NY Ret & SS L § 141 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 3 - Federal Old-Age and Survivors Insurance Coverage for Certain Public Employees 141 - Contribution Fund.

§  141.  Contribution fund.   1. There is hereby established a special   fund to be known as the social security contribution fund,  which  shall   be  administered  in  accordance with the provisions of this section and   the state finance law. Such fund shall consist of, and  there  shall  be   credited  to  such  fund,  all  contributions  due and payable under the   provisions of sections one hundred thirty-four, one hundred  thirty-five   and  one  hundred  thirty-eight  of  this  chapter,  including  interest   thereon, if any, and all other moneys received for such  fund  from  any   other source pursuant to law.2.  The  fund shall be held separate and apart from any other funds of   the state, and shall be used exclusively  for  payment  of  (a)  amounts   required  to  be  paid  to  the  secretary of the treasury of the United   States pursuant to the  agreement  authorized  by  section  one  hundred   thirty-three  of  this  chapter, (b) refunds as provided for in sections   one hundred thirty-four and one hundred thirty-eight  of  this  chapter,   (c)  reimbursement  to  the  state purposes fund in the general fund for   expenses of administration,  and  (d)  payments  to  the  state  and  to   political subdivisions of the state pursuant to subdivision four of this   section.  The  comptroller  may,  in  his  discretion,  invest  and keep   invested moneys in the fund in accordance with the provisions of section   ninety-eight of the state finance law.  Moneys of the fund shall be paid   out of the state treasury on the certificate of the director (or  of  an   officer  or employee of the state agency designated by the director) and   after audit by and upon the warrant of the comptroller.3. Interest earned  or  capital  gains  realized  on  the  deposit  or   investment of moneys in the contribution fund shall be used to reimburse   the  state  purposes  fund in the general fund for any advance made from   such fund for the  purpose  of  administering  the  provisions  of  this   article.  In  the  absence of any such advance, or in the event all such   advances shall have been repaid, such interest or capital gains shall be   credited to the contribution fund.4. In the event the moneys  in  the  fund  on  April  first,  nineteen   hundred  sixty-nine,  or on the first day of any fiscal year thereafter,   exceed by five hundred thousand dollars or more the payment required  to   be  made  during  that fiscal year, from the total moneys in the fund on   that date, pursuant to items (a), (b), and (c)  of  subdivision  two  of   this section, the director shall distribute such excess to the state and   to the political subdivisions of the state which have made contributions   to  the  fund. The pro rata share of such excess to be paid to the state   and to each political subdivision of the state shall  be  determined  on   the  basis  of the ratio which the timely contributions made to the fund   by the state or by each political subdivision of the  state  during  the   preceding fiscal year bear to the total timely contributions made by the   state  and  by  all  political subdivisions of the state during the same   period.5. Notwithstanding the provisions of subdivision four of this section,   the director shall not be required to distribute any such  excess  until   the  statutory  time  limitation for political subdivisions to file wage   adjustments for wages paid during nineteen hundred eighty-six,  and  all   extensions thereof, have expired.