2006 New York Code - Contributions Of Members And Their Use; Annuity Reserve Fund And Dependent Benefit Reserve Funds.

 
    §  13-227 Contributions of members and their use; annuity reserve fund
  and dependent benefit reserve funds. a. The annuity reserve  fund  shall
  be  the  fund from which shall be paid all annuities and all benefits in
  lieu of annuities, payable as provided in this subchapter.
    b. The dependent benefit reserve fund shall be  the  fund  from  which
  shall  be  paid  all  dependent  benefits payable as provided in section
  13-253 of this subchapter.
    c. The dependent benefit contingent reserve fund shall be the fund  in
  which  shall  be  accumulated the contributions of members to create the
  reserve necessary to pay all benefits provided in section 13-253 of this
  subchapter.
    d. Upon the basis of the mortality and other tables herein authorized,
  and  regular  interest,  the  actuary  shall  compute  the   amount   of
  contribution, expressed as a proportion of the compensation paid to each
  such  member, which, if paid, semi-monthly during the entire prospective
  city-service of the member, would  be  sufficient  to  provide  for  the
  reserve  required at the time of his or her death to cover the dependent
  benefits which might be payable pursuant to the  provisions  of  section
  13-253  of  this  subchapter.  Such  proportion of compensation shall be
  computed to remain constant during his or her prospective  city-service.
  Upon the death of such a member, an amount equal to the reserve for such
  dependent  benefits shall be transferred from such fund to the dependent
  benefit reserve fund.