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

New York § 22

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 3: Funds of the System; Members' Contributions and Employers' Contributions
• Art. 2: New York State Employees' Retirement System

Text

§ 22. Members' contributions and their use; annuity reserve fund. a.\nThe annuity reserve fund shall be the fund from which shall be paid all\nannuities and all benefits in lieu of annuities, payable pursuant to\nthis article.\n b. Upon retirement, a member's accumulated contributions shall be\ntransferred from the annuity savings fund to the annuity reserve fund.\nThey shall then be used to provide an annuity, the amount of which shall\nbe the actuarial equivalent of such accumulated contributions on the\nbasis of regular interest and the tables adopted by the comptroller\npursuant to this article.\n c. The comptroller from time to time shall transfer from the pension\naccumulation fund to the annuity reserve fund, such amounts as are\nnecessary under this article.\n d. If a member, retired for any reason, returns to active public\nservice and again becomes a member of the retirement system, his annuity\nreserve shall be transferred from the annuity reserve fund to the\nannuity savings fund.\n