2006 New York Code - Members\' Contributions And Their Use; Annuity Reserve Fund.

 
    § 322. Members' contributions and their use; annuity reserve fund.  a.
  The  annuity reserve fund shall be the fund from which shall be paid all
  annuities and all benefits in lieu of  annuities,  payable  pursuant  to
  this article.
    b.  Upon  retirement,  a  member's  accumulated contributions shall be
  transferred from the annuity savings fund to the annuity  reserve  fund.
  They shall then be used to provide an annuity, the amount of which shall
  be  the  actuarial  equivalent  of such accumulated contributions on the
  basis of regular interest and the  tables  adopted  by  the  comptroller
  pursuant to this article.
    c.  The  comptroller from time to time shall transfer from the pension
  accumulation fund to the annuity  reserve  fund,  such  amounts  as  are
  necessary under this article.
    d.  If  a  member, retired for any reason, returns to active police or
  fire service and again becomes a member of the policemen's and firemen's
  retirement system, his annuity reserve shall  be  transferred  from  the
  annuity reserve fund to the annuity savings fund.