JurisdictionNew YorkLaw RSSRetirement & Social Security
Title 1Legislative Intent; Transitory Provisions
Art. 8New York State and Local Police and Fire Retirement System
This text of New York § 293 (Transfer of assets and liabilities) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 293. Transfer of assets and liabilities.
a.As used in this section,\n"assets of the employees' retirement system" means the assets of such\nsystem as shown on page four of the annual report as of March\nthirty-first, nineteen hundred sixty-seven, prepared for the New York\nstate department of financial services; "liabilities of the employees'\nretirement system" means the liabilities of such system as shown on page\nfive of the annual report as of March thirty-first, nineteen hundred\nsixty-seven, prepared for the New York state department of financial\nservices.\n b. After the annual valuation of the assets and liabilities of the\nfunds of the employees' retirement system required by subdivision d of\nsection eleven of this chapter and on the basis of the actuarial\ninformation avai
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§ 293. Transfer of assets and liabilities. a. As used in this section,\n"assets of the employees' retirement system" means the assets of such\nsystem as shown on page four of the annual report as of March\nthirty-first, nineteen hundred sixty-seven, prepared for the New York\nstate department of financial services; "liabilities of the employees'\nretirement system" means the liabilities of such system as shown on page\nfive of the annual report as of March thirty-first, nineteen hundred\nsixty-seven, prepared for the New York state department of financial\nservices.\n b. After the annual valuation of the assets and liabilities of the\nfunds of the employees' retirement system required by subdivision d of\nsection eleven of this chapter and on the basis of the actuarial\ninformation available to him or her on March thirty-first, nineteen\nhundred sixty-seven, the comptroller shall determine the total amount of\nthe assets and liabilities of the employees' retirement system and the\npercentage of such assets and the amount of such liabilities\nattributable to police officers and firefighters and all other persons\ntransferred. After such determination, and subject to the approval of\nthe superintendent of financial services, the comptroller shall transfer\nsuch percentage of the total assets and the amount of such liabilities\nof the employees' retirement system to the retirement system established\nby this article. Each category of such assets, including but not limited\nto such categories as government bonds, corporate bonds, common stocks,\nmortgages insured under the National Housing Act, conventional\nmortgages, etc. so transferred, shall constitute as nearly as possible\nthe percentage of the total assets of the employees' retirement system\nwhich are attributable to police officers and firefighters and other\npersons transferred determined from the actuarial valuation as of March\nthirty-first, nineteen hundred sixty-seven. The assets so transferred\nshall include a proportionate share of contributions from participating\nemployers to be received by the employees' retirement system after April\nfirst, nineteen hundred sixty-seven, based on valuations prior to that\ndate. The comptroller is hereby authorized and directed to invoice for\nand to collect such contributions for the employees' retirement system\nin the same manner and to the same extent as if the members transferred\nto the system established by this article had continued as members of\nthe employees' retirement system.\n