New York Laws
Title 3 - Funds of the System; Members' Contributions and Employers' Contributions
22 - Members' Contributions and Their Use; Annuity Reserve Fund.

§ 22. 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 public
service and again becomes a member of the retirement system, his annuity
reserve shall be transferred from the annuity reserve fund to the
annuity savings fund.

Structure New York Laws