§ 2575. Retirement of employees of board of education. 1. (a) The board of education of a city school district of a city having a population of one hundred thousand or more shall have power to establish a retirement system for all civil employees permanently employed by said board other than superintendents and teachers who may now be retired under the provisions of other retirement laws. In any such city in which there is a bureau of compulsory education, school census, and child welfare established under the provisions of this chapter, all persons, except for attendance teachers and specially certificated attendance officers who are first employed by a board of education of a city having a population of one million or more, beginning on the first day of September, nineteen hundred sixty-eight, and further except for the director of attendance, assistant director of attendance, chief attendance officer, division supervising attendance officer, and district supervising attendance officer, supervisors of school social workers, who were first employed by a board of education of a city having a population of one million or more, beginning on the first day of September nineteen hundred sixty-nine, of which such a bureau of compulsory education, school census, and child welfare consists shall be members of the retirement system created in accordance with the provisions of this section, provided that any such person who on May fourth, nineteen hundred twenty-six, was a member of another retirement system in such city may continue such membership so long as he or she holds an office or position in such bureau. Transfer of membership of any such persons from another retirement system to a retirement system as herein provided shall be made in accordance with the provisions of section fifty-nine of the civil service law. The board of education of such city shall adopt appropriate rules and regulations for the government, management and control of the retirement of said employees; except that in regard to the actions of the governing board of a retirement system governed by such rules and regulations, the concurrence of one employee representative and one non-employee representative shall be necessary for an act of such board, and there shall be no fewer than two employee representatives of such board. Before they become effective such rules and regulations must be approved by the board of estimate, or the board of estimate and apportionment in a city having such body, and in a city not having such body by the common council or such other officers or bodies as have the management and control of financial affairs similar to that exercised by such board of estimate or board of estimate and apportionment. The board of estimate or the board of estimate and apportionment in a city having such body, and in other cities the officers or bodies performing the functions similar to those of a board of estimate or a board of estimate and apportionment shall appropriate annually the sum necessary to pay the expenses of the administration of this section, except that in the city of New York such appropriations shall be made pursuant to chapter six of the New York city charter, and also to pay such pensions to the employees herein described as they shall be entitled to receive annually under the rules and regulations prescribed by the board of education and approved by the said board of estimate or board of estimate and apportionment or other authorities. (b) (1) The rules and regulations prescribed by the board of education and approved by the board of estimate or the board of estimate and apportionment or other authorities named herein shall provide for the annual payment of a pension which shall be a per centum of the average annual personal compensation of an employee for the five years of service immediately preceding his retirement, except as otherwise provided in subparagraph two of this paragraph (b).(2) Such rules and regulations so prescribed and approved with respect to any such retirement system established in the city school district of a city having a population of one million or more may provide for the annual payment of a pension which shall be a per centum of the compensation of an employee during any period designated in such rules and regulations; provided, however, that such period shall in no event be less than one year or more than five years. 2. In a city having a population of one million or more and having a teachers' retirement board, changes, alterations, amendments or modifications in the rules and regulations established for the administration of this section shall be adopted as follows: The board of education of said city may adopt and shall submit such changes, alterations, amendments or modifications, hereinafter in this subdivision referred to as changes, to said teachers' retirement board for approval. Said teachers' retirement board shall within thirty days after the submission to it of such changes transmit to said board of education a statement in writing setting forth which of such changes it approves and which it disapproves, if any, and the reasons for such disapproval. If said teachers' retirement board shall approve of all of such changes, then such changes shall immediately become effective and in full force and operation. If said teachers' retirement board shall disapprove of all or any of such changes and if said board of education and said teachers' retirement board within thirty days thereafter shall fail to agree upon changes in place of the changes so disapproved, then the changes shall be submitted by said board of education within ten days after the lapse of said thirty days to the commissioner of education who shall have full power to approve, alter or modify the changes disapproved by said teachers' retirement board, and the action of the commissioner of education shall be final, and thereupon the changes approved by said teachers' retirement board and the changes as approved, altered or modified by the commissioner of education shall immediately become effective and in full force and operation. Should said teachers' retirement board fail either to approve or to disapprove all or any of such changes submitted to it as herein provided, then such changes not approved or not disapproved shall at the expiration of the thirty days immediately following their submission to said teachers' retirement board be deemed to have been approved by said teachers' retirement board and such changes shall immediately become effective and in full force and operation. Said teachers' retirement board and the trustees of any variable annuity funds created by said rules and regulations may negotiate an agreement whereby said variable annuity funds are commonly invested with the variable annuity funds of said teachers' retirement board. In such event, final authority for investing such funds shall rest with the teachers' retirement board for the period of such agreement. Such agreement shall be for a period not to exceed five years but may be renewed. 3. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing the addition of pensions-providing-for-increased-take-home-pay and death benefits withrespect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 4. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty-two, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing pensions-providing-for- increased-take-home-pay and death benefits with respect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 5. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 6. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-four--nineteen hundred sixty-five analogous to that authorized for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four by chapter five hundred seventeen of the laws of nineteen hundred sixty-three. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 7. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-five--nineteen hundred sixty-six analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 8. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan forthe fiscal year nineteen hundred sixty-six--nineteen hundred sixty-seven analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 9. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-seven-nineteen hundred sixty-eight analogous to that authorized for the fiscal year nineteen hundred sixty-two-nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 10. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pension-providing-for-increased-take-home-pay plan, in addition to the plan authorized by subdivision nine of this section, for members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (Spanish speaking), auxiliary attendance teacher, or auxiliary attendance officer, for the period September first, nineteen hundred sixty-seven through June thirtieth, nineteen hundred sixty-eight, analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that the reduced rate of contribution factor to be used on computing the reduction provided for in the resolution authorized by this subdivision in the contributions of such members may be designated by the board of education as three per centum. Such resolution may contain provisions for a period of retroactive applicability analogous to those contained in paragraph thirteen of subdivision j of section B3--36.1 of the administrative code of the city of New York, as such section was added by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution may also provide that the amount of the reduction provided for in the resolution in the contributions of any members to whom such resolution applies, attributable to the period of retroactive applicability of such resolution shall be refunded by the system without interest. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 11. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-eight--nineteen hundred sixty-nine analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that(1) the reduced rate of contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight per centum, and provided further, however, that (2) the reduced rate of contribution factor to be used in computing the reductions of any member who is eligible for the benefits analogous to the career pension plan of the New York city employees' retirement system, if a bill entitled "An act to amend the administrative code of the city of New York and the military law, in relation to providing additional rights, privileges, and benefits for members of the New York city employees' retirement system and establishing an optional career pension plan for certain of such members" is enacted into law, and if the board of education adopts a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to provide a plan analogous to such career pension plan, regardless of whether such member elects the benefits of such analogous plan, may be designated by the board of education as four per centum. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 12. Notwithstanding any provisions of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-nine--nineteen hundred seventy analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (3) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraphs one and two of this subdivision twelve may be designated by the board of education as five per centum, and provided further, however, that (4) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 13. Notwithstanding any provisions of this section or any other provision of law to the contrary, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy--nineteen hundred seventy-one analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraph one of this subdivision thirteen may be designated by the board of education as five per centum, and provided further, however, that (3) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 14. (1) In the event that: (a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) The provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for- increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fourteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fourteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 15. (1) In the event that:(a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) the provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for-increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fifteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fifteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 16. (a) As used in this subdivision, the following terms shall mean and include: (1) "Board of education". The board of education of a city. (2) "City". A city having a population of one million or more. (3) "Rules and regulations". The rules and regulations for the government, management and control of the retirement system adopted pursuant to this section. (4) "Retirement system". The board of education retirement system established pursuant to the provisions of this section in a city. (5) (i) "Normal contribution for balance sheet liability purposes". The hypothetical amount which the normal contribution payable in each city fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty would have equalled if such normal contribution had been required by law to be paid to the contingent reserve fund in the city fiscal year in which the obligation to make such normal contribution accrued and such normal contribution had been required by law to be determined in the manner provided for in items (ii), (iii) and (iv) of this subparagraph.(ii) Upon the basis of the mortality and other tables effective under the rules and regulations as of July first, nineteen hundred seventy-seven and interest at the rate of five and one-half per centum per annum, the actuary shall determine, as of June thirtieth next preceding each such fiscal year for which such normal contribution is being determined (hereinafter referred to as the "subject fiscal year") the amount of the then total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all then members and beneficiaries, exluding the then liability on account of future annual contributions, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay (as defined in subparagraph eight of this paragraph), if any, and the then liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund. (iii) The hypothetical normal rate of contribution with respect to the subject fiscal year shall be the rate per centum obtained: (A) by adding together: (1) the present value of all then required future unfunded accrued liability contributions for balance sheet liability purposes (as defined in subparagraph six of this paragraph); and (2) the present value of all then required future annual contributions, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations (as defined in subparagraph seven of this paragraph); and (3) the present value of future member contributions of members subject to article fourteen of the retirement and social security law; and (4) the amount obtained by adding together the total funds on hand (excluding therefrom the then amount in the annuity savings fund and in the variable annuity savings fund) and the balance sheet liability as of such June thirtieth next preceding the subject fiscal year; and (B) by subtracting from the amount of the total liability determined pursuant to item (ii) of this subparagraph the sum resulting from the addition prescribed by sub-item (A) of this item; and (C) by dividing the remainder resulting from the subtraction prescribed by sub-item (B) of this item by one per centum of the then present value of the prospective future salaries of all members, as computed on the basis of the mortality and service tables adopted pursuant to subdivision two of section five of the rules and regulations and in effect on July first, nineteen hundred seventy-seven, and on the basis of interest at the rate of five and one-half per centum per annum. (iv) The amount of the normal contribution for balance sheet liability purposes hypothetically payable in the subject fiscal year shall be the amount obtained (1) by multiplying such hypothetical normal contribution rate computed with respect to the subject fiscal year by the aggregate annual salaries of the members as of June thirtieth of the subject fiscal year and (2) by adding to the product of such multiplication, interest on such product at the rate of five and one-half per centum per annum for a period of six months. (6) "Unfunded accrued liability contribution for balance sheet liability purposes". (i) With respect to the city's nineteen hundred seventy-four--nineteen hundred seventy-five fiscal year, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-four--nineteenhundred seventy-five fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed in the manner prescribed by items (ii) and (iii) of this subparagraph. (ii) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-four, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (iii) From such total liability computed pursuant to item (ii) of this subparagraph there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-four, of all future normal costs of the retirement system, computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of June thirtieth, of all required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraph seven of paragraph (c) of this subdivision) and the total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (iv) With respect to each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-five--nineteen hundred seventy-six fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed pursuant to items (v) and (vi) of this subparagraph. (v) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-five, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (vi) From such total liability computed pursuant to item (v) of this subparagraph, there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-five, of all future normal costs of the retirement system,computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of such June thirtieth, of all then required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraphs eight to fourteen, inclusive of this sub-item and the total funds on hand, as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (7) "Annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount of the excess of installments (payable in such year) of losses on prior dispositions of securities within the meaning of subdivision six of section seven of the rules and regulations (related to graduated crediting of gains and amortization of losses on dispositions of certain securities) over installments (creditable in such year) of gains on such prior dispositions, which annual amount shall be determined in the manner provided for in such subdivision six. (8) "Annual contribution, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year to make contributions on account of increased-take-home-pay. (9) "Annual military law contribution for balance sheet liability purposes". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit member contributions with respect to certain periods of military service of such members. (10) "Deficiency contribution". The annual amount which, under the provisions of paragraph f of subdivision three of section eight of the rules and regulations, the board of education was required to pay to the contingent reserve fund in each of the city's nineteen hundred seventy-four--nineteen hundred seventy-five, nineteen hundred seventy-five--nineteen hundred seventy-six and nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal years. (11) "Contribution on account of amortization, pursuant to subdivision six of section seven of the rules and regulations, of losses on dispositions of certain securities". The total annual amount by which the sum of the installments of losses, payable pursuant to subdivision six of section seven of the rules and regulations (as in effect prior to July first, nineteen hundred eighty) in each of the city's fiscal yearsoccurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty in relation to dispositions of securities within the meaning of such subdivision six, exceeded the sum of the installments of gains creditable in the same fiscal year in relation to the same disposition of securities. (b) (1) Notwithstanding any provision of subdivision fifteen of section two of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision sixteen and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city or in any subsequent fiscal year of the city, "regular interest" shall mean interest as defined in this paragraph and any definition of regular interest in such rules and regulations shall not apply to any such actuarial valuation, determination or appraisal. (2) Subject to the provisions of item (ii) of subparagraph six of this paragraph, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year thereof, "regular interest" shall mean interest at five and one-half per centum per annum, compounded annually. (3) (i) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty--nineteen hundred eighty-one fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-one--nineteen hundred eighty-two fiscal year thereof, "regular interest" shall mean interest at the rate of seven and one-half per centum per annum, compounded annually. (ii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-seven--nineteen hundred eighty-eight fiscal yearthereof, "regular interest" shall mean interest at the rate of eight per centum per annum, compounded annually. (iii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-eight--nineteen hundred eighty-nine fiscal year of the city and the nineteen hundred eighty-nine--nineteen hundred ninety fiscal year thereof, "regular interest" shall mean interest at the rate of eight and one-quarter per centum per annum, compounded annually. (4) Subject to the provisions of item (ii) of subparagraph six of this paragraph, and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the city's nineteen hundred ninety--nineteen hundred ninety-one fiscal year and in any subsequent fiscal year thereof, "regular interest" shall mean interest at such rate per annum, compounded annually, as shall be prescribed by the legislature in section 13-638.2 of the administrative code of the city. (5) On or after May first, nineteen hundred eighty-nine and no later than October thirty-first of such year the retirement board of the retirement system shall submit to the governor, the temporary president and minority leader of the senate, the speaker of the assembly, the majority and minority leaders of the assembly, the state superintendent of insurance, the mayor of the city, and the members of the city council thereof, the written recommendations of the retirement board as to the rate of interest and effective period thereof which should be established by law as "regular interest" for the purpose specified in subparagraph four of this paragraph. (6) (i) Subject to the provisions of item (iv) of subparagraph three of paragraph (c) of this subdivision, nothing contained in subparagraphs one, two, three, four and five of this paragraph shall be construed as prescribing, for the purpose of crediting interest to individual accounts in the annuity savings fund or to reserves-for-increased-take-home-pay or for any other purpose besides that specified in such subparagraphs, a rate of regular interest other than as prescribed by the applicable provisions of subdivision fifteen of section two of the rules and regulations and subdivision seventeen of this section. (ii) Subject to the provisions of section 13-638.2 of the administrative code of the city, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring the original unfunded accrued liability contribution, as defined in item (i) of subparagraph five of paragraph (c) of this subdivision, and the revised unfunded accrued liability contribution, as defined in item (ii) of such subparagraph, and the nineteen hundred eighty unfunded accruedliability adjustment, as defined in subparagraph six of such paragraph (c), and the nineteen hundred eighty-two unfunded accrued liability adjustment, as defined in such subparagraph six, to be determined in any manner other than as prescribed by the applicable provisions of such items and such subparagraph six. Subject to the provisions of such section 13-638.2, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring any balance sheet liability or balance sheet liability contribution computed pursuant to the provisions of subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision to be determined in any manner other than as prescribed in such subparagraphs. (c) (1) (i) Notwithstanding the provisions of paragraphs b and f of subdivision three of section eight of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary; (A) the provisions of subparagraphs two, three, four and five of this paragraph (c), as in effect during the period from July first, nineteen hundred seventy-seven to June thirtieth, nineteen hundred eighty, shall govern the contributions payable by the board of education to the contingent reserve fund of the retirement system in the city's nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year and in each city fiscal year thereafter to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of such subparagraphs two, three, four and five; and (B) the applicable provisions of this paragraph, as in effect on and after July first, nineteen hundred eighty, and the provisions of sections 13-638.2, 13-695 and 13-704 of the administrative code of the city and any other applicable laws shall govern the contributions payable by the board of education to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year and in each city fiscal year thereafter, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of this paragraph and such sections and laws. (ii) The contribution payable by the board of education to such contingent reserve fund in the nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal year of the city, including, without limitation, the contribution required by paragraph f of subdivision three of section eight of the rules and regulations, shall be governed by the applicable provisions of the rules and regulations as in effect immediately prior to July first, nineteen hundred seventy-seven. (2) Subject to the provisions of law referred to in sub-item (B) of item (i) of subparagraph one of this paragraph, the board of education shall contribute to the contingent reserve fund: (i) annually an amount computed pursuant to subparagraph four of this paragraph, to be known as the "normal contribution"; and (ii) in each city fiscal year during the period beginning with the fiscal year nineteen hundred seventy-seven--nineteen hundred seventy-eight and ending on the last day of fiscal year nineteen hundred seventy-nine--nineteen hundred eighty, one annual installment of an additional amount computed pursuant to item (i) of subparagraph five of this paragraph, which shall be known as the "original unfunded accrued liability contribution"; and (iii) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year two thousand fourteen--two thousand fifteen,the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the revised unfunded accrued liability contribution and which shall be determined as provided for in item (ii) of subparagraph five of this paragraph; and (iv) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty-one--nineteen hundred eighty-two and ending on the last day of fiscal year two thousand twenty--two thousand twenty-one, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the balance sheet liability contribution and which shall be determined as provided for in subparagraphs seven to sixteen, inclusive, of this paragraph; and (v) in fiscal year nineteen hundred eighty--nineteen hundred eighty-one, the amount of one year's interest, at the rate of seven and one-half per centum per annum, on the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty, as determined pursuant to the provisions of subparagraphs seven to fifteen, inclusive, of this paragraph; and (vi) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year, to make contributions on account of increased-take-home-pay; and (vii) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members. (3) (i) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to subparagraph six of this paragraph is a credit, the total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph two of this paragraph shall be reduced by the amount of one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (ii) (A) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to such subparagraph six is a charge, the board of education shall contribute in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, in addition to the amounts required to be contributed under the provisions of subparagraph two of this paragraph (c), one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (B) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year and ending with the two thousand eleven--two thousand twelve fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwisepursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-two unfunded accrued liability adjustment determined pursuant to item (vi) of subparagraph (6) of this paragraph (c). (C) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year and ending with the two thousand fourteen--two thousand fifteen fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwise pursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-five unfunded accrued liability adjustment determined pursuant to item (vii) of subparagraph (6) of this paragraph (c). (iii) Any amount required by the provisions of items (iii), (iv), (vi) and (vii) of subparagraph two of this paragraph and subdivision six of section seven of the rules and regulations to be contributed to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year or any subsequent fiscal year shall be payable with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (iv) Any amount required to be contributed to the contingent reserve fund in any fiscal year of the city preceding the nineteen hundred eighty--nineteen hundred eighty-one fiscal year shall be deemed to have been required to be paid with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (v) It is hereby declared that the provisions of items (iii) and (iv) of this subparagraph three, insofar as they relate to provisions of the rules and regulations or of this subdivision or other laws requiring payment of employer contributions to the retirement system prior to the effective date of this subparagraph, express the intent of such provisions of the rules and regulations or this subdivision or other laws requiring such payment. (vi) For the purpose of effectuating the nineteen hundred eighty-eight unfunded accrued liability adjustment provided for in section 13-638.1 of the administrative code of the city of New York, contributions to the contingent reserve fund on account of charges shall be made by the responsible obligor (as defined in paragraph six of subdivision a of such section) or credits shall be allowed to such obligor against contributions otherwise payable by such obligor, as the case may be, to the extent and in the manner provided for in such section. The annual determination of the normal contribution for fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight shall appropriately take account of the nineteen hundred eighty-eight unfunded accrued liability adjustment and the provisions of subparagraph four of this paragraph (c) shall be deemed to be conformably modified for such purpose. (4) Normal contribution. (i) Upon the basis of the latest mortality and other tables authorized by the applicable provisions of the rules and regulations and regular interest, the actuary shall determine, as ofJune thirtieth, nineteen hundred eighty and as of each succeeding June thirtieth, the amount of the total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions, if any, and the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, provided, however, that in determining such total liability as of June thirtieth, nineteen hundred ninety-five and as of each succeeding June thirtieth, the actuary shall include (A) the liability on account of future increased-take-home-pay contributions, if any, (B) the liability on account of future public employer obligations under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members and (C) the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, and provided further that in determining such total liability as of June thirtieth, nineteen hundred ninety-nine and as of each succeeding June thirtieth, the actuary shall include any other liability, as determined by the actuary, for benefits attributable to the variable annuity programs, and provided further that in determining such total liability as of June thirtieth, two thousand and as of each succeeding June thirtieth, the actuary shall include the amount, if any, as estimated by the actuary, of the total liability of the retirement system on account of payments which the retirement system may be required to make to any other fund without a corresponding offset in the liabilities of the retirement system. (i-A) Notwithstanding any other provision of law to the contrary, for the purpose of calculating the amount of the normal contribution annually due from the board of education to the contingent reserve fund pursuant to item (iv) of this subparagraph in fiscal year two thousand five--two thousand six, and in each fiscal year thereafter, both the total liability of the retirement system, as calculated by the actuary in accordance with item (i) of this subparagraph, and the normal rate of contribution, as calculated by the actuary in accordance with items (ii) and (iii) of this subparagraph, shall be determined as of June thirtieth of the second fiscal year preceding the fiscal year in which the normal contribution is payable, provided, however, that (A) the actuary shall use for such calculations the mortality and other tables that are applicable at the time he or she performs such calculations; (B) the total funds on hand, as determined by the actuary pursuant to clause five of sub-item (A) of item (ii) of this subparagraph, shall be adjusted by adding to such amount the present value of all employer contributions required to be paid into the contingent reserve fund in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary; and (C) the present value of the prospective future salaries of all members, as computed by the actuary for the purposes of sub-item (C) of item (ii) of this subparagraph, shall be reduced by the present value of the salaries expected to be paid to all members in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary. (ii) The normal rate of contribution shall be the rate per centum obtained: (A) by adding together: (1) (a) the amount obtained by adding together the present value of all required future revised unfunded accrued liability contributions andthe present value of all required future payments of the nineteen hundred eighty unfunded accrued liability adjustment, determined pursuant to subparagraph six of this paragraph, if such adjustment is a charge; or (b) the remainder obtained by subtracting from the present value of all required future revised unfunded accrued liabilit
§ 2575. Retirement of employees of board of education. 1. (a) The board of education of a city school district of a city having a population of one hundred thousand or more shall have power to establish a retirement system for all civil employees permanently employed by said board other than superintendents and teachers who may now be retired under the provisions of other retirement laws. In any such city in which there is a bureau of compulsory education, school census, and child welfare established under the provisions of this chapter, all persons, except for attendance teachers and specially certificated attendance officers who are first employed by a board of education of a city having a population of one million or more, beginning on the first day of September, nineteen hundred sixty-eight, and further except for the director of attendance, assistant director of attendance, chief attendance officer, division supervising attendance officer, and district supervising attendance officer, supervisors of school social workers, who were first employed by a board of education of a city having a population of one million or more, beginning on the first day of September nineteen hundred sixty-nine, of which such a bureau of compulsory education, school census, and child welfare consists shall be members of the retirement system created in accordance with the provisions of this section, provided that any such person who on May fourth, nineteen hundred twenty-six, was a member of another retirement system in such city may continue such membership so long as he or she holds an office or position in such bureau. Transfer of membership of any such persons from another retirement system to a retirement system as herein provided shall be made in accordance with the provisions of section fifty-nine of the civil service law. The board of education of such city shall adopt appropriate rules and regulations for the government, management and control of the retirement of said employees; except that in regard to the actions of the governing board of a retirement system governed by such rules and regulations, the concurrence of one employee representative and one non-employee representative shall be necessary for an act of such board, and there shall be no fewer than two employee representatives of such board. Before they become effective such rules and regulations must be approved by the board of estimate, or the board of estimate and apportionment in a city having such body, and in a city not having such body by the common council or such other officers or bodies as have the management and control of financial affairs similar to that exercised by such board of estimate or board of estimate and apportionment. The board of estimate or the board of estimate and apportionment in a city having such body, and in other cities the officers or bodies performing the functions similar to those of a board of estimate or a board of estimate and apportionment shall appropriate annually the sum necessary to pay the expenses of the administration of this section, except that in the city of New York such appropriations shall be made pursuant to chapter six of the New York city charter, and also to pay such pensions to the employees herein described as they shall be entitled to receive annually under the rules and regulations prescribed by the board of education and approved by the said board of estimate or board of estimate and apportionment or other authorities. (b) (1) The rules and regulations prescribed by the board of education and approved by the board of estimate or the board of estimate and apportionment or other authorities named herein shall provide for the annual payment of a pension which shall be a per centum of the average annual personal compensation of an employee for the five years of service immediately preceding his retirement, except as otherwise provided in subparagraph two of this paragraph (b).(2) Such rules and regulations so prescribed and approved with respect to any such retirement system established in the city school district of a city having a population of one million or more may provide for the annual payment of a pension which shall be a per centum of the compensation of an employee during any period designated in such rules and regulations; provided, however, that such period shall in no event be less than one year or more than five years. 2. In a city having a population of one million or more and having a teachers' retirement board, changes, alterations, amendments or modifications in the rules and regulations established for the administration of this section shall be adopted as follows: The board of education of said city may adopt and shall submit such changes, alterations, amendments or modifications, hereinafter in this subdivision referred to as changes, to said teachers' retirement board for approval. Said teachers' retirement board shall within thirty days after the submission to it of such changes transmit to said board of education a statement in writing setting forth which of such changes it approves and which it disapproves, if any, and the reasons for such disapproval. If said teachers' retirement board shall approve of all of such changes, then such changes shall immediately become effective and in full force and operation. If said teachers' retirement board shall disapprove of all or any of such changes and if said board of education and said teachers' retirement board within thirty days thereafter shall fail to agree upon changes in place of the changes so disapproved, then the changes shall be submitted by said board of education within ten days after the lapse of said thirty days to the commissioner of education who shall have full power to approve, alter or modify the changes disapproved by said teachers' retirement board, and the action of the commissioner of education shall be final, and thereupon the changes approved by said teachers' retirement board and the changes as approved, altered or modified by the commissioner of education shall immediately become effective and in full force and operation. Should said teachers' retirement board fail either to approve or to disapprove all or any of such changes submitted to it as herein provided, then such changes not approved or not disapproved shall at the expiration of the thirty days immediately following their submission to said teachers' retirement board be deemed to have been approved by said teachers' retirement board and such changes shall immediately become effective and in full force and operation. Said teachers' retirement board and the trustees of any variable annuity funds created by said rules and regulations may negotiate an agreement whereby said variable annuity funds are commonly invested with the variable annuity funds of said teachers' retirement board. In such event, final authority for investing such funds shall rest with the teachers' retirement board for the period of such agreement. Such agreement shall be for a period not to exceed five years but may be renewed. 3. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing the addition of pensions-providing-for-increased-take-home-pay and death benefits withrespect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 4. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty-two, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing pensions-providing-for- increased-take-home-pay and death benefits with respect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 5. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 6. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-four--nineteen hundred sixty-five analogous to that authorized for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four by chapter five hundred seventeen of the laws of nineteen hundred sixty-three. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 7. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-five--nineteen hundred sixty-six analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 8. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan forthe fiscal year nineteen hundred sixty-six--nineteen hundred sixty-seven analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 9. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-seven-nineteen hundred sixty-eight analogous to that authorized for the fiscal year nineteen hundred sixty-two-nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 10. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pension-providing-for-increased-take-home-pay plan, in addition to the plan authorized by subdivision nine of this section, for members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (Spanish speaking), auxiliary attendance teacher, or auxiliary attendance officer, for the period September first, nineteen hundred sixty-seven through June thirtieth, nineteen hundred sixty-eight, analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that the reduced rate of contribution factor to be used on computing the reduction provided for in the resolution authorized by this subdivision in the contributions of such members may be designated by the board of education as three per centum. Such resolution may contain provisions for a period of retroactive applicability analogous to those contained in paragraph thirteen of subdivision j of section B3--36.1 of the administrative code of the city of New York, as such section was added by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution may also provide that the amount of the reduction provided for in the resolution in the contributions of any members to whom such resolution applies, attributable to the period of retroactive applicability of such resolution shall be refunded by the system without interest. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 11. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-eight--nineteen hundred sixty-nine analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that(1) the reduced rate of contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight per centum, and provided further, however, that (2) the reduced rate of contribution factor to be used in computing the reductions of any member who is eligible for the benefits analogous to the career pension plan of the New York city employees' retirement system, if a bill entitled "An act to amend the administrative code of the city of New York and the military law, in relation to providing additional rights, privileges, and benefits for members of the New York city employees' retirement system and establishing an optional career pension plan for certain of such members" is enacted into law, and if the board of education adopts a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to provide a plan analogous to such career pension plan, regardless of whether such member elects the benefits of such analogous plan, may be designated by the board of education as four per centum. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 12. Notwithstanding any provisions of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-nine--nineteen hundred seventy analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (3) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraphs one and two of this subdivision twelve may be designated by the board of education as five per centum, and provided further, however, that (4) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 13. Notwithstanding any provisions of this section or any other provision of law to the contrary, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy--nineteen hundred seventy-one analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraph one of this subdivision thirteen may be designated by the board of education as five per centum, and provided further, however, that (3) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 14. (1) In the event that: (a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) The provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for- increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fourteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fourteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 15. (1) In the event that:(a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) the provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for-increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fifteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fifteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 16. (a) As used in this subdivision, the following terms shall mean and include: (1) "Board of education". The board of education of a city. (2) "City". A city having a population of one million or more. (3) "Rules and regulations". The rules and regulations for the government, management and control of the retirement system adopted pursuant to this section. (4) "Retirement system". The board of education retirement system established pursuant to the provisions of this section in a city. (5) (i) "Normal contribution for balance sheet liability purposes". The hypothetical amount which the normal contribution payable in each city fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty would have equalled if such normal contribution had been required by law to be paid to the contingent reserve fund in the city fiscal year in which the obligation to make such normal contribution accrued and such normal contribution had been required by law to be determined in the manner provided for in items (ii), (iii) and (iv) of this subparagraph.(ii) Upon the basis of the mortality and other tables effective under the rules and regulations as of July first, nineteen hundred seventy-seven and interest at the rate of five and one-half per centum per annum, the actuary shall determine, as of June thirtieth next preceding each such fiscal year for which such normal contribution is being determined (hereinafter referred to as the "subject fiscal year") the amount of the then total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all then members and beneficiaries, exluding the then liability on account of future annual contributions, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay (as defined in subparagraph eight of this paragraph), if any, and the then liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund. (iii) The hypothetical normal rate of contribution with respect to the subject fiscal year shall be the rate per centum obtained: (A) by adding together: (1) the present value of all then required future unfunded accrued liability contributions for balance sheet liability purposes (as defined in subparagraph six of this paragraph); and (2) the present value of all then required future annual contributions, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations (as defined in subparagraph seven of this paragraph); and (3) the present value of future member contributions of members subject to article fourteen of the retirement and social security law; and (4) the amount obtained by adding together the total funds on hand (excluding therefrom the then amount in the annuity savings fund and in the variable annuity savings fund) and the balance sheet liability as of such June thirtieth next preceding the subject fiscal year; and (B) by subtracting from the amount of the total liability determined pursuant to item (ii) of this subparagraph the sum resulting from the addition prescribed by sub-item (A) of this item; and (C) by dividing the remainder resulting from the subtraction prescribed by sub-item (B) of this item by one per centum of the then present value of the prospective future salaries of all members, as computed on the basis of the mortality and service tables adopted pursuant to subdivision two of section five of the rules and regulations and in effect on July first, nineteen hundred seventy-seven, and on the basis of interest at the rate of five and one-half per centum per annum. (iv) The amount of the normal contribution for balance sheet liability purposes hypothetically payable in the subject fiscal year shall be the amount obtained (1) by multiplying such hypothetical normal contribution rate computed with respect to the subject fiscal year by the aggregate annual salaries of the members as of June thirtieth of the subject fiscal year and (2) by adding to the product of such multiplication, interest on such product at the rate of five and one-half per centum per annum for a period of six months. (6) "Unfunded accrued liability contribution for balance sheet liability purposes". (i) With respect to the city's nineteen hundred seventy-four--nineteen hundred seventy-five fiscal year, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-four--nineteenhundred seventy-five fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed in the manner prescribed by items (ii) and (iii) of this subparagraph. (ii) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-four, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (iii) From such total liability computed pursuant to item (ii) of this subparagraph there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-four, of all future normal costs of the retirement system, computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of June thirtieth, of all required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraph seven of paragraph (c) of this subdivision) and the total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (iv) With respect to each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-five--nineteen hundred seventy-six fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed pursuant to items (v) and (vi) of this subparagraph. (v) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-five, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (vi) From such total liability computed pursuant to item (v) of this subparagraph, there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-five, of all future normal costs of the retirement system,computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of such June thirtieth, of all then required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraphs eight to fourteen, inclusive of this sub-item and the total funds on hand, as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (7) "Annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount of the excess of installments (payable in such year) of losses on prior dispositions of securities within the meaning of subdivision six of section seven of the rules and regulations (related to graduated crediting of gains and amortization of losses on dispositions of certain securities) over installments (creditable in such year) of gains on such prior dispositions, which annual amount shall be determined in the manner provided for in such subdivision six. (8) "Annual contribution, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year to make contributions on account of increased-take-home-pay. (9) "Annual military law contribution for balance sheet liability purposes". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit member contributions with respect to certain periods of military service of such members. (10) "Deficiency contribution". The annual amount which, under the provisions of paragraph f of subdivision three of section eight of the rules and regulations, the board of education was required to pay to the contingent reserve fund in each of the city's nineteen hundred seventy-four--nineteen hundred seventy-five, nineteen hundred seventy-five--nineteen hundred seventy-six and nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal years. (11) "Contribution on account of amortization, pursuant to subdivision six of section seven of the rules and regulations, of losses on dispositions of certain securities". The total annual amount by which the sum of the installments of losses, payable pursuant to subdivision six of section seven of the rules and regulations (as in effect prior to July first, nineteen hundred eighty) in each of the city's fiscal yearsoccurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty in relation to dispositions of securities within the meaning of such subdivision six, exceeded the sum of the installments of gains creditable in the same fiscal year in relation to the same disposition of securities. (b) (1) Notwithstanding any provision of subdivision fifteen of section two of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision sixteen and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city or in any subsequent fiscal year of the city, "regular interest" shall mean interest as defined in this paragraph and any definition of regular interest in such rules and regulations shall not apply to any such actuarial valuation, determination or appraisal. (2) Subject to the provisions of item (ii) of subparagraph six of this paragraph, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year thereof, "regular interest" shall mean interest at five and one-half per centum per annum, compounded annually. (3) (i) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty--nineteen hundred eighty-one fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-one--nineteen hundred eighty-two fiscal year thereof, "regular interest" shall mean interest at the rate of seven and one-half per centum per annum, compounded annually. (ii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-seven--nineteen hundred eighty-eight fiscal yearthereof, "regular interest" shall mean interest at the rate of eight per centum per annum, compounded annually. (iii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-eight--nineteen hundred eighty-nine fiscal year of the city and the nineteen hundred eighty-nine--nineteen hundred ninety fiscal year thereof, "regular interest" shall mean interest at the rate of eight and one-quarter per centum per annum, compounded annually. (4) Subject to the provisions of item (ii) of subparagraph six of this paragraph, and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the city's nineteen hundred ninety--nineteen hundred ninety-one fiscal year and in any subsequent fiscal year thereof, "regular interest" shall mean interest at such rate per annum, compounded annually, as shall be prescribed by the legislature in section 13-638.2 of the administrative code of the city. (5) On or after May first, nineteen hundred eighty-nine and no later than October thirty-first of such year the retirement board of the retirement system shall submit to the governor, the temporary president and minority leader of the senate, the speaker of the assembly, the majority and minority leaders of the assembly, the state superintendent of insurance, the mayor of the city, and the members of the city council thereof, the written recommendations of the retirement board as to the rate of interest and effective period thereof which should be established by law as "regular interest" for the purpose specified in subparagraph four of this paragraph. (6) (i) Subject to the provisions of item (iv) of subparagraph three of paragraph (c) of this subdivision, nothing contained in subparagraphs one, two, three, four and five of this paragraph shall be construed as prescribing, for the purpose of crediting interest to individual accounts in the annuity savings fund or to reserves-for-increased-take-home-pay or for any other purpose besides that specified in such subparagraphs, a rate of regular interest other than as prescribed by the applicable provisions of subdivision fifteen of section two of the rules and regulations and subdivision seventeen of this section. (ii) Subject to the provisions of section 13-638.2 of the administrative code of the city, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring the original unfunded accrued liability contribution, as defined in item (i) of subparagraph five of paragraph (c) of this subdivision, and the revised unfunded accrued liability contribution, as defined in item (ii) of such subparagraph, and the nineteen hundred eighty unfunded accruedliability adjustment, as defined in subparagraph six of such paragraph (c), and the nineteen hundred eighty-two unfunded accrued liability adjustment, as defined in such subparagraph six, to be determined in any manner other than as prescribed by the applicable provisions of such items and such subparagraph six. Subject to the provisions of such section 13-638.2, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring any balance sheet liability or balance sheet liability contribution computed pursuant to the provisions of subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision to be determined in any manner other than as prescribed in such subparagraphs. (c) (1) (i) Notwithstanding the provisions of paragraphs b and f of subdivision three of section eight of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary; (A) the provisions of subparagraphs two, three, four and five of this paragraph (c), as in effect during the period from July first, nineteen hundred seventy-seven to June thirtieth, nineteen hundred eighty, shall govern the contributions payable by the board of education to the contingent reserve fund of the retirement system in the city's nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year and in each city fiscal year thereafter to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of such subparagraphs two, three, four and five; and (B) the applicable provisions of this paragraph, as in effect on and after July first, nineteen hundred eighty, and the provisions of sections 13-638.2, 13-695 and 13-704 of the administrative code of the city and any other applicable laws shall govern the contributions payable by the board of education to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year and in each city fiscal year thereafter, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of this paragraph and such sections and laws. (ii) The contribution payable by the board of education to such contingent reserve fund in the nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal year of the city, including, without limitation, the contribution required by paragraph f of subdivision three of section eight of the rules and regulations, shall be governed by the applicable provisions of the rules and regulations as in effect immediately prior to July first, nineteen hundred seventy-seven. (2) Subject to the provisions of law referred to in sub-item (B) of item (i) of subparagraph one of this paragraph, the board of education shall contribute to the contingent reserve fund: (i) annually an amount computed pursuant to subparagraph four of this paragraph, to be known as the "normal contribution"; and (ii) in each city fiscal year during the period beginning with the fiscal year nineteen hundred seventy-seven--nineteen hundred seventy-eight and ending on the last day of fiscal year nineteen hundred seventy-nine--nineteen hundred eighty, one annual installment of an additional amount computed pursuant to item (i) of subparagraph five of this paragraph, which shall be known as the "original unfunded accrued liability contribution"; and (iii) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year two thousand fourteen--two thousand fifteen,the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the revised unfunded accrued liability contribution and which shall be determined as provided for in item (ii) of subparagraph five of this paragraph; and (iv) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty-one--nineteen hundred eighty-two and ending on the last day of fiscal year two thousand twenty--two thousand twenty-one, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the balance sheet liability contribution and which shall be determined as provided for in subparagraphs seven to sixteen, inclusive, of this paragraph; and (v) in fiscal year nineteen hundred eighty--nineteen hundred eighty-one, the amount of one year's interest, at the rate of seven and one-half per centum per annum, on the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty, as determined pursuant to the provisions of subparagraphs seven to fifteen, inclusive, of this paragraph; and (vi) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year, to make contributions on account of increased-take-home-pay; and (vii) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members. (3) (i) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to subparagraph six of this paragraph is a credit, the total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph two of this paragraph shall be reduced by the amount of one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (ii) (A) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to such subparagraph six is a charge, the board of education shall contribute in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, in addition to the amounts required to be contributed under the provisions of subparagraph two of this paragraph (c), one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (B) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year and ending with the two thousand eleven--two thousand twelve fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwisepursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-two unfunded accrued liability adjustment determined pursuant to item (vi) of subparagraph (6) of this paragraph (c). (C) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year and ending with the two thousand fourteen--two thousand fifteen fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwise pursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-five unfunded accrued liability adjustment determined pursuant to item (vii) of subparagraph (6) of this paragraph (c). (iii) Any amount required by the provisions of items (iii), (iv), (vi) and (vii) of subparagraph two of this paragraph and subdivision six of section seven of the rules and regulations to be contributed to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year or any subsequent fiscal year shall be payable with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (iv) Any amount required to be contributed to the contingent reserve fund in any fiscal year of the city preceding the nineteen hundred eighty--nineteen hundred eighty-one fiscal year shall be deemed to have been required to be paid with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (v) It is hereby declared that the provisions of items (iii) and (iv) of this subparagraph three, insofar as they relate to provisions of the rules and regulations or of this subdivision or other laws requiring payment of employer contributions to the retirement system prior to the effective date of this subparagraph, express the intent of such provisions of the rules and regulations or this subdivision or other laws requiring such payment. (vi) For the purpose of effectuating the nineteen hundred eighty-eight unfunded accrued liability adjustment provided for in section 13-638.1 of the administrative code of the city of New York, contributions to the contingent reserve fund on account of charges shall be made by the responsible obligor (as defined in paragraph six of subdivision a of such section) or credits shall be allowed to such obligor against contributions otherwise payable by such obligor, as the case may be, to the extent and in the manner provided for in such section. The annual determination of the normal contribution for fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight shall appropriately take account of the nineteen hundred eighty-eight unfunded accrued liability adjustment and the provisions of subparagraph four of this paragraph (c) shall be deemed to be conformably modified for such purpose. (4) Normal contribution. (i) Upon the basis of the latest mortality and other tables authorized by the applicable provisions of the rules and regulations and regular interest, the actuary shall determine, as ofJune thirtieth, nineteen hundred eighty and as of each succeeding June thirtieth, the amount of the total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions, if any, and the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, provided, however, that in determining such total liability as of June thirtieth, nineteen hundred ninety-five and as of each succeeding June thirtieth, the actuary shall include (A) the liability on account of future increased-take-home-pay contributions, if any, (B) the liability on account of future public employer obligations under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members and (C) the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, and provided further that in determining such total liability as of June thirtieth, nineteen hundred ninety-nine and as of each succeeding June thirtieth, the actuary shall include any other liability, as determined by the actuary, for benefits attributable to the variable annuity programs, and provided further that in determining such total liability as of June thirtieth, two thousand and as of each succeeding June thirtieth, the actuary shall include the amount, if any, as estimated by the actuary, of the total liability of the retirement system on account of payments which the retirement system may be required to make to any other fund without a corresponding offset in the liabilities of the retirement system. (i-A) Notwithstanding any other provision of law to the contrary, for the purpose of calculating the amount of the normal contribution annually due from the board of education to the contingent reserve fund pursuant to item (iv) of this subparagraph in fiscal year two thousand five--two thousand six, and in each fiscal year thereafter, both the total liability of the retirement system, as calculated by the actuary in accordance with item (i) of this subparagraph, and the normal rate of contribution, as calculated by the actuary in accordance with items (ii) and (iii) of this subparagraph, shall be determined as of June thirtieth of the second fiscal year preceding the fiscal year in which the normal contribution is payable, provided, however, that (A) the actuary shall use for such calculations the mortality and other tables that are applicable at the time he or she performs such calculations; (B) the total funds on hand, as determined by the actuary pursuant to clause five of sub-item (A) of item (ii) of this subparagraph, shall be adjusted by adding to such amount the present value of all employer contributions required to be paid into the contingent reserve fund in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary; and (C) the present value of the prospective future salaries of all members, as computed by the actuary for the purposes of sub-item (C) of item (ii) of this subparagraph, shall be reduced by the present value of the salaries expected to be paid to all members in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary. (ii) The normal rate of contribution shall be the rate per centum obtained: (A) by adding together: (1) (a) the amount obtained by adding together the present value of all required future revised unfunded accrued liability contributions andthe present value of all required future payments of the nineteen hundred eighty unfunded accrued liability adjustment, determined pursuant to subparagraph six of this paragraph, if such adjustment is a charge; or (b) the remainder obtained by subtracting from the present value of all required future revised unfunded accrued liabilit
§ 2575. Retirement of employees of board of education. 1. (a) The board of education of a city school district of a city having a population of one hundred thousand or more shall have power to establish a retirement system for all civil employees permanently employed by said board other than superintendents and teachers who may now be retired under the provisions of other retirement laws. In any such city in which there is a bureau of compulsory education, school census, and child welfare established under the provisions of this chapter, all persons, except for attendance teachers and specially certificated attendance officers who are first employed by a board of education of a city having a population of one million or more, beginning on the first day of September, nineteen hundred sixty-eight, and further except for the director of attendance, assistant director of attendance, chief attendance officer, division supervising attendance officer, and district supervising attendance officer, supervisors of school social workers, who were first employed by a board of education of a city having a population of one million or more, beginning on the first day of September nineteen hundred sixty-nine, of which such a bureau of compulsory education, school census, and child welfare consists shall be members of the retirement system created in accordance with the provisions of this section, provided that any such person who on May fourth, nineteen hundred twenty-six, was a member of another retirement system in such city may continue such membership so long as he or she holds an office or position in such bureau. Transfer of membership of any such persons from another retirement system to a retirement system as herein provided shall be made in accordance with the provisions of section fifty-nine of the civil service law. The board of education of such city shall adopt appropriate rules and regulations for the government, management and control of the retirement of said employees; except that in regard to the actions of the governing board of a retirement system governed by such rules and regulations, the concurrence of one employee representative and one non-employee representative shall be necessary for an act of such board, and there shall be no fewer than two employee representatives of such board. Before they become effective such rules and regulations must be approved by the board of estimate, or the board of estimate and apportionment in a city having such body, and in a city not having such body by the common council or such other officers or bodies as have the management and control of financial affairs similar to that exercised by such board of estimate or board of estimate and apportionment. The board of estimate or the board of estimate and apportionment in a city having such body, and in other cities the officers or bodies performing the functions similar to those of a board of estimate or a board of estimate and apportionment shall appropriate annually the sum necessary to pay the expenses of the administration of this section, except that in the city of New York such appropriations shall be made pursuant to chapter six of the New York city charter, and also to pay such pensions to the employees herein described as they shall be entitled to receive annually under the rules and regulations prescribed by the board of education and approved by the said board of estimate or board of estimate and apportionment or other authorities. (b) (1) The rules and regulations prescribed by the board of education and approved by the board of estimate or the board of estimate and apportionment or other authorities named herein shall provide for the annual payment of a pension which shall be a per centum of the average annual personal compensation of an employee for the five years of service immediately preceding his retirement, except as otherwise provided in subparagraph two of this paragraph (b).(2) Such rules and regulations so prescribed and approved with respect to any such retirement system established in the city school district of a city having a population of one million or more may provide for the annual payment of a pension which shall be a per centum of the compensation of an employee during any period designated in such rules and regulations; provided, however, that such period shall in no event be less than one year or more than five years. 2. In a city having a population of one million or more and having a teachers' retirement board, changes, alterations, amendments or modifications in the rules and regulations established for the administration of this section shall be adopted as follows: The board of education of said city may adopt and shall submit such changes, alterations, amendments or modifications, hereinafter in this subdivision referred to as changes, to said teachers' retirement board for approval. Said teachers' retirement board shall within thirty days after the submission to it of such changes transmit to said board of education a statement in writing setting forth which of such changes it approves and which it disapproves, if any, and the reasons for such disapproval. If said teachers' retirement board shall approve of all of such changes, then such changes shall immediately become effective and in full force and operation. If said teachers' retirement board shall disapprove of all or any of such changes and if said board of education and said teachers' retirement board within thirty days thereafter shall fail to agree upon changes in place of the changes so disapproved, then the changes shall be submitted by said board of education within ten days after the lapse of said thirty days to the commissioner of education who shall have full power to approve, alter or modify the changes disapproved by said teachers' retirement board, and the action of the commissioner of education shall be final, and thereupon the changes approved by said teachers' retirement board and the changes as approved, altered or modified by the commissioner of education shall immediately become effective and in full force and operation. Should said teachers' retirement board fail either to approve or to disapprove all or any of such changes submitted to it as herein provided, then such changes not approved or not disapproved shall at the expiration of the thirty days immediately following their submission to said teachers' retirement board be deemed to have been approved by said teachers' retirement board and such changes shall immediately become effective and in full force and operation. Said teachers' retirement board and the trustees of any variable annuity funds created by said rules and regulations may negotiate an agreement whereby said variable annuity funds are commonly invested with the variable annuity funds of said teachers' retirement board. In such event, final authority for investing such funds shall rest with the teachers' retirement board for the period of such agreement. Such agreement shall be for a period not to exceed five years but may be renewed. 3. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing the addition of pensions-providing-for-increased-take-home-pay and death benefits withrespect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 4. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan analogous to that authorized by a chapter of the laws of nineteen hundred sixty-two, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing pensions-providing-for- increased-take-home-pay and death benefits with respect to the New York city employees' retirement system." Such resolution of the board of education, however, shall not take effect until and unless it is approved by the board of estimate of such city. 5. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 6. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-four--nineteen hundred sixty-five analogous to that authorized for the fiscal year nineteen hundred sixty-three--nineteen hundred sixty-four by chapter five hundred seventeen of the laws of nineteen hundred sixty-three. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 7. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-five--nineteen hundred sixty-six analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 8. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan forthe fiscal year nineteen hundred sixty-six--nineteen hundred sixty-seven analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 9. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-seven-nineteen hundred sixty-eight analogous to that authorized for the fiscal year nineteen hundred sixty-two-nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 10. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pension-providing-for-increased-take-home-pay plan, in addition to the plan authorized by subdivision nine of this section, for members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (Spanish speaking), auxiliary attendance teacher, or auxiliary attendance officer, for the period September first, nineteen hundred sixty-seven through June thirtieth, nineteen hundred sixty-eight, analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that the reduced rate of contribution factor to be used on computing the reduction provided for in the resolution authorized by this subdivision in the contributions of such members may be designated by the board of education as three per centum. Such resolution may contain provisions for a period of retroactive applicability analogous to those contained in paragraph thirteen of subdivision j of section B3--36.1 of the administrative code of the city of New York, as such section was added by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such resolution may also provide that the amount of the reduction provided for in the resolution in the contributions of any members to whom such resolution applies, attributable to the period of retroactive applicability of such resolution shall be refunded by the system without interest. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 11. Notwithstanding any provision of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-eight--nineteen hundred sixty-nine analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that(1) the reduced rate of contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight per centum, and provided further, however, that (2) the reduced rate of contribution factor to be used in computing the reductions of any member who is eligible for the benefits analogous to the career pension plan of the New York city employees' retirement system, if a bill entitled "An act to amend the administrative code of the city of New York and the military law, in relation to providing additional rights, privileges, and benefits for members of the New York city employees' retirement system and establishing an optional career pension plan for certain of such members" is enacted into law, and if the board of education adopts a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to provide a plan analogous to such career pension plan, regardless of whether such member elects the benefits of such analogous plan, may be designated by the board of education as four per centum. Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city. 12. Notwithstanding any provisions of this section or any other provision of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-nine--nineteen hundred seventy analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (3) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraphs one and two of this subdivision twelve may be designated by the board of education as five per centum, and provided further, however, that (4) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 13. Notwithstanding any provisions of this section or any other provision of law to the contrary, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy--nineteen hundred seventy-one analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (1) the reduced-rate-of-contribution factor to be used in computing the reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan member under the provisions governing any retirement system adopted pursuant to or subject to the provisions of this section, regardless of whether such member makes such election, may be designated by the board of education as four percentum, and provided further, however, that (2) the reduced-rate-of-contribution factor to be used in computing the reductions of any member other than a member mentioned in paragraph one of this subdivision thirteen may be designated by the board of education as five per centum, and provided further, however, that (3) such resolution of the board of education shall not take effect until and unless it is approved by the mayor of such city. 14. (1) In the event that: (a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) The provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for- increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fourteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fourteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 15. (1) In the event that:(a) a bill entitled "An act to amend the administrative code of the city of New York and chapter eight hundred seventeen of the laws of nineteen hundred sixty-nine, entitled, 'An act to amend the administrative code of the city of New York, in relation to providing additional rights, privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction members, and for certain beneficiaries of such system', in relation to establishing a new career pension plan for certain members of the New York city employees' retirement system" is enacted into law; and (b) the provisions which govern a retirement system established pursuant to this section with respect to the board of education of a city having a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no plan for pensions-providing-for-increased-take-home-pay shall be adopted for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three with respect to the members of such retirement system. (2) In the event that such bill referred to in paragraph one of this subdivision fifteen is not enacted into law, such board of education referred to in paragraph one of this subdivision fifteen, is authorized, notwithstanding any provision of this section or any other provision of law to the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or subject to the provisions of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred seventy-two--nineteen hundred seventy-three analogous to that authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that (a) the reduced-rate-of-contribution factor to be used in computing the reduction in contributions of members under such plan may be designated by the board of education to be four per centum, and provided further, however, that (b) such resolution of the board of education shall not take effect unless and until it is approved by the mayor of such city. 16. (a) As used in this subdivision, the following terms shall mean and include: (1) "Board of education". The board of education of a city. (2) "City". A city having a population of one million or more. (3) "Rules and regulations". The rules and regulations for the government, management and control of the retirement system adopted pursuant to this section. (4) "Retirement system". The board of education retirement system established pursuant to the provisions of this section in a city. (5) (i) "Normal contribution for balance sheet liability purposes". The hypothetical amount which the normal contribution payable in each city fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty would have equalled if such normal contribution had been required by law to be paid to the contingent reserve fund in the city fiscal year in which the obligation to make such normal contribution accrued and such normal contribution had been required by law to be determined in the manner provided for in items (ii), (iii) and (iv) of this subparagraph.(ii) Upon the basis of the mortality and other tables effective under the rules and regulations as of July first, nineteen hundred seventy-seven and interest at the rate of five and one-half per centum per annum, the actuary shall determine, as of June thirtieth next preceding each such fiscal year for which such normal contribution is being determined (hereinafter referred to as the "subject fiscal year") the amount of the then total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all then members and beneficiaries, exluding the then liability on account of future annual contributions, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay (as defined in subparagraph eight of this paragraph), if any, and the then liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund. (iii) The hypothetical normal rate of contribution with respect to the subject fiscal year shall be the rate per centum obtained: (A) by adding together: (1) the present value of all then required future unfunded accrued liability contributions for balance sheet liability purposes (as defined in subparagraph six of this paragraph); and (2) the present value of all then required future annual contributions, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations (as defined in subparagraph seven of this paragraph); and (3) the present value of future member contributions of members subject to article fourteen of the retirement and social security law; and (4) the amount obtained by adding together the total funds on hand (excluding therefrom the then amount in the annuity savings fund and in the variable annuity savings fund) and the balance sheet liability as of such June thirtieth next preceding the subject fiscal year; and (B) by subtracting from the amount of the total liability determined pursuant to item (ii) of this subparagraph the sum resulting from the addition prescribed by sub-item (A) of this item; and (C) by dividing the remainder resulting from the subtraction prescribed by sub-item (B) of this item by one per centum of the then present value of the prospective future salaries of all members, as computed on the basis of the mortality and service tables adopted pursuant to subdivision two of section five of the rules and regulations and in effect on July first, nineteen hundred seventy-seven, and on the basis of interest at the rate of five and one-half per centum per annum. (iv) The amount of the normal contribution for balance sheet liability purposes hypothetically payable in the subject fiscal year shall be the amount obtained (1) by multiplying such hypothetical normal contribution rate computed with respect to the subject fiscal year by the aggregate annual salaries of the members as of June thirtieth of the subject fiscal year and (2) by adding to the product of such multiplication, interest on such product at the rate of five and one-half per centum per annum for a period of six months. (6) "Unfunded accrued liability contribution for balance sheet liability purposes". (i) With respect to the city's nineteen hundred seventy-four--nineteen hundred seventy-five fiscal year, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-four--nineteenhundred seventy-five fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed in the manner prescribed by items (ii) and (iii) of this subparagraph. (ii) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-four, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (iii) From such total liability computed pursuant to item (ii) of this subparagraph there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-four, of all future normal costs of the retirement system, computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of June thirtieth, of all required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraph seven of paragraph (c) of this subdivision) and the total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (iv) With respect to each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city's nineteen hundred seventy-five--nineteen hundred seventy-six fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed pursuant to items (v) and (vi) of this subparagraph. (v) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-five, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund and the variable annuity savings fund. (vi) From such total liability computed pursuant to item (v) of this subparagraph, there shall be subtracted the sum of: (A) the present value, as of June thirtieth, nineteen hundred seventy-five, of all future normal costs of the retirement system,computed pursuant to the entry age normal cost method of determining such normal costs; and (B) the present value, as of such June thirtieth, of all then required future payments, pursuant to subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions of subparagraphs eight to fourteen, inclusive of this sub-item and the total funds on hand, as of such June thirtieth, excluding the amount in the annuity savings fund and the variable annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations. (7) "Annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six of section seven of the rules and regulations". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount of the excess of installments (payable in such year) of losses on prior dispositions of securities within the meaning of subdivision six of section seven of the rules and regulations (related to graduated crediting of gains and amortization of losses on dispositions of certain securities) over installments (creditable in such year) of gains on such prior dispositions, which annual amount shall be determined in the manner provided for in such subdivision six. (8) "Annual contribution, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year to make contributions on account of increased-take-home-pay. (9) "Annual military law contribution for balance sheet liability purposes". A hypothetical annual payment to the contingent reserve fund in each of the city's fiscal years occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit member contributions with respect to certain periods of military service of such members. (10) "Deficiency contribution". The annual amount which, under the provisions of paragraph f of subdivision three of section eight of the rules and regulations, the board of education was required to pay to the contingent reserve fund in each of the city's nineteen hundred seventy-four--nineteen hundred seventy-five, nineteen hundred seventy-five--nineteen hundred seventy-six and nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal years. (11) "Contribution on account of amortization, pursuant to subdivision six of section seven of the rules and regulations, of losses on dispositions of certain securities". The total annual amount by which the sum of the installments of losses, payable pursuant to subdivision six of section seven of the rules and regulations (as in effect prior to July first, nineteen hundred eighty) in each of the city's fiscal yearsoccurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty in relation to dispositions of securities within the meaning of such subdivision six, exceeded the sum of the installments of gains creditable in the same fiscal year in relation to the same disposition of securities. (b) (1) Notwithstanding any provision of subdivision fifteen of section two of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision sixteen and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city or in any subsequent fiscal year of the city, "regular interest" shall mean interest as defined in this paragraph and any definition of regular interest in such rules and regulations shall not apply to any such actuarial valuation, determination or appraisal. (2) Subject to the provisions of item (ii) of subparagraph six of this paragraph, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year thereof, "regular interest" shall mean interest at five and one-half per centum per annum, compounded annually. (3) (i) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty--nineteen hundred eighty-one fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-one--nineteen hundred eighty-two fiscal year thereof, "regular interest" shall mean interest at the rate of seven and one-half per centum per annum, compounded annually. (ii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-seven--nineteen hundred eighty-eight fiscal yearthereof, "regular interest" shall mean interest at the rate of eight per centum per annum, compounded annually. (iii) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund of the retirement system in the nineteen hundred eighty-eight--nineteen hundred eighty-nine fiscal year of the city and the nineteen hundred eighty-nine--nineteen hundred ninety fiscal year thereof, "regular interest" shall mean interest at the rate of eight and one-quarter per centum per annum, compounded annually. (4) Subject to the provisions of item (ii) of subparagraph six of this paragraph, and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of education into the contingent reserve fund or pension fund of the retirement system in the city's nineteen hundred ninety--nineteen hundred ninety-one fiscal year and in any subsequent fiscal year thereof, "regular interest" shall mean interest at such rate per annum, compounded annually, as shall be prescribed by the legislature in section 13-638.2 of the administrative code of the city. (5) On or after May first, nineteen hundred eighty-nine and no later than October thirty-first of such year the retirement board of the retirement system shall submit to the governor, the temporary president and minority leader of the senate, the speaker of the assembly, the majority and minority leaders of the assembly, the state superintendent of insurance, the mayor of the city, and the members of the city council thereof, the written recommendations of the retirement board as to the rate of interest and effective period thereof which should be established by law as "regular interest" for the purpose specified in subparagraph four of this paragraph. (6) (i) Subject to the provisions of item (iv) of subparagraph three of paragraph (c) of this subdivision, nothing contained in subparagraphs one, two, three, four and five of this paragraph shall be construed as prescribing, for the purpose of crediting interest to individual accounts in the annuity savings fund or to reserves-for-increased-take-home-pay or for any other purpose besides that specified in such subparagraphs, a rate of regular interest other than as prescribed by the applicable provisions of subdivision fifteen of section two of the rules and regulations and subdivision seventeen of this section. (ii) Subject to the provisions of section 13-638.2 of the administrative code of the city, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring the original unfunded accrued liability contribution, as defined in item (i) of subparagraph five of paragraph (c) of this subdivision, and the revised unfunded accrued liability contribution, as defined in item (ii) of such subparagraph, and the nineteen hundred eighty unfunded accruedliability adjustment, as defined in subparagraph six of such paragraph (c), and the nineteen hundred eighty-two unfunded accrued liability adjustment, as defined in such subparagraph six, to be determined in any manner other than as prescribed by the applicable provisions of such items and such subparagraph six. Subject to the provisions of such section 13-638.2, nothing contained in subparagraphs two, three and four of this paragraph shall be construed as requiring any balance sheet liability or balance sheet liability contribution computed pursuant to the provisions of subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision to be determined in any manner other than as prescribed in such subparagraphs. (c) (1) (i) Notwithstanding the provisions of paragraphs b and f of subdivision three of section eight of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary; (A) the provisions of subparagraphs two, three, four and five of this paragraph (c), as in effect during the period from July first, nineteen hundred seventy-seven to June thirtieth, nineteen hundred eighty, shall govern the contributions payable by the board of education to the contingent reserve fund of the retirement system in the city's nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year and in each city fiscal year thereafter to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of such subparagraphs two, three, four and five; and (B) the applicable provisions of this paragraph, as in effect on and after July first, nineteen hundred eighty, and the provisions of sections 13-638.2, 13-695 and 13-704 of the administrative code of the city and any other applicable laws shall govern the contributions payable by the board of education to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year and in each city fiscal year thereafter, and no contributions shall be payable by the board of education to such fund in any such fiscal year other than the contributions prescribed by the applicable provisions of this paragraph and such sections and laws. (ii) The contribution payable by the board of education to such contingent reserve fund in the nineteen hundred seventy-six--nineteen hundred seventy-seven fiscal year of the city, including, without limitation, the contribution required by paragraph f of subdivision three of section eight of the rules and regulations, shall be governed by the applicable provisions of the rules and regulations as in effect immediately prior to July first, nineteen hundred seventy-seven. (2) Subject to the provisions of law referred to in sub-item (B) of item (i) of subparagraph one of this paragraph, the board of education shall contribute to the contingent reserve fund: (i) annually an amount computed pursuant to subparagraph four of this paragraph, to be known as the "normal contribution"; and (ii) in each city fiscal year during the period beginning with the fiscal year nineteen hundred seventy-seven--nineteen hundred seventy-eight and ending on the last day of fiscal year nineteen hundred seventy-nine--nineteen hundred eighty, one annual installment of an additional amount computed pursuant to item (i) of subparagraph five of this paragraph, which shall be known as the "original unfunded accrued liability contribution"; and (iii) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year two thousand fourteen--two thousand fifteen,the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the revised unfunded accrued liability contribution and which shall be determined as provided for in item (ii) of subparagraph five of this paragraph; and (iv) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty-one--nineteen hundred eighty-two and ending on the last day of fiscal year two thousand twenty--two thousand twenty-one, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the balance sheet liability contribution and which shall be determined as provided for in subparagraphs seven to sixteen, inclusive, of this paragraph; and (v) in fiscal year nineteen hundred eighty--nineteen hundred eighty-one, the amount of one year's interest, at the rate of seven and one-half per centum per annum, on the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty, as determined pursuant to the provisions of subparagraphs seven to fifteen, inclusive, of this paragraph; and (vi) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year, to make contributions on account of increased-take-home-pay; and (vii) in each city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four--nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members. (3) (i) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to subparagraph six of this paragraph is a credit, the total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph two of this paragraph shall be reduced by the amount of one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (ii) (A) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to such subparagraph six is a charge, the board of education shall contribute in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred eighty-one fiscal year and ending with the two thousand nine--two thousand ten fiscal year, in addition to the amounts required to be contributed under the provisions of subparagraph two of this paragraph (c), one annual installment of such nineteen hundred eighty unfunded accrued liability adjustment. (B) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-two--nineteen hundred eighty-three fiscal year and ending with the two thousand eleven--two thousand twelve fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwisepursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-two unfunded accrued liability adjustment determined pursuant to item (vi) of subparagraph (6) of this paragraph (c). (C) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year and ending with the two thousand fourteen--two thousand fifteen fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (2) of this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii) and otherwise pursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-five unfunded accrued liability adjustment determined pursuant to item (vii) of subparagraph (6) of this paragraph (c). (iii) Any amount required by the provisions of items (iii), (iv), (vi) and (vii) of subparagraph two of this paragraph and subdivision six of section seven of the rules and regulations to be contributed to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year or any subsequent fiscal year shall be payable with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (iv) Any amount required to be contributed to the contingent reserve fund in any fiscal year of the city preceding the nineteen hundred eighty--nineteen hundred eighty-one fiscal year shall be deemed to have been required to be paid with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year. (v) It is hereby declared that the provisions of items (iii) and (iv) of this subparagraph three, insofar as they relate to provisions of the rules and regulations or of this subdivision or other laws requiring payment of employer contributions to the retirement system prior to the effective date of this subparagraph, express the intent of such provisions of the rules and regulations or this subdivision or other laws requiring such payment. (vi) For the purpose of effectuating the nineteen hundred eighty-eight unfunded accrued liability adjustment provided for in section 13-638.1 of the administrative code of the city of New York, contributions to the contingent reserve fund on account of charges shall be made by the responsible obligor (as defined in paragraph six of subdivision a of such section) or credits shall be allowed to such obligor against contributions otherwise payable by such obligor, as the case may be, to the extent and in the manner provided for in such section. The annual determination of the normal contribution for fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight shall appropriately take account of the nineteen hundred eighty-eight unfunded accrued liability adjustment and the provisions of subparagraph four of this paragraph (c) shall be deemed to be conformably modified for such purpose. (4) Normal contribution. (i) Upon the basis of the latest mortality and other tables authorized by the applicable provisions of the rules and regulations and regular interest, the actuary shall determine, as ofJune thirtieth, nineteen hundred eighty and as of each succeeding June thirtieth, the amount of the total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions, if any, and the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, provided, however, that in determining such total liability as of June thirtieth, nineteen hundred ninety-five and as of each succeeding June thirtieth, the actuary shall include (A) the liability on account of future increased-take-home-pay contributions, if any, (B) the liability on account of future public employer obligations under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members and (C) the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund, and provided further that in determining such total liability as of June thirtieth, nineteen hundred ninety-nine and as of each succeeding June thirtieth, the actuary shall include any other liability, as determined by the actuary, for benefits attributable to the variable annuity programs, and provided further that in determining such total liability as of June thirtieth, two thousand and as of each succeeding June thirtieth, the actuary shall include the amount, if any, as estimated by the actuary, of the total liability of the retirement system on account of payments which the retirement system may be required to make to any other fund without a corresponding offset in the liabilities of the retirement system. (i-A) Notwithstanding any other provision of law to the contrary, for the purpose of calculating the amount of the normal contribution annually due from the board of education to the contingent reserve fund pursuant to item (iv) of this subparagraph in fiscal year two thousand five--two thousand six, and in each fiscal year thereafter, both the total liability of the retirement system, as calculated by the actuary in accordance with item (i) of this subparagraph, and the normal rate of contribution, as calculated by the actuary in accordance with items (ii) and (iii) of this subparagraph, shall be determined as of June thirtieth of the second fiscal year preceding the fiscal year in which the normal contribution is payable, provided, however, that (A) the actuary shall use for such calculations the mortality and other tables that are applicable at the time he or she performs such calculations; (B) the total funds on hand, as determined by the actuary pursuant to clause five of sub-item (A) of item (ii) of this subparagraph, shall be adjusted by adding to such amount the present value of all employer contributions required to be paid into the contingent reserve fund in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary; and (C) the present value of the prospective future salaries of all members, as computed by the actuary for the purposes of sub-item (C) of item (ii) of this subparagraph, shall be reduced by the present value of the salaries expected to be paid to all members in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary. (ii) The normal rate of contribution shall be the rate per centum obtained: (A) by adding together: (1) (a) the amount obtained by adding together the present value of all required future revised unfunded accrued liability contributions andthe present value of all required future payments of the nineteen hundred eighty unfunded accrued liability adjustment, determined pursuant to subparagraph six of this paragraph, if such adjustment is a charge; or (b) the remainder obtained by subtracting from the present value of all required future revised unfunded accrued liabilit
