N.Y. Education Law 515 – Funds enumerated
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§ 515. Funds enumerated. The funds created are:
Terms Used In N.Y. Education Law 515
- Annuity: shall mean the annual payments for life derived from contributions made by contributor as provided in this article. See N.Y. Education Law 501
- 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.
- Pension: shall mean the annual payments for life derived from payments made by an employer as provided in this article. See N.Y. Education Law 501
- Pension reserve: shall mean the present value of all payments to be made on account of any pension, or benefit in lieu of any pension, computed upon the basis of such mortality tables as shall be adopted by the retirement board with regular interest. See N.Y. Education Law 501
- Retirement allowance: shall mean the pension plus the annuity. See N.Y. Education Law 501
a. The annuity savings fund.
b. The annuity reserve fund.
c. The pension accumulation fund.
d. The pension reserve fund.
e. The supplemental retirement allowance fund.
f. The expense fund.