N.Y. Retirement & Social Security Law § 295: Payment of retirement allowances and transfer of reserves

§ 295. Payment of retirement allowances and transfer of reserves. a.

On the effective date of this article, all retired police officers and

firefighters, and other persons who have retired pursuant to the

provisions of sections eighty-one through eighty-eight, inclusive, of

this chapter, as in force and effect immediately prior to the effective

date of this article, and their beneficiaries shall be transferred and

become a charge upon the retirement system established by this article

and shall thereafter receive their retirement allowances from such

system.

b. Reserves held by the comptroller for the payment of such retirement

allowances shall be transferred to the retirement system established by

this article on the effective date thereof.