§ 6-r. Retirement contribution reserve funds 1. As used in this\nsection:\n a. "Municipal corporation" means a municipal corporation as defined in\nsection two of this chapter, school district (except a school district\nin a city with a population of one hundred twenty-five thousand or\nmore), board of cooperative educational services, fire district,\ndistrict corporation, police district, and special improvement district\ngoverned by a separate board of commissioners.\n b. "Participating employer" means: (i) a participating employer as\ndefined in subdivision twenty of section two of the retirement and\nsocial security law or in subdivision twenty of section three hundred\ntwo of such law; or (ii) a participating employer as defined in\nsubdivision three of section five hundred one of the education law.\n c. "Retirement contribution" shall mean all or any portion of the\namount payable by a municipal corporation to: (i) either the New York\nstate and local employees' retirement system or the New York state and\nlocal police and fire retirement system pursuant to section seventeen or\nthree hundred seventeen of the retirement and social security law; or\n(ii) the New York state teachers' retirement system pursuant to section\nfive hundred twenty-one of the education law.\n 2. The governing board of any municipal corporation which is also a\nparticipating employer by resolution may establish a retirement\ncontribution reserve fund for the purpose of (a) financing retirement\ncontributions, and/or (b) in the case of a municipal corporation which\nis a participating employer as defined in subdivision three of section\nfive hundred one of the education law, financing appropriations\nauthorized by law in order to offset all or a portion of the amount\ndeducted from the moneys apportioned to the municipal corporation from\nthe state for the support of common schools pursuant to section five\nhundred twenty-one of the education law.\n 2-a. With respect to a municipal corporation which is a participating\nemployer as defined in subdivision three of section five hundred one of\nthe education law, which elects to utilize a retirement contribution\nreserve fund (a) to finance retirement contributions to the New York\nstate teachers' retirement system pursuant to section five hundred\ntwenty-one of the education law and/or (b) to offset all or a portion of\nthe amount deducted from the moneys apportioned to the municipal\ncorporation from the state for the support of common schools pursuant to\nsection five hundred twenty-one of the education law, such municipal\ncorporation shall establish a sub-fund within the retirement\ncontribution reserve fund, which shall be separately administered\nconsistent with the provisions of this section. Such municipal\ncorporation may pay into such sub-fund during any particular fiscal year\nan amount not to exceed two per centum of the total compensation or\nsalaries of all teachers in the employ of said municipal corporation who\nare members of the New York state teachers' retirement system paid\nduring the immediately preceding fiscal year. The balance of such\nsub-fund may not exceed ten per centum of the total compensation or\nsalaries of all teachers in the employ of the municipal corporation who\nare members of the New York state teachers' retirement system paid\nduring the immediately preceding fiscal year. For the purposes of this\nsubdivision, the term "teacher" shall have the same meaning as such term\nis defined under subdivision four of section five hundred one of the\neducation law.\n 3. There may be paid into a retirement contribution reserve fund:\n a. such amounts as may be provided therefor by budgetary appropriation\nor raised by tax therefor;\n b. such revenues as are not required by law to be paid into any other\nfund or account;\n c. such other funds as may be legally appropriated; and\n d. notwithstanding any law to the contrary, such amounts as may be\ntransferred from a
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