§ 422 — Establishment of a common retirement fund

New York § 422

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 9: Common Retirement Fund

Text

§ 422. Establishment of a common retirement fund. 1. There is hereby\nestablished a fund, in the custody of the comptroller, to be known as\nthe common retirement fund. Notwithstanding any other provision of this\nchapter, all of the assets and income of the employees' retirement\nsystem and of the police and fire retirement system shall be held by the\ncomptroller as trustee of such fund, except as such assets and income\nmay be allocated or distributed to the funds of each retirement system\nby the comptroller.\n 2. The fund shall consist initially of the total assets of the\nemployees' retirement system as of March thirty-first, nineteen hundred\nsixty-seven, as such assets are defined in subdivision a of section two\nhundred ninety-three of this chapter. After the annual valuation of the\nassets and liabilities of the employees' retirement system and the\ndetermination relating to assets and liabilities required by subdivision\nb of section two hundred ninety-three of this chapter, the comptroller\nshall credit to each retirement system a participating interest in the\nassets of such fund in the proportion and percentage that the assets of\neach retirement system bear to the total assets of the common retirement\nfund. On March thirty-first, nineteen hundred sixty-eight, and at the\nclose of each succeeding fiscal year, the comptroller shall credit each\nretirement system with a participating interest in such fund in the\nproportion and percentage that the interest attributable to each\nretirement system bears to the total assets of such fund, after\nconsidering contributions, earnings, disbursements and expenses\nattributable to each system.\n