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 5010.2 - Withdrawal and refund of contributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the event of termination of
				employment, other than as a result of transfer to another public employer, a
				Tier 3 member who has not accumulated at least 10 years of credited service may
				withdraw his accumulated contributions by filing an application for such
				withdrawal with the system. Upon such withdrawal, the membership of such member
				shall terminate and all rights in the system enjoyed by such member shall
				cease. In the event a Tier 3 membership shall terminate, other than as a result
				of transfer to another public employer, any contributions remaining to the
				credit of the member shall be refunded upon filing an application for such
				refund with the system. If the refund is paid as a result of the death of the
				member, his contributions shall be refunded to his designated beneficiary on
				file with the system or, in the absence of such nomination, to the member's
				estate.
(b) A person whose Tier 4
				or 5 membership is terminated other than as a result of transfer, retirement or
				death, or a Tier 4 or 5 member who has not accumulated at least 10 years of
				credited service and who no longer is employed by a participating employer of
				this system in a position upon which his membership is based, may withdraw his
				member contributions by filing a written demand for withdrawal of contributions
				and membership with the system. Upon such withdrawal, the membership of such
				member shall terminate and all rights in the system enjoyed by such member
				shall cease. Upon the death of a person whose membership previously terminated
				due to lack of credited service and who did not withdraw his member
				contributions, or upon the death of a member, provided a death benefit pursuant
				to section
				607 of the Retirement and Social Security
				Law is not paid, the member contributions of such person shall be refunded to
				such person as he shall have nominated to receive a death benefit by written
				designation duly executed and filed with the system, or, in the absence of such
				designation, to his estate. For purposes of such refunds, interest shall be
				credited at the rate of five percent per annum compounded annually to the date
				of termination of membership. Provided, however, if a death benefit is paid
				pursuant to section
				607 of the Retirement and Social Security
				Law, such benefit shall be in lieu of the refund of such contributions,
				however, in no event shall such death benefit be less than the amount payable
				pursuant to this subdivision.
(c)
				Whenever a Tier 3, 4 or 5 member for whom a loan is outstanding becomes
				entitled to a refund of his or her contributions because of withdrawal from the
				system or death (in the case of an uninsured loan), the amount of any loan
				outstanding on such date, including accrued interest, shall be construed to
				already have been returned to such member and the refund of contributions to
				which he shall then be entitled shall be the net amount of such contributions
				together with interest thereon.