N.Y. Education Law 519 – Expense fund
§ 519. Expense fund. The expense fund shall be the fund from which the expense of the administration of the retirement system shall be paid exclusive of amounts payable as retirement allowances and as other benefits provided herein. Contributions shall be made to the expense fund as follows:
Terms Used In N.Y. Education Law 519
- Employer: shall mean the state of New York, the city, the village, school district board or trustee, or other agency of and within the state by which a teacher is paid. See N.Y. Education Law 501
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
- Retirement system: shall mean the New York state teachers' retirement system provided for in section five hundred two of this article. See N.Y. Education Law 501
1. The retirement board shall determine the amount required to defray the expenses allocated to those functions which directly or indirectly affect the system's investment operations. This amount so determined shall be collected from net investment income which shall include but not be limited to interest, dividends, and realized gains and losses.
2. The retirement board shall determine annually the amount required to defray the remaining estimated expenses in the ensuing fiscal year and shall certify such amount to the commissioner of education who shall apportion to each employer a proportionate part thereof as provided under subdivision two of section five hundred twenty-one. Each employer shall make payment for the amount so apportioned to him in the same way as he shall make other payments provided for by this article.