reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5006 - Cessation Of Membership › Section 5006.1 - Definitions as used in this Part

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Service. Twenty days of service rendered on and after July 1, 1968 shall be
				equivalent to one year of service solely for the purpose of continuing
				membership.
(b) Year. A year means
				a school year beginning July 1st of one year and ending June 30th of the
				following year.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5006 - Cessation Of Membership › Section 5006.2 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The membership
				of any person in the retirement system shall cease upon the withdrawal by a
				contributor of his accumulated contributions, or upon retirement on a pension,
				or at death, or when seven years have elapsed since the member has performed
				service as a teacher which was credited with the retirement system (at least 20
				days in a school year), except that a membership shall not be cancelled under
				the following conditions:
(1) when vesting
				has occurred;
(2) where a member
				who has not had sufficient service to be eligible for a disability and who
				prior to the cancellation of his or her membership, proves to the satisfaction
				of the retirement board that he or she was disabled at the time he or she
				ceased teaching and continues to be disabled from the same disability which
				caused cessation of teaching;
(3)
				where a member is eligible for a retirement allowance other than a disability;
				and
(4) while a member is on an
				approved military leave, pursuant to section
				243 of the
				Military Law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5007 - Refund Of Contributions Of Members Whose Date Of Membership Is Prior To July 27, 1976 › Section 5007.1 - Monies refunded

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				member's accumulated contributions shall consist of all his contributions in
				the annuity savings fund, together with credited interest.
(b) Monies refunded shall be paid from the
				annuity savings fund, except in the following instances where they are paid
				from the pension accumulation fund:
(1) where
				the employer's share is paid by the member in order to purchase military
				service credit under section
				243 of the
				Military Law and subdivision 10 of section
				503 of the
				Education Law;
(2) where the
				member's accumulated contributions have been deemed abandoned pursuant to
				section
				531 of the
				Education Law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5007 - Refund Of Contributions Of Members Whose Date Of Membership Is Prior To July 27, 1976 › Section 5007.2 - Active membership refunds

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Refund on demand. A member who ceases to be a teacher and has not vested or
				become a discontinued member under the provisions of the Optional Retirement
				Program shall be entitled to a refund of his/her accumulated contributions on
				demand.
(b) Crediting of interest
				on refund of accumulated contributions. A member who applies for a refund of
				his/her accumulated contributions shall receive interest credited to such
				contributions to the date of refund.
(c) Refund with loan outstanding. Where a
				member has a current outstanding loan and withdraws from the system, such loan
				shall become due and payable. This outstanding loan will be satisfied effective
				the date of refund of the withdrawal. The amount of the loan still outstanding,
				including interest and insurance, shall be deemed to have been refunded to the
				member. In such cases the member shall be entitled to the net amount of his/her
				accumulated contributions, less the outstanding loan balance.
(d) Refund of military service payments.
				Where a member dies prior to retirement or withdraws from membership and was
				required to pay the employer's share as provided by section
				243 of the
				Military Law or subdivision 10 of section
				503 of the
				Education Law for the purchase of military service credit, a refund of this
				employer's share plus interest shall be granted from the pension accumulation
				fund.
(e) Refund upon death of
				member. Upon the death of a member, either the member's designated beneficiary
				on file with the system or, in the absence of such a nomination, the member's
				estate, shall be entitled to his/her accumulated contributions.
(f) Refund of excess special service
				retirement contributions.
(1) A member having
				withdrawn an election to contribute towards special service retirement, upon
				application filed with the system, shall be entitled to a refund of the special
				service retirement contributions.
(2) Where a member who applies for and is
				granted a refund of special service retirement contributions has an outstanding
				loan, said refund shall not exceed an amount which would cause the remaining
				balance of said loan to exceed 75 percent of the amount remaining in the
				member's account in the annuity savings fund, after the refund is
				made.
(3) Where a member who
				defaults on a loan subsequently applies for and is granted a refund of special
				service retirement contributions, such refund shall be computed as of the date
				of default, with interest credited to the date of refund and in accordance with
				paragraph (2) of this subdivision.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5007 - Refund Of Contributions Of Members Whose Date Of Membership Is Prior To July 27, 1976 › Section 5007.3 - Refunds at retirement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				member may withdraw the accumulated contributions credited to his or her
				individual account in the annuity savings fund by filing an application for
				withdrawal of contributions no earlier than the date the member files an
				application for disability, service, or deferred retirement and no later than
				the date preceding the effective date of retirement; provided, however, that no
				refund of contributions made pursuant to this section shall be paid to the
				member until after the member is actually retired. Such application may not be
				made any later than the last date for the selection, change or withdrawal of an
				option selection.
(b) Where a
				member has a current outstanding loan and applies for a withdrawal of
				contributions at retirement, such loan shall become due and payable. The amount
				of the loan still outstanding, including interest and insurance, shall be
				deemed to have been refunded to the member. In such case, after retirement the
				member shall be entitled to receive the net amount of his/her accumulated
				contributions, less the outstanding loan balance.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5007 - Refund Of Contributions Of Members Whose Date Of Membership Is Prior To July 27, 1976 › Section 5007.4 - Interest on contributions

Current through Register Vol. 46, No. 28, July 10, 2024
Interest on contributions made by members after July 1, 1957
				  shall be computed from the time of deduction and added to the accumulated
				  contributions. Interest in the annuity savings fund shall be credited to the
				  date on which, as applicable, a member dies, has his/her contributions
				  refunded, retires where the member elects to receive an annuity from the
				  system, or receives, following retirement, a total withdrawal distribution of
				  his/her annuity savings, or membership otherwise ceases, and when membership
				  ceases no interest will be allowed on contributions left in the annuity savings
				  fund.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5008 - Transfers Of Membership › Section 5008.2 - Transfers to the system

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Eligibility.
(1) A member of this system who
				also is a member of another public retirement system in this State shall be
				eligible to transfer his/her membership in such other retirement to this
				system, provided that:
(i) s/he withdraws
				from the other retirement system;
(ii) at the time s/he withdraws from the
				other retirement system, s/he gives written notice to that system of his/her
				intention to transfer;
(iii) within
				one year of withdrawal, the member's accumulated contributions in the other
				retirement system are deposited in the system by such other system or by the
				member, as applicable.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5008 - Transfers Of Membership › Section 5008.3 - Transfer to another public retirement system in this State

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member of this system who is also a
				member of another public retirement system in this State shall be eligible to
				transfer his/her membership in this system to such other retirement system,
				provided that:
(1) s/he withdraws from this
				system;
(2) at the time of
				withdrawal s/he notifies this system, in writing, of his/her intention to
				transfer;
(3) within one year of
				withdrawal, the member's accumulated contributions in this system are deposited
				with the other retirement system by this system or by the member, as
				applicable.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5008 - Transfers Of Membership › Section 5008.4 - Eligibility for transfer under chapter 974 of the Laws of 1977

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term negligence, for purposes of
				interpreting that term in chapter 974, Laws of 1977, shall mean a member's act
				of withdrawing contributions from his/her former teachers' retirement system,
				thereby terminating his/her membership in that system, after being advised in
				writing that such an act would prevent his/her being able to claim, as prior
				service credit in the successor teachers' retirement system, the service with
				which s/he had been credited in his/her former teachers' retirement
				system.
(b) The following criteria
				shall be employed by system staff in determining persons eligible to transfer
				service credits pursuant to chapter 974 of the Laws of 1977: In determining
				eligibility to transfer service credits pursuant to chapter 974 of the Laws of
				1977, the right to transfer will be available to those persons who had
				concurrent membership and who withdrew their accumulated contributions from
				their former retirement system, without knowledge that in so doing they would
				be prevented from effecting transfer, to the successor retirement system, of
				service credited to them in their former retirement system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.1 - Automatic vesting for members with a date of membership prior to July 27, 1976

Current through Register Vol. 46, No. 28, July 10, 2024
A member of the system who is eligible to vest and fails to
				  file an election to do so shall be deemed to have filed it the day before his
				  membership would cease and shall be automatically vested. Such member may apply
				  for a deferred retirement allowance when eligible.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.2 - Rights of a member with a date of membership prior to July 27, 1976 who has vested

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A vested
				member automatically revokes his election to vest by returning to service for
				at least 20 full days in a school year. A member who revokes his vesting
				election may subsequently revest.
(b) A vested member may withdraw his
				accumulated contributions, which will terminate his membership in this system,
				thereby forfeiting the right to any benefit.
(c) A vested member with a date of membership
				prior to July 1, 1970 may redeposit, by a single payment in the system, the sum
				of any contributions formerly withdrawn therefrom or, at the time of
				retirement, may purchase an additional annuity which will increase his
				retirement allowance to one half of his final average salary.
(d) A vested member may apply for prior
				service credit and military service credit pursuant to section
				243 of the
				Military Law, provided all the eligibility requirements of the appropriate
				provisions of law have otherwise been met.
(e) A vested member may not receive a service
				retirement allowance or a disability retirement allowance.
(f) A vested member with less than 10 years
				of credited service and his beneficiary have no right to a death benefit or a
				death gamble under section
				512 of the
				Education Law. Upon the death of such member, the beneficiary shall receive the
				member's accumulated contributions in the annuity savings fund.
(g) A vested member continues to receive
				regular interest on his accumulated contributions.
(h) A member who has accumulated at least
				five years of credited service and discontinues service on or after July 1,
				1965 continues membership with the privilege of applying for a deferred
				retirement benefit pursuant to section
				535
				(5) of the Education Law, but in no case
				prior to the date he attains age 55.
(i) A member who has accumulated at least 10
				years of credited service and is otherwise eligible for a deferred retirement
				benefit pursuant to any provision of law shall be deemed to have filed a
				vesting election when applying for a retirement benefit, if such election would
				provide a better benefit.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.3 - Rights of a member with a date of membership on or after July 27, 1976, but before September 1, 1983, who has vested

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member who has five or more years of
				credited service upon termination of employment shall be automatically vested
				and entitled to a deferred vested benefit to be computed in accordance with the
				provisions of section
				516
				(b) of the Retirement and Social Security
				Law. Such deferred vested benefit may be paid in the form of an early service
				retirement benefit, or may be postponed until after normal retirement age, in
				which event the benefit will be subject to reduction or escalation as provided
				in section
				504
				(c) of the Retirement and Social Security
				Law.
(b) In lieu of the rights set
				forth in subdivision (a) of this section, such a member may elect to receive
				the rights set forth in section
				5009.4 of this Part. However, in
				the event of such an election, the member will receive only the benefits
				provided under article 15 of the Retirement and Social Security Law, and may
				not mix the provisions of article 14 and article 15 to change the eligibility
				requirements for a benefit under either article.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.4 - Rights of a member with a date of membership on or after September 1, 1983 but before January 1, 2010, who has vested

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member who has five or more years of
				credited service on termination of employment shall be automatically vested and
				shall be entitled to a deferred vested benefit at retirement age in accordance
				with the provisions of sections
				603 and
				604 of the Retirement and Social Security
				Law.
(b) In no event shall the
				vested retirement allowance payable without optional modification be less than
				the actuarial equivalent of the total which results from the member's
				contributions accumulated with interest at five percent per annum compounded
				annually to the date of retirement.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.5 - Rights of a member with a date of membership on or after January 1, 2010, who has vested

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member who
				has 10 or more years of credited service on termination of employment shall be
				automatically vested and shall be entitled to a deferred vested benefit at
				retirement age in accordance with the provisions of sections
				603 and
				604 of the Retirement and Social Security
				Law.
(b) In no event shall the
				vested retirement allowance payable without optional modification be less than
				the actuarial equivalent of the total which results from the member's
				contributions accumulated with interest at five percent per annum compounded
				annually to the date of retirement.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5009 - Vesting (deferred Retirement) › Section 5009.6 - Forfeitures

Current through Register Vol. 46, No. 28, July 10, 2024
Forfeitures arising under the system for any reason may not
				  be applied to increase the benefits of any members at any time prior to the
				  termination of the system within the meaning of section
				  401(a)(8) of the Internal
				  Revenue Code or any successor thereto. In the event of termination of the
				  system or a complete or permanent discontinuance of contributions thereunder,
				  the rights of members to accrued benefits, to the extent funded, will become
				  vested to the extent required by, and upon the events set forth in, Treasury
				  Regulation section 1.401 -6(a)(1) and Internal Revenue Code section 401(a)(4)
				  and 401(a)(7) as in effect on September 1, 1974.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5010 - Contributions Of Members With A Date Of Membership On Or After July 27, 1976 › Section 5010.1 - Establishment of fund

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to sections
				  517 and
				  613 of the Retirement and Social Security
				  Law, the system shall establish a special fund, to be known as the Tier 3/4/5
				  Member Contributions Fund, to account for the contributions deducted from
				  members' wages. All monies withheld from such members' wages shall be recorded
				  in individual accounts within such fund, and all withdrawals and refunds of
				  such contributions shall be deducted from the accounts in such
				  fund.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5010 - Contributions Of Members With A Date Of Membership On Or After July 27, 1976 › Section 5010.4 to 5010.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5011 - Group Life Insurance › Section 5011.1 - New York State Teachers' Retirement System Member Group Life Insurance Plan established

Current through Register Vol. 46, No. 28, July 10, 2024
The New York State Teachers' Retirement System Member Group
				  Life Insurance Plan, hereinafter referred to as the plan, is hereby established
				  and created, for the purpose of providing group life insurance for the payment
				  of the benefits, or portions thereof, required by section
				  512 of the
				  Education Law and sections
				  448,
				  448-a,
				  508,
				  508-a,
				  606 and
				  606-a of the Retirement and Social
				  Security Law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5011 - Group Life Insurance › Section 5011.2 - New York State Teachers' Retirement System Member Group Life Insurance Plan Reserve Fund

Current through Register Vol. 46, No. 28, July 10, 2024
A separate fund, to be known as the New York State Teachers'
				  Retirement System Member Group Life Insurance Plan Reserve Fund, is hereby
				  established within the system, to be held in trust by the retirement board.
				  Such fund shall consist of all premiums paid by the employers and other monies
				  received and paid into the fund for group term life insurance purposes, and of
				  the investment earnings upon such monies, and shall be used only to pay the
				  group term life insurance prescribed by section
				  5011.3 of this Part. Concurrent
				  with the determination of the initial liability of the plan for the balance of
				  the fiscal year on and after May 8, 1970, for the group term life insurance
				  provided and to be paid for pursuant to this plan, there shall be segregated
				  and transferred from the pension accumulation fund of the system, to the
				  reserve fund created by this section, such amounts determined by the actuary to
				  be necessary to pay anticipated group term life insurance claims. Subsequent
				  segregations and transfers shall be made as shall be required to pay the
				  insurance prescribed by section
				  5011.3 of this Part from the
				  reserve fund provided by this section.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5011 - Group Life Insurance › Section 5011.3 - Insurance payable in the event of death

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of the death of a qualified member during the
				  effective period of insurance, the estate, or designated beneficiary or
				  beneficiaries, shall receive the benefits provided pursuant to section
				  512 of the
				  Education Law or section
				  448,
				  448-a,
				  508,
				  508-a,
				  606 or
				  606-a of the Retirement and Social
				  Security Law, whichever is applicable, from the plan, as hereinafter provided.
				  Nevertheless, the amount of insurance payable upon the death of a member, and
				  the eligibility to receive such payment, shall be determined in accordance with
				  the applicable provision of law as aforementioned. However, in no case shall
				  the amount of insurance payable by the plan upon the death of a member exceed
				  $50,000. In the event an amount in excess of $50,000 is payable to the estate,
				  beneficiary or beneficiaries of a deceased member, the sum of $50,000 shall be
				  payable as group term life insurance as specified herein, and the excess over
				  $50,000 shall be paid as otherwise provided in the applicable provision of
				  law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5011 - Group Life Insurance › Section 5011.4 - Premiums

Current through Register Vol. 46, No. 28, July 10, 2024
The actuary shall investigate the plan's claim experience, as
				  provided by sections
				  508 and
				  517 of the
				  Education Law. On the basis of such investigations and upon the recommendation
				  of the actuary, the retirement board shall certify the premium rates computed
				  to be necessary to fund the group term life insurance authorized to be paid by
				  the plan. As soon as practicable after the close of each fiscal year, the
				  retirement board shall determine the premium which the employers participating
				  in the system are required to pay into the reserve fund to discharge the
				  obligations of the plan of the past fiscal year.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5011 - Group Life Insurance › Section 5011.5 - Effective period of insurance

Current through Register Vol. 46, No. 28, July 10, 2024
The New York State Teachers' Retirement System Member Group
				  Life Insurance Plan, as established in accordance with article 4-B of the
				  Retirement and Social Security Law, shall remain in effect as long as the
				  current favorable Internal Revenue Service rulings continue in full
				  force.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.1 - Establishment of accounts

Current through Register Vol. 46, No. 28, July 10, 2024
When a benefit payable by the system accrues to a person who
				  is under a legal disability, and no legal representative is duly appointed
				  within six months of the date the benefit accrued, a savings account in the
				  name of the beneficiary shall be established effective as of the date such
				  six-month period lapsed.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.2 - Interest

Current through Register Vol. 46, No. 28, July 10, 2024
Interest shall be credited to each such savings account in
				  the same manner and amount as is credited to the accumulated contributions of
				  each member's individual account in the annuity savings fund.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.3 - Effect of establishment of accounts

Current through Register Vol. 46, No. 28, July 10, 2024
The establishment of such accounts shall not be considered to
				  afford such person or persons any rights of membership in this system nor to
				  confer upon them any other right except the right to claim such funds under
				  this Chapter.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.4 - Payment of funds

Current through Register Vol. 46, No. 28, July 10, 2024
The funds in such account shall be payable, within a
				  reasonable time after proper notification to the system, to a guardian of the
				  property, committee or other such legal representative after such legal
				  representative is appointed, or to the beneficiary once the legal disability is
				  removed.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.5 - Release of liability

Current through Register Vol. 46, No. 28, July 10, 2024
Payments made pursuant to the provisions of this Chapter
				  shall release the system from any liability whatsoever.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.6 - Removal of legal disability

Current through Register Vol. 46, No. 28, July 10, 2024
In the event that the legal disability is removed or a legal
				  representative is appointed and no claim is made for the monies, and after the
				  system has notified the individual or the legal representative of the existence
				  of the "beneficiary savings account" and the balance thereof, the monies shall
				  be treated in accordance with the provisions of section
				  531 of the
				  Education Law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries › Section 5012.7 - Nomenclature

Current through Register Vol. 46, No. 28, July 10, 2024
Savings accounts established pursuant to these rules and
				  regulations shall be known as "beneficiary savings account".
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5013 - Inter-vivos Or Testamentary Trust As Beneficiary › Section 5013.1 - Inter-vivos trust as beneficiary

Current through Register Vol. 46, No. 28, July 10, 2024
The designation of a trustee of an inter-vivos trust as
				  beneficiary to receive the return of the accumulated contributions in a lump
				  sum, a lump-sum death benefit, including take-home-pay reserve, if any, or a
				  lump sum option pursuant to section
				  5014.2(a) of this
				  Title, the commuted value of a five or ten year guarantee option pursuant to
				  section 5014.2(b) of this
				  Title or a lump-sum alternative option pursuant to section
				  5014.2(c) of this
				  Title, shall be proper if the following conditions are met:
(a) The designation must be on a form
				supplied by the system.
(b) The
				trustee to whom a benefit may become payable must be a person or corporation,
				and must be definitely ascertainable from the trust instrument; if the member
				is a trustee, the trust instrument must clearly identify a person or
				corporation appointed as successor trustee.
(c) The designation filed with the system:
(1) must specify the name and address of the
				trustee(s);
(2) must recite the
				date of the trust instrument; and
(3) must be accompanied by a true copy of the
				trust instrument.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5013 - Inter-vivos Or Testamentary Trust As Beneficiary › Section 5013.2 - Testamentary trust as beneficiary

Current through Register Vol. 46, No. 28, July 10, 2024
The designation of a trustee of a testamentary trust as
				  beneficiary to receive the return of the accumulated contributions in a lump
				  sum, a lump-sum death benefit including take-home-pay reserve, if any, the lump
				  sum option pursuant to section
				  5014.2(a) of this
				  Title, the commuted value of a five or ten year guarantee option pursuant to
				  section 5014.2(b) of this
				  Title, or a lump- sum alternative option pursuant to section
				  5014.2(c) of this
				  Title shall be proper if the following conditions are met:
(a) The designation must be on a form
				supplied by the system.
(b) The
				trustee to whom a benefit may become payable must be a person or corporation,
				and must be definitely ascertainable from the will.
(c) The form which the designation must take
				is substantially as follows:
"Trustee (or trustees) of the testamentary trust established
				  by my last will."
(d) The
				will under which the trust is established must be the member's/beneficiary's
				will.
(e) The system must be
				furnished, at or before the time a benefit becomes payable, with a certified
				copy of the letters of trusteeship or other evidence which, in the system's
				sole judgment, establishes the authority of the trustee(s) to receive
				payment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5013 - Inter-vivos Or Testamentary Trust As Beneficiary › Section 5013.3 - Required certifications pursuant to IRC section 401(a)(9)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Whenever a
				member or retiree wishes to make a trust a beneficiary of a death benefit, lump
				sum survivor option selected at retirement or other lump sum payment by the
				system, where otherwise permitted by law, the member shall submit a certificate
				in substantially the following form:
"I have designated [identify trust] as beneficiary of my
				  death benefit, a lump sum under an optional form of retirement elected by me at
				  retirement, or other lump sum payment due from the system following my death,
				  as applicable. In accordance with the requirements of the Internal Revenue
				  Service, I hereby certify as follows:
1. Attached to this certification and
				furnished with it is a list which is, to the best of my knowledge, a true,
				correct and complete list of all the beneficiaries of the trust (including any
				contingent or remaindermen beneficiaries with a description of the conditions
				to their entitlement).
Exhibit A
2. The trust is a valid trust under State
				law, or would be but for the fact that there is no corpus.
3. The trust is irrevocable or will, by its
				terms, become irrevocable upon my death.
4. The beneficiaries of the trust who are
				beneficiaries with respect to the trust's interest in my benefit are
				identifiable from the trust instrument.
5. If the trust instrument is ever amended at
				any time after the date of this certification, I will, within a reasonable
				time, provide the system with corrected certification(s) to the extent that the
				amendment changes any of the information to which I have previously
				certified.
6. I agree to provide a
				copy of the trust instrument to the system upon demand."
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.1 - Options available to members at retirement-general

Current through Register Vol. 46, No. 28, July 10, 2024
A member may elect at retirement, in lieu of the maximum
				  benefit, one of the following options, as applicable:
Lump sum option
Declining reserve (tier 1 members only)
Annuity reserve (tier 1 and 2 members only)
Guarantee option
5-year
10-year
Alternative option (tier 1, 2, 4 and 5 members only)
Alternative option (tier 3 members only)
Survivor option
100%
75%
50%
25%
Pop-up option
100%
75% (tier 1, 2, 4 and 5 members only)
50%
25% (tier 1, 2, 4 and 5 members only)
Each option is defined in section
				  5014.2 of this
				  Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.2 - Options available to members at retirement-definitions and statutory authorization

Current through Register Vol. 46, No. 28, July 10, 2024
The options available for election by a member, as applicable
				  in lieu of the maximum benefit, are as follows:
(a) Lump sum option.
(1) Declining reserve--pursuant to Education
				Law, section 513(1) (Option 1), a lesser allowance payable over the life of the
				tier 1 member with the provision that, if the member dies before the member
				shall have received in payments the present value of the member's retirement
				allowance at the time of retirement, the balance of such present value shall be
				paid to the beneficiary or the member's legal representative, if no beneficiary
				had been designated.
(2) Annuity
				reserve--pursuant to Education Law, section 513(1) (Option 4), a lesser
				retirement allowance payable over the life of the tier 1 or 2 member with the
				provision that all pension payments shall cease at the member's death but that,
				if the member dies before receiving in annuity payments, the present value of
				the member's annuity at the time of retirement, the balance of such present
				value shall be paid to the beneficiary or to the member's legal representative,
				if no beneficiary has been designated.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.3 - Suspension of retirement allowance where option has been elected

Current through Register Vol. 46, No. 28, July 10, 2024
In the event a member's retirement allowance is suspended in
				  accordance with section
				  503
				  (5) of the Education Law, such member who
				  selected an option at the time of retirement shall be permitted to elect at the
				  time of the suspension to pay to the fund or funds of the system from which
				  such retirement allowance would otherwise be payable, the amount by which the
				  member's monthly retirement allowance was reduced by the selection of the
				  option, in which event the amount so paid, together with the reduced allowance,
				  shall be deemed equivalent to the suspension of his maximum retirement
				  allowance, and the survivor portion of such option shall be payable in the
				  event of such member's death as if the member had continued in receipt of such
				  retirement allowance without suspension.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.4 - Procedure for electing an option

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Upon filing an application for retirement, a member may elect one of the
				optional allowances available to such member, as applicable. In order to be
				valid, such election must be on a form supplied by the system or in a written
				request.
(b) In the case of service
				or deferred retirement, such election must be duly executed and acknowledged,
				and must be filed with the system's office no later than 30 days following the
				date on which the retirement becomes effective.
(c) In the case of disability retirement,
				such election must be duly executed and acknowledged, and, except as provided
				in subdivision 8 of section
				511 of the
				Education Law, must be filed with the system's office no later than the later
				of:
(1) 30 days following the date on which
				the retirement application is approved by the system's retirement board for
				members retiring under section
				511 of the
				Education Law or under section
				605 of the Retirement and Social Security
				Law or by the system for members retiring under section
				506 or
				507 of the Retirement and Social Security
				Law; or
(2) 30 days following the
				date on which retirement occurs.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.5 - Definitions as used in this Part

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Maximum benefit.
The largest possible annual allowance which may be paid over
				  a member's remaining lifetime following retirement with all payments ceasing at
				  the member's death.
(b)
Option.
The actuarial equivalent of the member's maximum benefit in
				  the form of a lesser allowance payable over the remaining life of the member
				  with a provision for the payment of benefit(s) upon the member's death and such
				  other applicable provisions, if any, as specified under law.
(c)
Beneficiary.
The person nominated to receive the survivor portion of the
				  option elected by the member by written designation duly acknowledged and filed
				  with the system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5014 - Options › Section 5014.6 - Compliance with IRC section 401(a)(9)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The system shall comply with IRC section
				401(a)(9).
(b) The entire interest
				of a member shall be distributed:
(1) to the
				member not later than the required beginning date; or
(2) in accordance with IRC section 401(a)(9),
				over the life of the member or over the lives of the member and a designated
				beneficiary (or over a period not extending beyond the life expectancy of the
				member or the life expectancy of the member and a designated
				beneficiary).
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5015 - Duties Of Employers › Section 5015.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
It shall be the duty of each board of education to include in
				  the annual report to the Retirement Board such information as the board may
				  require and to furnish such other information as the board finds necessary.
				  Collections of contributions from members are to be retained by employers and a
				  corresponding amount is to be deducted from the apportionment otherwise payable
				  to such employers, except in the case of any employer instructed otherwise by
				  the board.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5015 - Duties Of Employers › Section 5015.2 - Members of retirement board who have been elected by the membership of the system

Current through Register Vol. 46, No. 28, July 10, 2024
It shall be the duty of each board of education which has
				  granted a leave of absence, pursuant to subdivision 6 of section
				  506 of the
				  Education Law, to a member of the system who has been elected by the membership
				  to the retirement board to annually report to the system the salary which said
				  board member would have earned for the said year had she/he not been on leave
				  of absence.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5015 - Duties Of Employers › Section 5015.3 - Duty to report

Current through Register Vol. 46, No. 28, July 10, 2024
Employers shall furnish such information and make such
				  reports as the system may from time to time require in the discharge of its
				  functions. The responsibility of the employer to make reports and provide
				  information as required by the system is nondelegable and may not be made
				  subject to any agreement with a member, member's representative or third party.
				  Any agreement by an employer with any member, member's representative or third
				  party to make a report or provide information to the system in a particular
				  manner or to withhold information which is required to be reported to the
				  system is contrary to public policy and shall be null and void and of no
				  effect.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5015 - Duties Of Employers › Section 5015.4 - Duties of employers in the case of Tier 6 members

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the case of each Tier 6 member with a
				date of membership on or after April 1, 2012 employed by an employer, it shall
				be the duty of the employer, during each of the first three plan years of such
				member's membership, to project the annual wages of such member to be paid by
				such employer during a plan year for the purposes of determining the rate at
				which such member shall contribute to the system from the wages paid by such
				employer to such member during such plan year.
(b) Each such projection shall be made in
				good faith based upon the actual terms of the employment contract, agreement or
				understanding between the employer and the member.
(c) Each such projection shall be made at the
				beginning of the plan year or, if later, at the time the member is employed
				during the plan year; when making a projection, an employer shall take into
				account only the wagers which the employer anticipates in good faith, at the
				time the projection is made, it will pay to the member during such plan
				year.
(d) All projections required
				under this section shall be maintained by the employer in the member's
				permanent employment records. The employer shall furnish such projections to
				the system as the system shall require.
(e) The system reserves the right to audit
				employer projections and to adjust projections not complying with this section
				as determined by the system. The system also reserves the right to adjust
				employer projections to take into account the employment of members by multiple
				employers during a plan year in such manner as the system shall
				determine.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5015 - Duties Of Employers › Section 5015.5 - Duties of employers in the case of certain payments made to Tier 6 members

Current through Register Vol. 46, No. 28, July 10, 2024
When making a holdover, retroactive, contract settlement or
				  other payment to a Tier 6 member for service rendered in a plan year prior to
				  the year of payment, the employer shall apply the rate of contribution
				  established for that member in the year in which the payment is made or, if the
				  member has retired, in the member's last year of service.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5016 - Election Of Delegates To Annual Convention › Section 5016.1 - Territorial unit representation

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				A territorial unit shall be the territory under the jurisdiction of a city or
				village superintendent or district superintendent; a school district within a
				supervisory district having at least 75 members of the system, including a
				board of cooperative educational services and a vocational education and
				extension board; the State Education Department; or a unit of the State
				University.
(b) Each territorial
				unit shall be entitled to a minimum of one delegate for each 200 members of the
				system contractually employed on a per annum basis. For the purposes of this
				section,
per annum basis
shall mean credited with a full year
				of service in said unit. The number of delegates to which each territorial unit
				shall be entitled shall be equal to the number of such members divided by 200
				rounded to the nearest whole number as determined according to the following
				schedule:
a unit having fewer than 300 members shave have one
				  delegate;
a unit with 300-499 members shall have two delegates;
a unit with 500-699 members shall have three
				  delegates;
a unit with 700-899 members shall have four delegates;
a unit with 900-1099 members shall have five
				  delegates;
a unit with 1100-1299 members shall have six delegates;
				  etc.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5016 - Election Of Delegates To Annual Convention › Section 5016.2 - Term

Current through Register Vol. 46, No. 28, July 10, 2024
Delegates to the system's annual convention shall be elected
				  in odd-numbered years for a two-year term to commence on August 1st of the year
				  of election.