§ 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.

Terms Used In N.Y. Retirement and Social Security Law 22

  • 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.
  • 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. 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.

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