NY Ret & SS L § 51 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 6 - Loans, Refunds and Withdrawals 51 - Refunds and Withdrawals.

§  51.  Refunds  and  withdrawals.    a.  A member under age sixty may   withdraw his accumulated contributions if he  has  been  separated  from   service for a period of at least fifteen days.b.  A  member  sixty  years  of age or over, may elect, not later than   fifteen days after filing his application for retirement, or  not  later   than  thirty days after his mandatory retirement has become effective by   operation of law, to withdraw his accumulated contributions in lieu of a   retirement allowance, provided that he1. Has had less than five years of total service credit, or2.  Last  became  a  member  before  April  sixth,  nineteen   hundred   forty-three, or3.  Is  eligible  for  an  annual  retirement allowance which, without   optional modification, amounts to less than three hundred dollars.c. The following contributions or additional  contributions  shall  be   treated  as  excess  contributions which, together with regular interest   and special interest thereon, may be withdrawn by a member at  any  time   prior  to  retirement, or if not so withdrawn, shall be used to purchase   additional annuity:1. Contributions paid by a member  in  order  to  receive  credit  for   service  in  war  after  world  war I, as defined in section two of this   article, not including, however, contributions required by subdivision k   of section forty-one of this article.2. Additional contributions paid  by  a  member  pursuant  to  section   eighty,  eighty-nine-a  or  eighty-nine-b  and  where,  as a result of a   change in  his  employment,  such  additional  contributions  would  not   provide  an  additional  pension  allowance  for  service for which such   additional contributions were made.3. Such other contributions to the annuity  savings  fund  as  may  be   determined  by regulation of the comptroller to be excess and subject to   such withdrawal.d. If a member dies before the effective date of his  retirement,  his   accumulated  contributions  shall be paid to his estate or to the person   nominated by him in a written designation duly executed and  filed  with   the  comptroller.  In  the  event such a designated beneficiary does not   survive him, or if he shall not have so designated a  beneficiary,  such   contributions  shall  be  payable  to the deceased member's estate or as   provided in section one thousand three hundred ten  of  the  surrogate's   court  procedure  act.  Such  member,  or after his death, the person so   nominated by him may file with the comptroller  a  written  designation,   duly  executed  providing  that  such contributions shall be paid in the   form of an annuity to such person so nominated. Such  designation  shall   be  filed  prior to or within ninety days after the death of the member.   The amount  of  such  annuity  shall  be  determined  as  the  actuarial   equivalent  of  such  accumulated  contributions on the basis of regular   interest and the age of the person so nominated as of the date  of  such   member's death.dd.  Notwithstanding the provisions of section ninety of this article,   accumulated contributions shall be payable in  the  manner  provided  by   subdivision  d  or e of this section in the case of a retired member who   shall die before attaining age seventy where:1. His application for retirement became effective prior to his death,   and2. No optional election by him was in effect at the time of his death,   or he had made and filed a valid  election  to  receive  his  retirement   allowance without optional modification, and3.  He  died  within  the  period of thirty days immediately after his   retirement became effective.    The amount of  the  accumulated  contributions  so  payable  under  this   subdivision  shall  be reduced by the amount of any annuity payment that   may have been paid on account of such retirement.The provisions of this subdivision shall apply in any case where death   occurred on or after January first, nineteen hundred fifty-four.e.  A  member,  or  after  his  death,  the person nominated by him to   receive  his  accumulated  contributions,  may  elect  to  receive   the   actuarial  equivalent  of the annuity specified in subdivision d of this   section in the form of a reduced annuity, payable  for  life,  with  the   further  proviso  that  if the person so nominated should die before the   annuity payments received by him are equal to such actuarial equivalent,   the balance thereof shall be paid in a lump sum  to  such  beneficiary's   estate  or  to  such  person  as  such  member or his nominee shall have   designated prior to his death. Such election shall be made prior  to  or   within ninety days after the death of the member.  Such designation of a   beneficiary  to receive such lump sum may be made or changed at any time   by the person who made it. Such election, designation or change shall be   made by a writing duly executed and filed with the comptroller.  If  the   person  nominated to receive such lump sum does not survive the member's   beneficiary, such lump sum, if any, shall be payable to  the  estate  of   the  member's  beneficiary  or as provided in section one thousand three   hundred ten of the surrogate's court procedure act.