2006 New York Code - Employers\' Contributions And Their Use; Pension Reserve Fund

 
    §  324.  Employers' contributions and their use; pension reserve fund.
  a. The pension reserve fund shall be the fund from which shall  be  paid
  all  pensions  and  all  other benefits, except ordinary death benefits,
  payable wholly out of contributions made  to  the  pension  accumulation
  fund pursuant to this article.
    b.  When  a pension or a pension-providing-for-increased-take-home-pay
  becomes payable to or on account  of  any  member,  the  amount  of  the
  reserve  computed  by the actuary to be necessary to provide the pension
  and the pension-providing-for-increased-take-home-pay, if  any,  payable
  out  of  the  pension  reserve  fund shall be transferred to the pension
  reserve fund from the pension accumulation fund.
    c. The comptroller shall transfer from the pension  accumulation  fund
  to  the  pension  reserve  fund,  from time to time, such amounts as are
  necessary under this article.
    d. The amount of regular interest to be credited to the monies held in
  the pension reserve fund shall be determined after  the  close  of  each
  fiscal year. Such amount thereupon shall be transferred from the pension
  accumulation fund to the pension reserve fund.
    e.  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 pension reserve shall  be  transferred  from  the
  pension reserve fund to the pension accumulation fund.
    f.  If  the  pension  of  a beneficiary is reduced for any reason, the
  amount of such reduction shall be transferred from the  pension  reserve
  fund  to  the  pension  accumulation  fund  during that period that such
  reduction is in effect.