New York Consolidated Laws, General Business Law - GBS § 1308. Benefits

Interest, investment earnings, and investment losses shall be allocated to individual program accounts as authorized by the board pursuant to this article.  An individual's retirement savings benefit under the program shall be an amount equal to the balance in the individual's program account on the date the retirement savings benefit becomes payable.  The state shall have no liability for the payment of any benefit to any enrollee in the program.