2006 New York Compliance Of New York City Retirement Systems And Pension Funds With Section 401(a)(2) Of The Internal Revenue Code.

 
    §  13-638.5 Compliance of New York city retirement systems and pension
  funds  with  section   401(a)(2)   of   the   Internal   Revenue   Code.
  Notwithstanding any other provision of law to the contrary, the New York
  city  employees'  retirement  system,  the  New York city police pension
  fund, subchapter two, the New York city fire  department  pension  fund,
  subchapter  two,  the  New York city teachers' retirement system and the
  New York city board of education retirement system shall  at  all  times
  comply  with  the  requirements  of  section  401(a)(2)  of the Internal
  Revenue Code, as amended from time to time, and at no time, prior to the
  satisfaction of liabilities with respect to employees and  beneficiaries
  under  the  trust,  shall  any  part of the corpus or income of any such
  retirement system or pension fund be  used  for,  or  diverted  to,  any
  purpose  other  than  the exclusive benefit of the members, retirees and
  beneficiaries of each of such  retirement  systems  and  pension  funds,
  respectively,  except  to  the  extent permitted by the Internal Revenue
  Code as it may be amended from time to time.