2023 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.