Part 5010 - Member Contributions for Members Whose
Date of Membership is on or After July 27, 1976

Section 5010.1 - Establishment of Fund

Pursuant to Sections 517 and 613 of the Retirement and Social Security Law, the System shall establish a special fund to be known as the Tier III and Tier IV Member Contributions Fund to account for the contributions deducted from members' wages. All monies withheld from such members' wages shall be recorded in individual accounts within such fund and all withdrawals and refunds of such contributions shall be deducted from the accounts in such fund.

(Statutory authority: Education Law, § 509; Retirement and Social Security Law, §§ 517, 613)