N.Y. Retirement and Social Security Law 320 – The funds of the police and fire retirement system
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§ 320. The funds of the police and fire retirement system. The funds hereby created are as follows:
Terms Used In N.Y. Retirement and Social Security Law 320
- 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.
(a) the police and fire annuity savings fund, hereinafter referred to as the annuity savings fund;
(b) the police and fire annuity reserve fund, hereinafter referred to as the annuity reserve fund;
(c) the fire and police pension accumulation fund, hereinafter referred to as the pension accumulation fund;
(d) the police and fire pension reserve fund, hereinafter referred to as the pension reserve fund.