N.Y. Gen. Bus. Law § 1308

§ 1308. Benefits. Interest, investment earnings, and investment losses\nshall be allocated to individual program accounts as authorized by the\nboard pursuant to this article. An individual's retirement savings\nbenefit under the program shall be an amount equal to the balance in the\nindividual's program account on the date the retirement savings benefit\nbecomes payable. The state shall have no liability for the payment of\nany benefit to any enrollee in the program.\n