Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 141
Contribution fund
Retirement & Social Security (RSS) CHAPTER 51-A, ARTICLE 3
§ 141. Contribution fund. 1. There is hereby established a special
fund to be known as the social security contribution fund, which shall
be administered in accordance with the provisions of this section and
the state finance law. Such fund shall consist of, and there shall be
credited to such fund, all contributions due and payable under the
provisions of sections one hundred thirty-four, one hundred thirty-five
and one hundred thirty-eight of this chapter, including interest
thereon, if any, and all other moneys received for such fund from any
other source pursuant to law.

2. The fund shall be held separate and apart from any other funds of
the state, and shall be used exclusively for payment of (a) amounts
required to be paid to the secretary of the treasury of the United
States pursuant to the agreement authorized by section one hundred
thirty-three of this chapter, (b) refunds as provided for in sections
one hundred thirty-four and one hundred thirty-eight of this chapter,
(c) reimbursement to the state purposes fund in the general fund for
expenses of administration, and (d) payments to the state and to
political subdivisions of the state pursuant to subdivision four of this
section. The comptroller may, in his discretion, invest and keep
invested moneys in the fund in accordance with the provisions of section
ninety-eight of the state finance law. Moneys of the fund shall be paid
out of the state treasury on the certificate of the director (or of an
officer or employee of the state agency designated by the director) and
after audit by and upon the warrant of the comptroller.

3. Interest earned or capital gains realized on the deposit or
investment of moneys in the contribution fund shall be used to reimburse
the state purposes fund in the general fund for any advance made from
such fund for the purpose of administering the provisions of this
article. In the absence of any such advance, or in the event all such
advances shall have been repaid, such interest or capital gains shall be
credited to the contribution fund.

4. In the event the moneys in the fund on April first, nineteen
hundred sixty-nine, or on the first day of any fiscal year thereafter,
exceed by five hundred thousand dollars or more the payment required to
be made during that fiscal year, from the total moneys in the fund on
that date, pursuant to items (a), (b), and (c) of subdivision two of
this section, the director shall distribute such excess to the state and
to the political subdivisions of the state which have made contributions
to the fund. The pro rata share of such excess to be paid to the state
and to each political subdivision of the state shall be determined on
the basis of the ratio which the timely contributions made to the fund
by the state or by each political subdivision of the state during the
preceding fiscal year bear to the total timely contributions made by the
state and by all political subdivisions of the state during the same
period.

5. Notwithstanding the provisions of subdivision four of this section,
the director shall not be required to distribute any such excess until
the statutory time limitation for political subdivisions to file wage
adjustments for wages paid during nineteen hundred eighty-six, and all
extensions thereof, have expired.