§ 298. Temporary advances. At any time after this article shall\nbecome law and prior to the date upon which assets and other funds are\ntransferred from the employees' retirement system to the retirement\nsystem established by this article, the comptroller is empowered, upon\nhis warrant, to direct the head of the division of the treasury, to\ntransfer from funds kept on deposit to the credit of the New York state\nemployees' retirement system an amount, not exceeding five million\ndollars, to the credit of the retirement system established by this\narticle. Such monies shall be deposited as provided in subdivision e of\nsection three hundred thirteen of this article, and shall be used for\nthe purpose of meeting disbursements for pensions, annuities and other\npayments ordered by the comptroller, and for expenses of maintenance and\noperation, including personal service. The amount so advanced shall be\ndeducted from the total amount to be transferred by the employees'\nretirement system to the retirement system established by this article,\nupon the final settlement of all accounts by such system as provided in\nthis article.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.