N.Y. Retire. & Soc. Sec. Law § 318

§ 318. Guaranty. a. The latest employers of the different members\nshall be obligated for:\n 1. Regular interest charges payable, and special interest, if any, and\n 2. The creation and maintenance of reserves in the pension\naccumulation fund, and\n 3. The maintenance of annuity reserves and pensions reserves, and\n 4. The payment of all pensions, annuities, retirement allowances,\nrefunds and any other benefits, and\n 5. The expenses of the police and fire retirement system,\nas provided for or granted under the provisions of this article. In the\ncase of employer contributions required to be made for prior service\nallowed pursuant to paragraph three of subdivision b of section three\nhundred forty-one of this article, the provisions of such paragraph\nthree shall govern.\n b. Except as otherwise provided pursuant to this article, all income,\ninterest and dividends derived from deposits and investments authorized\nby this article shall be used for the payment of such obligations.\n