§ 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.

Terms Used In N.Y. Retirement and Social Security Law 20

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
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