Re-amortization Option for Municipalities Sample Clauses

Re-amortization Option for Municipalities. The amortization schedule applicable to employers participating in MERS commencing with fiscal year 2017 shall be extended to twenty-five (25) years in accordance with the statutory amortization methodology, provided that employers shall have the one-time option before August 1, 2015 to select no re-amortization or a re-amortization period shorter than twenty-five (25) years. The amortization schedule applicable to the municipal contribution responsibility for 60 percent of contributions to teacher pensions commencing with fiscal year 2017 shall be extended to twenty- five (25) years in accordance with the statutory amortization methodology.
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