N.Y. Education Law § 519: Expense fund

§ 519. Expense fund. The expense fund shall be the fund from which

the expense of the administration of the retirement system shall be paid

exclusive of amounts payable as retirement allowances and as other

benefits provided herein. Contributions shall be made to the expense

fund as follows:

1. The retirement board shall determine the amount required to defray

the expenses allocated to those functions which directly or indirectly

affect the system's investment operations. This amount so determined

shall be collected from net investment income which shall include but

not be limited to interest, dividends, and realized gains and losses.

2. The retirement board shall determine annually the amount required

to defray the remaining estimated expenses in the ensuing fiscal year

and shall certify such amount to the commissioner of education who shall

apportion to each employer a proportionate part thereof as provided

under subdivision two of section five hundred twenty-one. Each employer

shall make payment for the amount so apportioned to him in the same way

as he shall make other payments provided for by this article.