NY Educ L § 522 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 522 - Transfer of Contributions Between Retirement Systems.

§ 522. Transfer  of  contributions  between retirement systems. 1. Any   contributor, withdrawing from the retirement system  and  at  such  time   giving  notice  to  the  retirement  board  of his intention of becoming   within two years a member of another teachers' retirement  system  which   is  being  operated  on an actuarial basis either under the laws of this   state or under the laws of another state,  provided  the  system  has  a   provision similar to this provision permitting reciprocal transfer, may,   upon  depositing  within two years his accumulated contributions in such   other  retirement  system  or  if  the   member   had   no   accumulated   contributions  credited  to  his  individual  account  in the retirement   system, upon joining such other  retirement  system  within  two  years,   apply   to  the  retirement  board  for  a  transfer  from  the  pension   accumulation fund to the corresponding fund  of  such  other  retirement   system  of  the  amount  of  his  pension reserve as of the time when he   withdrew his contributions from the annuity  savings  fund  or  filed  a   notice  of  withdrawal  with  the system, and the retirement board shall   transfer to such other retirement system the  amount  of  such  reserve,   provided  that, if such other retirement system is not under the laws of   this state, credit for a pension benefit of equivalent  actuarial  value   to  the  amount of reserve transferred shall be given the teacher in the   other retirement system and that the retirement board is satisfied  that   the  retirement  system  to  which said transfer is made is on a solvent   basis.2.  Any  contributor  entering  the  retirement  system  after  having   withdrawn  from another retirement system and having given notice at the   time of withdrawal to the retirement board of such system of his or  her   intention  of becoming a member of the retirement system, may deposit in   the  annuity  savings  fund  the  amount  of  his  or  her   accumulated   contributions  withdrawn  from  such  other  retirement system or if the   member  had  no  accumulated  contributions  credited  to  his  or   her   individual account in such other retirement system, such member shall in   lieu  of depositing moneys in the annuity savings fund, file a notice of   intent to transfer pursuant to rules  and  regulations  adopted  by  the   retirement  board.  Upon the filing of a notice of intent to transfer as   provided by this subdivision, the pension reserve to his or  her  credit   in  such  other  retirement  system,  if such other retirement system is   operated upon an actuarial basis under the laws of this state, shall  be   transferred,  and  if  such  other  system is operated upon an actuarial   basis under the laws of another state, may be transferred to the pension   accumulation fund. Notwithstanding anything  to  the  contrary  in  this   article,  such contributor shall be classified in this retirement system   as a present teacher or as a new entrant accordingly as he or she  would   have  been  classified  had the service rendered in the other retirement   system been rendered while a member of this retirement system. A  person   so   transferred  to  this  retirement  system  or  who  has  heretofore   transferred to this retirement system shall be deemed  to  have  been  a   member  of this retirement system during the entire period of membership   service credited to him or her in the system from which he  or  she  has   transferred. Such transferee, however, shall not receive more than three   per   cent   interest  on  his  or  her  contributions  and  accumulated   contributions unless he or she has continuously been a member in  either   the  system  from  which he or she has transferred or in this retirement   system since a date prior to the first day  of  July,  nineteen  hundred   forty-eight.  This  shall  not  be  construed to prevent a change in the   interest rate to such member if  the  interest  rate  payable  to  other   members  of  this  retirement system is changed. In case he or she comes   from a retirement system not under the laws of this  state,  he  or  she   shall  be  given a prior service certificate showing a period of service    such that the liability incurred by the retirement system on his or  her   account  by  reason  of  prior  service  shall be equal in amount to the   amount of the reserve so transferred, provided that  in  no  case  shall   such  a  contributor  who  is  classified as a new entrant be given less   credit in his or her prior service certificate than he or she would have   received had no reserve been transferred on his or her account. In  case   a  contributor  transfers  between  retirement systems under the laws of   this state, he or she shall be credited in the system to which he or she   is transferring with all service allowed to him  or  her  in  the  first   system.  Such  contributor,  notwithstanding any other provision of law,   shall on retirement be entitled to a  pension  based  on  salary  earned   during  member  service in both retirement systems together, pursuant to   the statutory requirements of the second retirement system.3. Notwithstanding any other provisions of the law, a former member of   the New York city teachers' retirement system who  holds  membership  in   the  New York state teachers' retirement system on the effective date of   this act and who would have been entitled to transfer service credit  to   such   latter  retirement  system  pursuant  to  this  section  had  his   membership in the former retirement system not  terminated,  due  to  no   negligence on the part of the member, may have his transfer rights under   this  section  restored  by depositing, within one year of the effective   date of this act, in the former retirement system an amount equal to the   contributions withdrawn from such system with regular interest thereon.4. In the case of a member of the New York city  teachers'  retirement   system  with  a  membership  date prior to July twenty-seventh, nineteen   hundred seventy-six and not less than twenty years of  credited  service   in  that  system  who  has  transferred his/her membership to the system   pursuant to this section or section forty-three of  the  retirement  and   social  security  law, as applicable and is a member of the system on or   after July first,  nineteen  hundred  ninety-eight,  the  actuary  shall   compute  the  actuarial accrued liability for the member's pension under   subdivision five of section five hundred  thirty-five  of  this  article   immediately  following  transfer  as  if  such  member had always been a   member of the system, using the service credited to  such  member  which   was  transferred  to  the system, the member's salary in connection with   such service and the  actuarial  assumptions  used  to  compute  pension   reserves  pursuant to subdivision one of this section. If the sum of the   reserve-for-increased-take-home-pay, if any,  and  the  pension  reserve   received  by  the  system  from  the  New York city teachers' retirement   system in respect of such  member  exceeds  such  accrued  liability  as   determined by the actuary, such excess shall be allocated as of the date   of  the  receipt  of  such  reserve-for-increased-take-home-pay  to  the   annuity savings fund for the benefit of such member and shall be treated   as if it had been contributed to such  fund  by  the  member,  provided,   however,  that,  in no event, may the amount so allocated to the annuity   savings  fund  as  provided   herein   exceed   the   amount   of   such   reserve-for-increased-take-home-pay,  if any, actually received from the   New York city teachers' retirement system. In the  case  of  any  member   retiring  prior  to  July  first,  two  thousand  one,  any  accumulated   contributions to the credit of such member in the annuity  savings  fund   as  of the member's date of retirement resulting from a determination of   the actuary pursuant to this subdivision shall be paid to the retiree in   a lump sum with interest at the rate of five per centum per  annum  from   the  date  of retirement to the date of payment. The retirement board is   authorized to promulgate such rules  and  regulations  as  it  may  deem   necessary or appropriate to implement this subdivision.5.  Notwithstanding any other provision of law to the contrary, except   for the purposes of providing the benefits, if any, of subdivision  four    of  this  section,  with  respect  to transfers pursuant to this section   which occur on or after the  effective  date  of  this  subdivision,  no   transfer of a pension reserve pursuant to subdivision one or two of this   section  shall be required when the member is transferring from a public   employee retirement system of this state to any  other  public  employee   retirement  system  of  this  state.  For  the  purpose  of  giving  the   transferring member such  status  and  crediting  such  service  in  the   retirement system to which the member is transferring as such member was   allowed  in the retirement system from which the member has transferred,   the transfer shall be deemed complete upon  receipt  by  the  transferee   retirement  system  of  (a)  a  statement from the transferor retirement   system of the transferring member's date of membership in the transferor   retirement system, tier status,  service  credited  to  the  transferred   membership,  and  such  other  information  as the transferee retirement   system may require to effectuate the transfer,  and  (b)  such  member's   accumulated contributions from the transferor retirement system, if same   had  not  been  previously  withdrawn,  or  notice  from  the transferor   retirement system that such member had no accumulated contributions,  or   notice   from  the  transferor  retirement  system  that  such  member's   accumulated contributions had been withdrawn and the amount thereof and,   as applicable, receipt from such member  of  such  member's  accumulated   contributions and interest.