NY A11169

State of New York assumes responsibility as successor to the defunct New York City Off-Track Betting Corporation (NYCOTB) for all pension contribution obligations to the New York City Employees' Retirement System (NYCERS).

Requires the state actuary to calculate by January 2, 2019, all overdue annual contributions owed by NYCOTB with compound interest, referred to as the "amount to be amortized."

Mandates the state pay the amortized amount in 15 equal annual installments beginning January 1, 2020, and ending January 1, 2034, with interest compounded annually.

Requires the state to pay all future annual NYCOTB contributions to NYCERS beginning in state fiscal year 2020, subject to appropriation.

Estimated total present value cost to the state of approximately $270.1 million as of January 1, 2020, with projected annual costs ranging from $27.5 million to $28.9 million for fiscal years 2020–2024.