments of amortization of bond sale gains and losses and all FPF installments of funding of supplemental retirement allowances, which installments, in the absence of the enactment of the act which added this section, would otherwise be due from and payable by the city to FPF (or be creditable to the city) with respect to any fiscal year or period beginning on or after July first, nineteen hundred ninety are hereby cancelled as of such July first and shall not be due and payable (or creditable) on or after such July first.
c. The actuary of FPF shall determine the amount of the difference obtained by subtracting (1) the outstanding balance, as of June thirtieth, nineteen hundred ninety-five, of the nineteen hundred ninety balance sheet liability (as defined in paragraph seventeen of subdivision a of this section) of such pension fund from (2) the outstanding balance, as of such June thirtieth, of the unfunded accrued liability as of June thirtieth, nineteen hundred ninety (as defined in paragraph sixteen of such subdivision) of such pension fund.
d. (1) The actuary of FPF shall determine an amount which, when paid into the contingent reserve fund of FPF in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five-nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of eight and one-half per centum interest per annum, of the amount of difference determined pursuant to subdivision c of this section.
(2) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision i of this section.
e. Notwithstanding any other provision of law to the contrary, no installments of prior BSL contribution (as defined in paragraph eighteen of subdivision a of this section) shall be due from or payable by the city to FPF with respect to any fiscal year of the city beginning on or after July first, nineteen hundred ninety.
f. The actuary of FPF shall determine with respect to such pension fund, as of June thirtieth, nineteen hundred ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph eighteen of subdivision a of this section) of such pension fund, which installments, in the absence of the enactment of the act which added this subdivision, would have remained due and unpaid to such pension fund as of such June thirtieth.
g. (1) The actuary of FPF shall determine an amount which, when paid to the contingent reserve fund of such pension fund in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of eight and one-half per centum interest per annum, of the present value determined pursuant to subdivision f of this section.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision i of this section, shall constitute the nineteen hundred ninety BSL contribution.
h. (1) Subject to the provisions of paragraph two of this subdivision, in each fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the city shall pay into the contingent reserve fund of FPF:
(i) the installment amount allocated to such fiscal year for payment on account of nineteen hundred ninety consolidated UAL contribution (as defined in paragraph twenty-one of subdivision a of this section); and
(ii) the installment amount allocated to such fiscal year for payment on account of the nineteen hundred ninety BSL contribution (as defined in paragraph twelve of such subdivision).
(2) Each installment amount payable as provided for in paragraph one of this subdivision shall be in the applicable sum prescribed in the schedule of twenty-year amortization set forth in subdivision i of this section.
(3) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of subdivisions c through g, inclusive, of this section, and the affected portions of subdivision i thereof, and the preceding paragraphs of this subdivision shall be superseded in the manner prescribed by subdivision n of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the revised amortization period.
i. Subject to the provisions of subdivisions k and l of section 13-638.2 of this subchapter, installments of the contributions to FPF provided for by subdivisions b to h, inclusive, of this section shall be paid by the city in accordance with the schedule of twenty-year amortization set forth below in this subdivision.
SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF FPF 1990 CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in parentheses are to paragraph numbers of definitions in subdivision a of this section) | ||
Col. 1 Fiscal year or years in which annual amortization payments are required to be made | Col. 2 Amount payable in each fiscal year | |
Col. A | Each fiscal year (2) in the phase-in period (5) | The sum obtained by adding together (a) the phase-in installment of nineteen hundred ninety consolidated UAL contribution (15) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
Col. B | Each fiscal year (2) in the regular installment period (6) | The sum obtained by adding together (a) the regular installment of nineteen hundred ninety consolidated UAL contribution (20) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
j. The provisions of subdivision c of section 13-334 of this title shall govern the time and manner of payment, within each fiscal year, of contributions payable with respect to such fiscal year to FPF pursuant to the provisions of subdivisions b to i, inclusive, of this section. Nothing contained in this section shall be construed as amending, modifying or changing such provisions of this title or the provisions of any other law relating to the time of payment, within a fiscal year, of contributions payable to such pension fund with respect to such fiscal year.
k. For the purpose of determining the amount of any installment of the contributions payable to FPF pursuant to the provisions of subdivisions b to i, inclusive, of this section, the actuary of such pension fund may use methods of calculation other than those set forth in such provisions, so long as such other methods produce in relation to such installment an amount equal to that produced by the methods of calculation set forth in such provisions.
l. Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of subdivisions b to i, inclusive, of this section shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
m. In the determination of the normal contribution payable to FPF with respect to each fiscal year occurring during the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such pension fund pursuant to subdivisions b to i, inclusive, of this section shall be treated as an asset of such pension fund.
n. (1) All installments of UAL and BSL contribution designated in subdivision i of this section as payable by the city for fiscal years occurring during the period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the FPF balance of unfunded UAL subject to consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the FPF balance of unfunded BSL subject* consolidated amortization, together with interest on such balance.
* Editor's note: so in original.
(3) (i) the actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) in determining each such schedule, the actuary shall employ an interest rate of eight and one-half per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight and one-half per centum per annum is prescribed by law for FPF for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In the determination of the normal contribution payable to FPF with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such pension fund pursuant to this subdivision shall be treated as an asset of such pension fund.
(6) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by subdivision o of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the fifteen-year amortization period.
o. (1) (i) All installments of UAL and BSL contribution designated in subdivision n of this section as payable by the city for fiscal years occurring during the period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten are hereby canceled and shall not be due and payable on or after such July first.
(ii) All installments of contribution prescribed by paragraph six of subdivision b of section 13-331 of this title as payable, for any fiscal year beginning on or after July first, nineteen hundred ninety-five, to fund the benefits referred to in such paragraph are hereby canceled and shall not be due and payable on and after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 UAL, together with interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 accrued liability on account of required transfers to variable supplements funds, together with interest on such liability; and
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 balance of BSL, together with interest on such balance.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight and three-quarters per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight and three-quarters per centum per annum is prescribed by law for FPF for any fiscal year included in the fifteen-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the fifteen-year amortization period, the city shall pay into the contingent reserve fund of FPF the contribution installments applicable to such fiscal year under the schedules established pursuant to paragraph two of this subdivision.
(6) In the determination of the normal contribution payable to FPF with respect to each fiscal year occurring during the fifteen-year amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such pension fund pursuant to this subdivision shall be treated as an asset of such pension fund.
(7) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by subdivision p of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the eleven-year amortization period.
p. (1) All installments of UAL and BSL contribution designated in subdivision o of this section as payable by the city for fiscal years occurring during the period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten and all other installments of contribution resulting from any unfunded accrued liability established on or before June thirtieth, nineteen hundred ninety-nine which are payable to FPF in any fiscal year succeeding such June thirtieth by the city are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund a schedule of contribution installments, one of which is payable in each fiscal year included in the eleven-year amortization period, which installments will amortize the FPF 1999 UAL, together with interest on such UAL.
(3) (i) The actuary shall determine the schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining such schedule, the actuary shall employ an interest rate of eight per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight per centum per annum is prescribed by law for FPF for any fiscal year included in the eleven-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the eleven-year amortization period, the city shall pay into the contingent reserve fund of FPF the contribution installments applicable to such fiscal year under the schedule established pursuant to paragraph two of this subdivision.