N.Y. Retirement & Social Security Law § 22: Members' contributions and their use; annuity reserve fund

§ 22. Members' contributions and their use; annuity reserve fund. a.

The annuity reserve fund shall be the fund from which shall be paid all

annuities and all benefits in lieu of annuities, payable pursuant to

this article.

b. Upon retirement, a member's accumulated contributions shall be

transferred from the annuity savings fund to the annuity reserve fund.

They shall then be used to provide an annuity, the amount of which shall

be the actuarial equivalent of such accumulated contributions on the

basis of regular interest and the tables adopted by the comptroller

pursuant to this article.

c. The comptroller from time to time shall transfer from the pension

accumulation fund to the annuity reserve fund, such amounts as are

necessary under this article.

d. If a member, retired for any reason, returns to active public

service and again becomes a member of the retirement system, his annuity

reserve shall be transferred from the annuity reserve fund to the

annuity savings fund.