2013 New York Consolidated Laws
ISC - Insurance
Article 46 - (4601 - 4608) RETIREMENT SYSTEMS
4606 - Reserves.

 
    §  4606.  Reserves.  (a) A system shall, except to the extent that its
  benefits are reinsured by an insurance company  authorized  to  transact
  such business in this state, create and maintain reserves, calculated to
  be  adequate  to  cover  the  liabilities on account of benefits payable
  under its contracts, by-laws, or declaration of trust.
    (b)  The  calculation  shall  be  made  on  the  basis  of  mortality,
  disability, and other experience tables based on reliable experience for
  such or a similar group of employees and approved by the superintendent,
  and of interest at a rate which is approved by the superintendent and is
  not  in  excess of the maximum rate permitted to domestic life insurance
  companies under section four thousand  two  hundred  seventeen  of  this
  chapter  for  the  valuation  of  group annuities, for all participating
  employees in the system upon application by the  system  and  a  showing
  that  such  rate  can be supported by the income from the investments of
  the system.
    (c) The reserves required in respect of service rendered  or  benefits
  granted  prior  to  the  date of organization or creation of such system
  under this chapter may be accumulated on a basis calculated to produce a
  balance between the actuarial present value of the  assets  and  of  the
  liabilities  of the system within a period of not exceeding thirty years
  from the date of the incorporation or creation thereunder.