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

New York § 24

• 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

§ 24. Employers' contributions and their use; pension reserve fund.\na. The pension reserve fund shall be the fund from which shall be paid\nall pensions and all other benefits, except ordinary death benefits,\npayable wholly out of contributions made to the pension accumulation\nfund pursuant to this article.\n b. When a pension or a pension-providing-for-increased-take-home-pay\nbecomes payable to or on account of any member, the amount of the\nreserve computed by the actuary to be necessary to provide the pension\nand the pension-providing-for-increased-take-home-pay, if any, payable\nout of the pension reserve fund shall be transferred to the pension\nreserve fund from the pension accumlation fund.\n c. The comptroller shall transfer from the pension accumulation fund\nto the pension reserve fund, from time to time, such amounts as are\nnecessary under this article.\n d. The amount of regular interest to be credited to the monies held in\nthe pension reserve fund shall be determined after the close of each\nfiscal year. Such amount thereupon shall be transferred from the pension\naccumulation fund to the pension reserve fund.\n e. If a member, retired for any reason, returns to active public\nservice and again becomes a member of the retirement system, his pension\nreserve shall be transferred from the pension reserve fund to the\npension accumulation fund.\n f. If the pension of a beneficiary is reduced for any reason, the\namount of such reduction shall be transferred from the pension reserve\nfund to the pension accumulation fund during that period that such\nreduction is in effect.\n