N.Y. Education Law § 502: Retirement system

§ 502. Retirement system. 1. The "New York state teachers' retirement

system" is hereby continued.

2. Such retirement system shall have the powers and privileges of a

corporation, and under its corporate name, or in the name of its

nominees, all of its business shall be transacted, all funds invested,

all warrants for money drawn and payments made, and all cash and

securities and other property shall be held.

3. In accordance with paragraph two of subsection a of section four

hundred one of the Internal Revenue Code, it shall be impossible at any

time prior to the satisfaction of the retirement system's liabilities to

its members and their beneficiaries under law, for any part of the

assets of the retirement system, or income thereon, to be (within any

taxable year or thereafter) used for, or diverted to, purposes other

than for the exclusive benefit of the members of the retirement system

or their beneficiaries.