N.Y. Retirement & Social Security Law § 24: Employers' contributions and their use; pension reserve fund

§ 24. Employers' contributions and their use; pension reserve fund.

a. The pension reserve fund shall be the fund from which shall be paid

all pensions and all other benefits, except ordinary death benefits,

payable wholly out of contributions made to the pension accumulation

fund pursuant to this article.

b. When a pension or a pension-providing-for-increased-take-home-pay

becomes payable to or on account of any member, the amount of the

reserve computed by the actuary to be necessary to provide the pension

and the pension-providing-for-increased-take-home-pay, if any, payable

out of the pension reserve fund shall be transferred to the pension

reserve fund from the pension accumlation fund.

c. The comptroller shall transfer from the pension accumulation fund

to the pension reserve fund, from time to time, such amounts as are

necessary under this article.

d. The amount of regular interest to be credited to the monies held in

the pension reserve fund shall be determined after the close of each

fiscal year. Such amount thereupon shall be transferred from the pension

accumulation fund to the pension reserve fund.

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

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

reserve shall be transferred from the pension reserve fund to the

pension accumulation fund.

f. If the pension of a beneficiary is reduced for any reason, the

amount of such reduction shall be transferred from the pension reserve

fund to the pension accumulation fund during that period that such

reduction is in effect.