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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan
Section 372.7 - Contributions
Current through Register Vol. 46, No. 39, September 25, 2024
(a) The trustee, upon the recommendation of the actuary, shall determine the required contribution to pay plan benefits for each plan year. The required contribution for each plan year shall be the total amount of benefits payable under sections 372.4, 372.5 and 372.6 of this Part to all participants and their beneficiaries and such amount as determined by the trustee to pay the administrative expenses of the plan and the employer's share of any employment taxes on the benefits paid from the plan.
(b) The required contribution as determined by the trustee, upon the recommendation of the actuary, shall be paid into the plan fund from an allocation of the employer contributions amounts paid pursuant to section 23 of the Retirement and Social Security Law.
