20 – The Funds of the Retirement System.

§ 20. The funds of the retirement system. The funds hereby continued are the annuity savings fund, the annuity reserve fund, the pension accumulation fund and the pension reserve fund.

21 – Members’ Contributions and Their Use; Annuity Savings Fund.

§ 21. Members’ contributions and their use; annuity savings fund. a. The annuity savings fund shall be the fund in which shall be accumulated all contributions made by members to provide for their annuities and their withdrawal allowances. b. Upon the basis of tables adopted by the comptroller and regular interest, the actuary shall determine […]

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 […]

23 – Employers’ Contributions and Their Use; Pension Accumulation Fund.

§ 23. Employers’ contributions and their use; pension accumulation fund. a. Except as otherwise provided pursuant to this article, the pension accumulation fund shall be the fund in which shall be accumulated: 1. All contributions made by employers, and 2. All income received from the investments of the retirement system, and 3. All monies received […]

23-A – Statement of Intent.

§ 23-a. Statement of intent. a. This legislation is intended, by means of a comprehensive reform program, to strengthen the long-term fiscal health of the retirement system, to reduce the volatility of contribution rates and to provide budget certainty for participating employers by addressing current structural problems with respect to the calculation and payment of […]

24 – Employers’ Contributions and Their Use; Pension Reserve Fund.

§ 24. 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 […]

25 – Appropriations in Retirement Bills.

§ 25. Appropriations in retirement bills. The state shall make a payment to the retirement system in an amount equal to the value of the benefits associated with prior service upon the enactment of a bill which enacts or amends any provision of law relating to a retirement system or plan of the state of […]