New York Laws
Title 1 - Legislative Intent; Transitory Provisions
298 - Temporary Advances.

§ 298. Temporary advances. At any time after this article shall
become law and prior to the date upon which assets and other funds are
transferred from the employees' retirement system to the retirement
system established by this article, the comptroller is empowered, upon
his warrant, to direct the head of the division of the treasury, to
transfer from funds kept on deposit to the credit of the New York state
employees' retirement system an amount, not exceeding five million
dollars, to the credit of the retirement system established by this
article. Such monies shall be deposited as provided in subdivision e of
section three hundred thirteen of this article, and shall be used for
the purpose of meeting disbursements for pensions, annuities and other
payments ordered by the comptroller, and for expenses of maintenance and
operation, including personal service. The amount so advanced shall be
deducted from the total amount to be transferred by the employees'
retirement system to the retirement system established by this article,
upon the final settlement of all accounts by such system as provided in
this article.

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