§ 424. Distribution of earnings. At the close of each fiscal year, the average rate of investment earnings of the common retirement fund shall be computed by the actuary and certified to the comptroller. This rate shall be determined from the investment earnings during the calendar year, which ended three months prior to the close of the fiscal year. The amount of such earnings attributable to each retirement system shall be computed by the actuary and certified to the comptroller, who shall thereupon credit each retirement system in accordance therewith.

Terms Used In N.Y. Retirement and Social Security Law 424

  • 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.
  Previous section
Next section  
 Article 9 Contents