N.Y. Retirement & Social Security Law § 18: Guaranty

§ 18. Guaranty. a. The latest employers of the different members

shall be obligated for:

1. Regular interest charges payable, and special interest, if any, and

2. The creation and maintenance of reserves in the pension

accumulation fund, and

3. The maintenance of annuity reserves and pension reserves, and

4. The payment of all pensions, annuities, retirement allowances,

refunds and any other benefits, and

5. The expenses of the retirement system,

as provided for or granted under the provisions of this article. In the

case of employer contributions required to be made for prior service

allowed pursuant to paragraph three of subdivision b of section

forty-one of this article, the provisions of such paragraph three shall

govern.

b. Except as otherwise provided pursuant to this article, all income,

interest and dividends derived from deposits and investments authorized

by this article shall be used for the payment of such obligations.