NY Ret & SS L § 343 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 6 - Right to Membership, Service Credit and Transfers Between Retirement Systems 343 - Transfer of Members Between Systems.

§  343.  Transfer  of  members between systems. a. Notwithstanding any   other provision of law  providing  for  transfers,  any  member  of  any   retirement  system  maintained  by  the state or a municipality thereof,   operating on a sound financial basis and subject to the  supervision  of   the  department  of financial services of this state may transfer his or   her membership pursuant to this section to the New York state and  local   employees'  retirement  system,  the  New  York  city board of education   employees' retirement system, the New York  state  teachers'  retirement   system,  the  New York state and local police and fire retirement system   or to the New York city employees' retirement system. Any member of  the   New  York state and local police and fire retirement system may transfer   his or her membership to any retirement system, other than the  hospital   retirement system, which is operating on a sound basis and is subject to   the  supervision  of the department of financial services of this state.   Any police officer employed by the metropolitan transportation authority   who is a member of the MTA police twenty year retirement program of  the   metropolitan  transportation  authority  defined  benefit  pension  plan   (hereinafter referred to in this section as the "MTA  police  retirement   program")  may  transfer his or her membership in the New York state and   local police and fire retirement system and/or the New York city  police   pension  fund  to  the MTA police retirement program. Any police officer   who was employed by the metropolitan transportation authority, the  Long   Island Railroad Company or the Metro-North Commuter Railroad Company and   who is a member of the MTA police retirement program may transfer his or   her  membership  in  the  MTA  police retirement program to the New York   state and local police and fire retirement system. Any transfer pursuant   to this section may be effectuated only if the  member  has  accepted  a   position in another branch of the state or municipal service which would   make it:1.  Impossible  for him or her to continue in the retirement system of   which he or she has been a member, and2. Possible for him or her to participate in another such system.Notwithstanding the foregoing  provisions  of  this  subdivision,  any   employee  who  would  be  eligible  to  avail  himself or herself of the   provisions of this section but for being on leave of absence status from   a prior employment while in his or  her  present  employment,  shall  be   permitted  to  transfer his or her retirement system membership pursuant   to the provisions of this section.b. 1. In order to effect such a transfer, a member must give notice to   the administrative head of the retirement system of which he or she is a   member, prior to  his  or  her  withdrawal  therefrom,  of  his  or  her   intention to enter such other retirement system within one year.2.  If  a member of the New York city police pension fund is trying to   effect a transfer from such pension fund to the  MTA  police  retirement   program,  the  member must give notice to the administrative head of the   New York city police pension  fund,  prior  to  his  or  her  withdrawal   therefrom, of his or her intention to enter such other retirement system   within  one  year  or  within  one  year  of  the effective date of this   paragraph.3. In the case of a person who has withdrawn from a retirement  system   and  has  been entitled to at least thirty years of total service credit   in such system, however, such notice may be  given  within  three  years   from  the  time  of  such  withdrawal. In the case of a person who was a   member of a retirement system, and who while under such status becomes a   member of such second retirement system, and who has not  withdrawn  his   or her contributions to the first such retirement system, any provisions   of  law  notwithstanding,  such  notice  may  be given on or before June   thirtieth, nineteen hundred sixty-seven. A person so  transferring  from    one  retirement  system to another shall be deemed to have been a member   of the system to which he or  she  has  transferred  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 percent interest on his or her contributions and   accumulated contributions unless he  or  she  has  continuously  been  a   member  in  either  the  system  from  which  or  to  which he or she is   transferring  since  a  date  prior  to  July  first,  nineteen  hundred   forty-three.  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 the system to which he or she has transferred is changed. Any   member  who heretofore transferred from one retirement system to another   shall, commencing with  the  effective  date  of  this  subdivision,  be   entitled  to  the  same  rights,  privileges  and benefits, and shall be   subject  to  the  same  obligations,  as  a  transferee  who   hereafter   transfers.  He  or she shall receive no credit for prior service, except   as hereinafter provided. He or she shall be permitted to deposit in  the   second  retirement  system  the total amount of his or her contributions   withdrawn from the first retirement system. Upon such deposit within one   year or within three years, or on or  before  June  thirtieth,  nineteen   hundred sixty-seven, as the case may be, he or she or the administrative   head of the system to which he or she desires to transfer, shall request   the  administrative  head  of the first retirement system to transfer to   the second  retirement  system  a  credit  on  account  of  his  or  her   membership in such system.c.  Upon  the  request  for  a transfer of credit, the reserve on such   member's  benefits,  computed  as  though  he   had   not   discontinued   membership,  shall  be  determined by the actuary of the first system in   the following manner:1. The total  present  value  of  all  benefits  allowable  under  the   retirement  system  as the result of contributions made or to be made by   his employer shall be computed.2. From such total present value there shall be deducted  the  present   value of the future contributions which would be payable by his employer   on  such  member's  account  had  he  become  a member of the retirement   system, subsequent  to  its  establishment,  at  the  age  at  which  he   originally  entered  the service of his employer. The result so obtained   shall be  considered  as  the  reserve  on  his  account  in  the  first   retirement system.d.  Such  reserve  shall  be  transferred from the appropriate fund or   funds of the first system to the appropriate fund or funds of the second   system within one year from the date of the request for  a  transfer  of   credit.  Such member, thereupon, shall be given such status and credited   with such service in the second retirement system as he was  allowed  in   the first retirement system. Such contributor, notwithstanding any other   provision  of  law,  shall  on  retirement  after  three years of member   service in the second retirement system be entitled to a  pension  based   on  salary  earned during member service in either retirement system, or   in both retirement systems together, whichever may produce  the  greater   pension  pursuant to the statutory requirements of the second retirement   system. No such contributor, however, shall be entitled,  on  retirement   within  three  years of the date of his transfer, to a greater or lesser   pension for such service rendered before his transfer than he would have   received had he remained under  the  pension  provisions  of  the  first   retirement system.e.  1.  A  "New York city member," as defined in subdivision twenty of   section two hundred forty-three of the military law, who shall  transfer   to  another  retirement  system  pursuant to this section shall be given    credit, upon such transfer, for the period of  military  duty  to  which   such member would have been entitled pursuant to such subdivision twenty   if  he  had  remained,  until  the  time  of death or retirement, in the   retirement  system  from  which  he  shall  so  transfer.  The amount of   reserves to be transferred under this section for such credit  shall  be   computed in accordance with this section, shall include pension reserves   for  such  military duty, and shall be credited by the retirement system   to which the member shall transfer in accordance with the provisions  of   such  system  governing credit for service in world war II, and the city   of New York,  or  the  authority,  by  which  such  member  is  employed   immediately  prior  to  the transfer, shall pay to the retirement system   the amount of the reserve to be transferred on account of such  military   service.2.  Any  retirement system from which a member shall transfer pursuant   to this subdivision shall have the right to require reasonable proof  of   military  service,  pay  status,  and  any other information relevant to   eligibility for such transfer of credit for military duty.3. The provisions of this subdivision e shall apply  only  to  a  "New   York  city member" who has rendered service as an officer or employee of   the city of New York (or any agency thereof) or public corporation,  the   officers  or employees of which are eligible for membership in a pension   or retirement system maintained by such city, including  performance  of   such  military  duty,  for at least fifty per centum of the time between   his commencement of such service and the date upon which he has attained   or shall attain age fifty-five.f. Notwithstanding any other  provisions  of  law,  a  member  of  the   retirement  system  in  the  employ  of the state on March thirty-first,   nineteen hundred seventy, other than a member of  the  state  police  in   collective negotiating units established pursuant to article fourteen of   the  civil service law, who would have been entitled to transfer service   credit from another retirement system pursuant to this  section  had  he   made  a  timely  election,  may  obtain such credit by depositing in the   retirement system an amount equal to the  contributions  withdrawn  from   the  system  of  which he had been a member, with regular interest. Such   deposit shall be made on or before March thirty-first, nineteen  hundred   seventy-two,  provided,  however,  such member may elect to deposit such   amount over a period of time no greater than the period for which credit   is being claimed. Such  payments  must  commence  no  later  than  March   thirty-first,  nineteen  hundred  seventy-two. If the full amount is not   paid to the retirement system, the amount of service credited  shall  be   proportional to the total amount of the payments made.g. This subdivision shall apply only to individuals who, subsequent to   vesting  in  a retirement system, transfer to a second retirement system   whose governing laws require a greater number of  years  of  credit  for   vesting  than those of the first system, and who, upon such transfer, do   not have the number of  years  of  service  credit  that  is  ordinarily   required to vest in such second retirement system.1.  Upon  transfer, the number of years of service credit required for   the transferred  individual  to  attain  vested  rights  in  the  second   retirement  system  shall  be the same as the number of years of service   credit  required,  under  applicable  law,  for  vesting  in  the  first   retirement system.2.  In  the event that an individual covered by this subdivision makes   application to retire from such second system  prior  to  attaining  the   amount  of  service  credit that would otherwise be necessary to vest in   such second retirement system, and such individual is otherwise eligible   to retire from such second system, the application shall be granted, and   benefits shall be calculated pursuant to the applicable subdivisions  of    this  section  on  the  basis of the actual amount of service credit the   individual has accrued at the time of  retirement.  Transferred  service   credit  shall  not be creditable under any plan in the second retirement   system that it would not otherwise be creditable under.h.  Notwithstanding  any  other provision of law to the contrary, with   respect to transfers pursuant to this section which occur  on  or  after   the  effective  date  of this subdivision, no determination of a reserve   pursuant to subdivision c of this section or transfer  thereof  pursuant   to the first sentence of subdivision d of this section shall be required   in  the  case  of  any  transfer  pursuant to this section (other than a   transfer from the New York state and local police  and  fire  retirement   system  to either (1) the New York city police department subchapter two   pension fund, (2) the New  York  city  fire  department  subchapter  two   pension fund or (3) the MTA police retirement program or a transfer from   either  (i)  the  New York city police department subchapter two pension   fund or (ii) the New York city fire department  subchapter  two  pension   fund  to  either  (A)  the  New  York  state  and  local police and fire   retirement system or (B) the MTA police retirement program or a transfer   from the MTA police retirement program to the New York state  and  local   police  and  fire  retirement  system).  For  the  purpose of giving the   transferring member such status and crediting such service in the second   retirement system as such member was allowed  in  the  first  retirement   system  in  those  cases  to  which  this  subdivision  shall apply, the   transfer shall be deemed complete upon receipt by the second  retirement   system of:1.  a  statement  from the first retirement system of the transferring   member's date of membership in the first retirement system, tier status,   service credited to such membership being transferred,  and  such  other   information  as  the  second retirement system may require to effectuate   the transfer; and2. such member's accumulated contributions from the  first  retirement   system,  if  same  had not been previously withdrawn, or notice from the   first  retirement  system  that   such   member   had   no   accumulated   contributions,  or  notice  from  the  first 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.