NY Educ L § 531 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 531 - Abandonment of Unclaimed Contributions or Other Benefits; Transfer to the Pension Accumulation Fund.

§ 531. Abandonment  of  unclaimed  contributions  or  other  benefits;   transfer to the  pension  accumulation  fund.  1.  Except  as  otherwise   specifically  provided  by this article, after at least seven years have   elapsed since the member or contributor withdrew from service or  ceased   to  be  a  teacher for any cause other than death or retirement or seven   years have elapsed from the date any other person became entitled  to  a   benefit  pursuant  to  this  article,  the  retirement  board may send a   statement to such person at the last known address of the person setting   forth the amount of the  accumulated  contributions  or  other  benefits   standing  to  the  credit  of such person and give notice to said person   that unless he demands payment of said amount prior to a date  at  least   one  year  from the date the notice is given, said amount will be deemed   abandoned and will be transferred by the retirement board to the pension   accumulation fund.2. The retirement board shall cause to be published at least  once  in   an   appropriate  publication  of  the  New  York  state  department  of   education, a publication for professional educators or in  a  periodical   of  general  circulation,  a list setting forth the names of persons who   have unclaimed accumulated contributions or other benefits  in  the  New   York state teachers' retirement system.3. At the expiration of six months from the date of the publication of   the notices required by subdivision two of this section, the accumulated   contributions or other benefits of the persons so listed shall be deemed   abandoned  and  shall  be  placed in the pension accumulation fund to be   used for the purposes of said fund.4. Any accumulated contributions or other benefits so deemed abandoned   and transferred to the pension accumulation fund may be claimed  by  the   person  entitled  to the accumulated contributions or other benefits, or   in the event of his death by his estate or by such person or persons  as   he  shall  have  nominated to receive such accumulated contributions, by   filing a claim with the retirement board in such form and in such manner   as may be prescribed by the retirement board, seeking the return of such   abandoned accumulated contributions or other benefits without  interest,   and  in the event such claim is properly made the retirement board shall   pay over to the person or persons or estate making such claim the amount   of such accumulated contributions or other  benefits  without  interest.   The payment shall be made from the pension accumulation fund.5.  Notwithstanding  any provision of this section to the contrary and   in lieu of any  other  procedure  provided  for  in  this  section,  the   retirement  board is authorized to mandate the distribution of unclaimed   amounts not to exceed one  thousand  dollars  in  each  case  to  former   members  or  contributors,  or  persons  entitled  to a benefit from the   system, in cases in which at least seven years have  elapsed  since  the   member  or  contributor  withdrew from service or ceased to be a teacher   for any cause other than death or retirement or  at  least  seven  years   have elapsed from the date any other person became entitled to a benefit   from  the  system  pursuant  to  any provision of this chapter or of the   retirement and social security law.