§ 141 — Contribution fund

New York § 141

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 3: Federal Old-age and Survivors Insurance Coverage For Certain Public Employees

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§ 141. Contribution fund. 1. There is hereby established a special\nfund to be known as the social security contribution fund, which shall\nbe administered in accordance with the provisions of this section and\nthe state finance law. Such fund shall consist of, and there shall be\ncredited to such fund, all contributions due and payable under the\nprovisions of sections one hundred thirty-four, one hundred thirty-five\nand one hundred thirty-eight of this chapter, including interest\nthereon, if any, and all other moneys received for such fund from any\nother source pursuant to law.\n 2. The fund shall be held separate and apart from any other funds of\nthe state, and shall be used exclusively for payment of (a) amounts\nrequired to be paid to the secretary of the treasury of the United\nStates pursuant to the agreement authorized by section one hundred\nthirty-three of this chapter, (b) refunds as provided for in sections\none hundred thirty-four and one hundred thirty-eight of this chapter,\n(c) reimbursement to the state purposes fund in the general fund for\nexpenses of administration, and (d) payments to the state and to\npolitical subdivisions of the state pursuant to subdivision four of this\nsection. The comptroller may, in his discretion, invest and keep\ninvested moneys in the fund in accordance with the provisions of section\nninety-eight of the state finance law. Moneys of the fund shall be paid\nout of the state treasury on the certificate of the director (or of an\nofficer or employee of the state agency designated by the director) and\nafter audit by and upon the warrant of the comptroller.\n 3. Interest earned or capital gains realized on the deposit or\ninvestment of moneys in the contribution fund shall be used to reimburse\nthe state purposes fund in the general fund for any advance made from\nsuch fund for the purpose of administering the provisions of this\narticle. In the absence of any such advance, or in the event all such\nadvances shall have been repaid, such interest or capital gains shall be\ncredited to the contribution fund.\n 4. In the event the moneys in the fund on April first, nineteen\nhundred sixty-nine, or on the first day of any fiscal year thereafter,\nexceed by five hundred thousand dollars or more the payment required to\nbe made during that fiscal year, from the total moneys in the fund on\nthat date, pursuant to items (a), (b), and (c) of subdivision two of\nthis section, the director shall distribute such excess to the state and\nto the political subdivisions of the state which have made contributions\nto the fund. The pro rata share of such excess to be paid to the state\nand to each political subdivision of the state shall be determined on\nthe basis of the ratio which the timely contributions made to the fund\nby the state or by each political subdivision of the state during the\npreceding fiscal year bear to the total timely contributions made by the\nstate and by all political subdivisions of the state during the same\nperiod.\n 5. Notwithstanding the provisions of subdivision four of this section,\nthe director shall not be required to distribute any such excess until\nthe statutory time limitation for political subdivisions to file wage\nadjustments for wages paid during nineteen hundred eighty-six, and all\nextensions thereof, have expired.\n