New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 312 - New York State Public Employees Group Life Insurance
Section 312.3 - New york state public employees group life insurance plan reserve funds

Separate funds, to be known as the New York State Public Employees Group Life Insurance Plan Reserve Funds, are herby established within the New York State Employees' Retirement System and the New York State Policemen's and Firemen's Retirement System, respectively, to be held in trust by the State Comptroller. Such funds shall consist of all premiums paid by the State and by participating employers and other monies received and paid into the funds for group term life insurance purposes, and of the investment earnings upon such monies, and shall be used only to pay the group term life insurance prescribed by section 312.4 of this Part. Concurrent with the determination of the initial liability of the plan for the balance of the fiscal year on and after January 1, 1970, for the group term life insurance provided and to be paid for pursuant to this plan, there shall be segregated and transferred from the pension accumulation funds of the New York State Employees' Retirement System and of the New York State Policemen's and Firemen's Retirement System to the reserve fund created by this section for each of such systems such amounts determined by the actuary to be necessary to pay anticipated group term life insurance claims. Subsequent segregations and transfers shall be made as shall be required to pay the insurance prescribed by section 312.4 of this Part from the reserve funds provided by this section.