N.Y. Retirement & Social Security Law § 293: Transfer of assets and liabilities

§ 293. Transfer of assets and liabilities. a. As used in this section,

"assets of the employees' retirement system" means the assets of such

system as shown on page four of the annual report as of March

thirty-first, nineteen hundred sixty-seven, prepared for the New York

state department of financial services; "liabilities of the employees'

retirement system" means the liabilities of such system as shown on page

five of the annual report as of March thirty-first, nineteen hundred

sixty-seven, prepared for the New York state department of financial

services.

b. After the annual valuation of the assets and liabilities of the

funds of the employees' retirement system required by subdivision d of

section eleven of this chapter and on the basis of the actuarial

information available to him or her on March thirty-first, nineteen

hundred sixty-seven, the comptroller shall determine the total amount of

the assets and liabilities of the employees' retirement system and the

percentage of such assets and the amount of such liabilities

attributable to police officers and firefighters and all other persons

transferred. After such determination, and subject to the approval of

the superintendent of financial services, the comptroller shall transfer

such percentage of the total assets and the amount of such liabilities

of the employees' retirement system to the retirement system established

by this article. Each category of such assets, including but not limited

to such categories as government bonds, corporate bonds, common stocks,

mortgages insured under the National Housing Act, conventional

mortgages, etc. so transferred, shall constitute as nearly as possible

the percentage of the total assets of the employees' retirement system

which are attributable to police officers and firefighters and other

persons transferred determined from the actuarial valuation as of March

thirty-first, nineteen hundred sixty-seven. The assets so transferred

shall include a proportionate share of contributions from participating

employers to be received by the employees' retirement system after April

first, nineteen hundred sixty-seven, based on valuations prior to that

date. The comptroller is hereby authorized and directed to invoice for

and to collect such contributions for the employees' retirement system

in the same manner and to the same extent as if the members transferred

to the system established by this article had continued as members of

the employees' retirement system.