2023 New York Laws › RSS - Retirement and Social Security › Article 2 - New York State Employees' Retirement System › Title 5 - Right to Membership, Service Credit and Transfers Between Retirement Systems › 43 - Transfer of Members Between Systems.

§  43.  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
  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 city teachers' retirement system or to the New York
  city  employees' retirement system. Any member of the New York state and
  local employees' retirement system may transfer his  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 such transfer 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 to continue in the retirement system of which he
  has been a member, and
2. Possible for him 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.
Any  member  of  the  New  York  state and local employees' retirement
  system, however, who was an employee of any  city  agency  at  the  time
  service  with such agency was legislated to be city service may transfer
  his membership to the retirement system of such city.
b. 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.   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 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 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 chapter nine hundred three
  of the laws of nineteen hundred fifty-seven, be  entitled  to  the  same
  rights,  privileges  and  benefits,  and  shall  be  subject to the same
  obligations, as a transferee who thereafter 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 contributions withdrawn from  the  first  retirement
  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.  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 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.
e. The  provisions  of  former  subdivision  e  of  this  section,  as
  originally  enacted  by chapter four hundred eighty-three of the laws of
  nineteen hundred forty-five and as codified in such former subdivision e
  by chapter eight hundred forty-one  of  the  laws  of  nineteen  hundred
  forty-seven,  shall  apply only to memberships transferred prior to July
  first, nineteen hundred forty-nine. Section  one  hundred  seventeen  of
  this  article  shall apply to the provisions of this subdivision insofar
  as such provisions relate to such memberships.
f. 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 f 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.
h. Notwithstanding any other provisions of the law, a former member of
  the New York state teachers' retirement system who holds  membership  in
  the  New  York city 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.
j. 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  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.
k. Notwithstanding any other provision of this section, any member  of
  the  New  York  state  and local employees' retirement system or the New
  York city teachers' retirement system  who  retired  from  service  from
  either  the  New  York city employees' retirement system or the New York
  city board of education retirement system as  a  member  of  the  career
  pension plan maintained by such system and who, but for the fact that he
  or she retired, would be eligible for transfer and who has not, in fact,
  received  a  pension  payment  from  such  system  shall be permitted to
  transfer his  or  her  retirement  system  membership  pursuant  to  the
  provisions   of  this  section.  In  such  event,  the  application  for
  retirement shall be deemed to have been  rescinded  and  the  retirement
  system  from  which  the service shall be transferred shall transfer the
  appropriate reserves as provided by  this  section,  provided,  however,
  that  with respect to transfers pursuant to this subdivision which occur
  on or after the effective date  of  the  chapter  of  the  laws  of  two
  thousand  twenty-three  that  amended  this  subdivision, except for the
  purposes of providing the benefits,  if  any,  of  subdivision  four  of
  section  five  hundred twenty-two of the education law, 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
  subdivision  with  less  than  ten  years  of  credited service with the
  transferring retirement system at the time the  transfer  is  initiated.
  With  respect  to  transfers  pursuant to this section which occur on or
  after the effective date of the chapter of  the  laws  of  two  thousand
  twenty-three  that  amended  this subdivision, the transfer of a pension
  reserve shall be required when the member is transferring  ten  or  more
  years  of  credited service from a public retirement system of the state
  to any other public  retirement  system  of  the  state,  excluding  any
  transfers  within  and  between  the New York city employees' retirement
  system, the New York city teachers' retirement system and the  New  York

  city board of education retirement system. Notwithstanding the provision
  of  this  subdivision  or  any other provision of law, an individual who
  transfers pursuant to this subdivision shall not be required  to  render
  any minimum period of service following transfer in order to be eligible
  to  receive  the  full  benefit  provided hereunder. Notwithstanding the
  foregoing, a retiree covered by either the career pension  plan  or  the
  fifty-five-year-increased-service-fraction   plan  who  has  received  a
  pension payment or payments from such system shall be eligible  for  the
  provisions  of  this  subdivision upon payment, to the retirement system
  from which the pension payment or payments were made, of an amount equal
  to such pension payment or payments. After such payments and the pension
  reserve, in the case of a member who transfers in ten or more  years  of
  credited  service,  except  when transferring within and between the New
  York city employees' retirement system,  the  New  York  city  teachers'
  retirement  system  and  the New York city board of education retirement
  system, are received, such person shall be permitted to transfer his  or
  her  retirement  system  membership  pursuant  to the provisions of this
  section.
l. 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  the  chapter  of  the  laws  of  two  thousand
  twenty-three  that  amended this subdivision, except for the purposes of
  providing the benefits, if any, of  subdivision  four  of  section  five
  hundred  twenty-two  of the education law, 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 with less than ten
  years of credited service with the transferring retirement system at the
  time the transfer is initiated. With respect to  transfers  pursuant  to
  this  section  which occur on or after the effective date of the chapter
  of the laws of two thousand twenty-three that amended this  subdivision,
  the  transfer  of a pension reserve shall be required when the member is
  transferring ten or  more  years  of  credited  service  from  a  public
  retirement  system of the state to any other public retirement system of
  the state, excluding any transfers within and between the New York  city
  employees'  retirement  system,  the  New York city teachers' retirement
  system and the New York city board of education 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;
2. 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; and
3. the pension reserve in the case of a member who transfers in ten or
  more years of credited service,  except  when  transferring  within  and
  between  the  New  York  city employees' retirement system, the New York

  city teachers'  retirement  system  and  the  New  York  city  board  of
  education retirement system.