§ 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.

Terms Used In N.Y. Retirement and Social Security Law 24

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • member: shall include each person who during the qualifying period was in the employment of a public employer which then participated for such employees in a public retirement system in this state, irrespective of whether the person was a participant in such system at that time, provided that the person has become a participant in such retirement system and has purchased service credit for a period of time that includes some or all of the qualifying period in accordance with provisions of law applicable to such purchase of service credit. See N.Y. Retirement and Social Security Law 2

b. When a pension or a pension-providing-for-increased-take-home-pay becomes payable to or on account of any member, the amount of the reserve computed by the actuary to be necessary to provide the pension and the pension-providing-for-increased-take-home-pay, if any, payable out of the pension reserve fund shall be transferred to the pension reserve fund from the pension accumlation fund.

c. The comptroller shall transfer from the pension accumulation fund to the pension reserve fund, from time to time, such amounts as are necessary under this article.

d. The amount of regular interest to be credited to the monies held in the pension reserve fund shall be determined after the close of each fiscal year. Such amount thereupon shall be transferred from the pension accumulation fund to the pension reserve fund.

e. If a member, retired for any reason, returns to active public service and again becomes a member of the retirement system, his pension reserve shall be transferred from the pension reserve fund to the pension accumulation fund.

f. If the pension of a beneficiary is reduced for any reason, the amount of such reduction shall be transferred from the pension reserve fund to the pension accumulation fund during that period that such reduction is in effect.

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