2006 New York Code - City Not Liable For Payment Of Benefits.

 
    § 6255. City not liable for payment of benefits.  Neither the city nor
  the board shall be a party to any contract purchased in whole or in part
  with   contributions   made   under   the  optional  retirement  program
  established and administered pursuant to this article.   No  retirement,
  death,  or  other  benefits shall be payable by the city or by the board
  under such optional retirement program.  Such benefits shall be paid  to
  electing  employees  or their beneficiaries by the designated insurer or
  insurers in accordance with the terms of their contracts.