2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 3 - (130 - 147) FEDERAL OLD-AGE AND SURVIVORS INSURANCE COVERAGE FOR CERTAIN PUBLIC EMPLOYEES
141 - Contribution fund.

 
    §  141.  Contribution fund.   1. There is hereby established a special
  fund to be known as the social security contribution fund,  which  shall
  be  administered  in  accordance with the provisions of this section and
  the state finance law. Such fund shall consist of, and  there  shall  be
  credited  to  such  fund,  all  contributions  due and payable under the
  provisions of sections one hundred thirty-four, one hundred  thirty-five
  and  one  hundred  thirty-eight  of  this  chapter,  including  interest
  thereon, if any, and all other moneys received for such  fund  from  any
  other source pursuant to law.
    2.  The  fund shall be held separate and apart from any other funds of
  the state, and shall be used exclusively  for  payment  of  (a)  amounts
  required  to  be  paid  to  the  secretary of the treasury of the United
  States pursuant to the  agreement  authorized  by  section  one  hundred
  thirty-three  of  this  chapter, (b) refunds as provided for in sections
  one hundred thirty-four and one hundred thirty-eight  of  this  chapter,
  (c)  reimbursement  to  the  state purposes fund in the general fund for
  expenses of administration,  and  (d)  payments  to  the  state  and  to
  political subdivisions of the state pursuant to subdivision four of this
  section.  The  comptroller  may,  in  his  discretion,  invest  and keep
  invested moneys in the fund in accordance with the provisions of section
  ninety-eight of the state finance law.  Moneys of the fund shall be paid
  out of the state treasury on the certificate of the director (or  of  an
  officer  or employee of the state agency designated by the director) and
  after audit by and upon the warrant of the comptroller.
    3. Interest earned  or  capital  gains  realized  on  the  deposit  or
  investment of moneys in the contribution fund shall be used to reimburse
  the  state  purposes  fund in the general fund for any advance made from
  such fund for the  purpose  of  administering  the  provisions  of  this
  article.  In  the  absence of any such advance, or in the event all such
  advances shall have been repaid, such interest or capital gains shall be
  credited to the contribution fund.
    4. In the event the moneys  in  the  fund  on  April  first,  nineteen
  hundred  sixty-nine,  or on the first day of any fiscal year thereafter,
  exceed by five hundred thousand dollars or more the payment required  to
  be  made  during  that fiscal year, from the total moneys in the fund on
  that date, pursuant to items (a), (b), and (c)  of  subdivision  two  of
  this section, the director shall distribute such excess to the state and
  to the political subdivisions of the state which have made contributions
  to  the  fund. The pro rata share of such excess to be paid to the state
  and to each political subdivision of the state shall  be  determined  on
  the  basis  of the ratio which the timely contributions made to the fund
  by the state or by each political subdivision of the  state  during  the
  preceding fiscal year bear to the total timely contributions made by the
  state  and  by  all  political subdivisions of the state during the same
  period.
    5. Notwithstanding the provisions of subdivision four of this section,
  the director shall not be required to distribute any such  excess  until
  the  statutory  time  limitation for political subdivisions to file wage
  adjustments for wages paid during nineteen hundred eighty-six,  and  all
  extensions thereof, have expired.