reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.2 - Five-year certain option

Current through Register Vol. 46, No. 28, July 10, 2024
This option provides payment to the pensioner for life. In
				  the event the pensioner dies within five years of retirement, benefits shall
				  continue in the same amount to a beneficiary the pensioner shall have
				  designated for the balance of such five year period. The pensioner may change
				  the designated beneficiary at any time prior to his death by filing a new
				  designation of beneficiary form with the Comptroller. The beneficiary of a
				  pensioner shall not be eligible for a lump sum payment of the benefit. In the
				  event the pensioner shall have designated his estate as beneficiary, or if his
				  designated beneficiary(ies) shall have predeceased him, or if he has failed to
				  designate a beneficiary, the commuted value of the remaining payments, if any,
				  for the balance of the five year period shall be paid in a lump sum to the
				  pensioner's estate or in accordance with the provisions of section 1310  of the
				  Surrogate's Court Procedure Act.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.3 - Ten-year certain option

Current through Register Vol. 46, No. 28, July 10, 2024
This option provides payment to the pensioner for life. In
				  the event the pensioner dies within ten years of retirement, benefits shall
				  continue in the same amount to a beneficiary the pensioner shall have
				  designated for the balance of such ten year period. The pensioner may change
				  the designated beneficiary at any time prior to his death by filing a new
				  designation of beneficiary form with the Comptroller. The beneficiary of a
				  pensioner shall not be eligible for a lump sum payment of the benefit. In the
				  event the pensioner shall have designated his estate as beneficiary, or if his
				  designated beneficiary(ies) shall have predeceased him, or if he has failed to
				  designate a beneficiary, the commuted value of the remaining payments, if any,
				  for the balance of the ten year period shall be paid in a lump sum to the
				  pensioner's estate or in accordance with the provisions of section 1310  of the
				  Surrogate's Court Procedure Act.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.4 - Pop-up joint allowance-full

Current through Register Vol. 46, No. 28, July 10, 2024
This option provides payments to the member for life. Upon
				  the member's death a retirement allowance in an amount equal to the allowance
				  paid to the member shall be paid for life to such person as he shall nominate
				  by written designation duly acknowledged and filed with the retirement system
				  at the time of retirement. Under this option a member may not change his
				  beneficiary after the close of the period provided by section 90  of the Retirement and Social Security Law
				  for the making of an election. Upon the death prior to the death of the member,
				  of said person so nominated, the member shall, commencing with the payment for
				  the next following calendar month, begin receiving, in lieu of the allowance
				  then payable, an allowance equal in amount to that which would have been
				  payable if no optional modification of the retirement allowance were in effect.
				  This option shall not be available where the actuarial equivalent of the
				  amount(s) which the pensioner may receive is less than fifty percent of the
				  actuarial equivalent of the retirement allowance without optional
				  modification.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.5 - Pop-up joint allowance-half

Current through Register Vol. 46, No. 28, July 10, 2024
This option provides payments to the member for life. Upon
				  the member's death a retirement allowance in an amount equal to one-half of the
				  amount of the allowance paid to the member shall be paid for Life to such
				  person as he shall nominate by written designation duly acknowledged and filed
				  with the retirement system at the time of retirement. Under this option a
				  member may not change his beneficiary after the close of the period provided by
				  section 90  of the Retirement and Social Security Law
				  for the making of an election. Upon the death, prior to the death of the
				  member, of said person so nominated, the member shall, commencing with the
				  payment for the next following calendar month, begin receiving, in lieu of the
				  allowance then payable, an allowance equal in amount to that which would have
				  been payable if no optional modification of the retirement allowance were in
				  effect. This option shall not be available where the actuarial equivalent of
				  the amount(s) which the pensioner may receive is less than fifty percent of the
				  actuarial equivalent of the retirement allowance without optional
				  modification.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.6 - Election of option

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The election of the options provided in this Part shall be made on blanks
				prepared by the Comptroller for that purpose. Any such election may be made at
				any time before the first payment on account of any benefit becomes normally
				due. In the case of retirement on account of disability, the election of either
				the five-year certain option or the ten-year option may be made within 30 days
				after mailing by the Comptroller of notification of approval of retirement on
				account of disability. An election of an option may be withdrawn or a new
				option may be chosen at any time before the first payment on account of any
				benefit becomes normally due or within 30 days of the mailing of notification
				by the Comptroller of approval of retirement on account of
				disability.
(b) An election of
				option shall be ineffective until it is filed in the office of the
				Comptroller.
(c) The Comptroller,
				for reasonable cause, may extend the time for the election of an option for a
				period or periods which shall expire not later than 60 days immediately after
				the effective date of the member's retirement.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.7 - Effective date of option selection

Current through Register Vol. 46, No. 28, July 10, 2024
An option elected pursuant to this Part shall not become
				  effective if the member dies before the effective date of his retirement or
				  within 30 days after the filing in the office of the Comptroller of the
				  application for his retirement.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.8 - Designation of beneficiary

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				beneficiary maybe designated in accordance with the provisions of sections 90 and
				390  of the Retirement and Social Security
				Law. Each such designation shall be:
(1) made
				in writing on a blank provided by the Comptroller for such a purpose;
				and
(2) ineffective until it is
				filed in the office of the Comptroller.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.9 - Effective date of option selection

Current through Register Vol. 46, No. 28, July 10, 2024
Election of an option provided in this Part shall not become
				  effective if the member dies before the effective date of his retirement, or
				  within 30 days after the filing in the office of the Comptroller of the
				  application for his retirement unless expressly authorized by section 90 or section 390  of the Retirement and Social Security
				  Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 345 - Additional Options Upon Retirement For Tier 1 And 2 Members Of The New York State And Local Retirement Systems › Section 345.10 - Designation of beneficiary

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				beneficiary may be designated in accordance with the provisions of sections 90 and
				390  of the Retirement and Social Security
				Law. Each such designation shall be:
(1) made
				in writing on a blank provided by the Comptroller for such a purpose;
				and
(2) ineffective until it is
				filed in the office of the Comptroller.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 346 - Employer Adoption Of The Optional Benefit Improvement Provided By Section 384-e Of The Retirement And Social Security Law › Section 346.1 - Background; period during which covered employees may elect benefit improvement

Current through Register Vol. 46, No. 28, July 10, 2024
Section 384-e  of the Retirement and Social
				  Security Law, which was enacted pursuant to chapter 453 of the Laws of 1988,
				  provides a benefit improvement which may be adopted by employers who have
				  previously adopted the section 384-d optional twenty year plan. The section
				  384-e benefit improvement provides an additional pension component equal to one
				  sixtieth of final average salary; provided, however, that the total allowance
				  payable shall not exceed three quarters of the member's final average salary.
				  An employer's adoption of the section 384-e benefit improvement entitles all
				  individuals who are in their employ and enrolled in the 384-d plan during the
				  "coverage period" to elect the section 384-e improvement. All such employees
				  may elect the benefit improvement by filing an election with the Comptroller at
				  any time during their current employment with that employer and while enrolled
				  in the section 384-d plan. The employer establishes a "coverage period" by so
				  providing in the election to provide the benefit, which the employer must file
				  with the Comptroller. This Part shall provide the procedure under which
				  employers may file an election to provide the section 384-e benefit improvement
				  and the guidelines with respect for establishing a "coverage period."
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 346 - Employer Adoption Of The Optional Benefit Improvement Provided By Section 384-e Of The Retirement And Social Security Law › Section 346.2 - Filing of employer election to adopt the section 384-e benefit improvement

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				An election to provide the 384-e benefit improvement must be filed with the
				Comptroller in the manner provided by section 333  of the Retirement and Social Security
				Law.
(b) An employer's election to
				provide the 384-e benefit improvement shall not become effective until the
				opening date of the coverage period specified in the election, or the date the
				employer election is received by the Comptroller; whichever occurs
				later.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 346 - Employer Adoption Of The Optional Benefit Improvement Provided By Section 384-e Of The Retirement And Social Security Law › Section 346.3 - Establishing a "coverage period"

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The employer election of the 384-e
				benefit improvement filed with the Comptroller shall specify the "coverage
				period" as described in section
				346.1 
				of this Part. An employer election to provide the benefit improvement will be
				deemed to provide an unlimited coverage period unless the election specifically
				establishes the opening and/or closing dates of the coverage period.
(b) A limited coverage period may be
				established by specifying the opening and closing dates of such coverage period
				in the employer election filed with the Comptroller.
(c) The coverage period elected by the
				employer must be at least one year in duration. The coverage period may not be
				shortened after the employer election specifying the opening and closing dates
				of the coverage period is filed with the Comptroller. However, the employer may
				extend the coverage period by filing an election with the Comptroller
				specifying the new closing date of the coverage period, prior to the unextended
				closing date provided in the original election.
(d) An employer may elect to provide an
				additional coverage period to commence at any date following the close of a
				previous coverage period, by filing an additional election. Such an additional
				coverage period must be at least one year in duration, and an election to
				provide such an additional coverage period must be filed in the same manner as
				an original employer election.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 346 - Employer Adoption Of The Optional Benefit Improvement Provided By Section 384-e Of The Retirement And Social Security Law › Section 346.4 - Employees covered by employer election

Current through Register Vol. 46, No. 28, July 10, 2024
The employer election shall cover all employees who are
				  enrolled in the section 384-d plan during a coverage period.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law › Section 347.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
In 1989, the Legislature amended sections 17 and
				  317  of the Retirement and Social Security
				  Law to provide that employer contributions to New York State and Local
				  Employees' Retirement System and the New York State and Local Police and Fire
				  Retirement System for the fiscal year ending March 31, 1990 shall be due on
				  December 15, 1989, rather than June 30, 1991. These sections were also amended
				  to provide that employer contributions for all future State fiscal years shall
				  be due on December fifteenth of such year, commencing with the payment due on
				  December 15, 1990 for the fiscal year ending March 31, 1991. The same
				  legislation also enacted Retirement and Social Security Law sections 17-a and
				  317-a, which essentially provide for the amortization at 8.75 percent over 17
				  years of the two payments that would otherwise have been due by June 30, 1989
				  and June 30, 1990. The first amortization payment must be made by December 15,
				  1989. Under the above provisions, employers may make prepayment of amortized
				  contributions and the Retirement Systems shall, every year, reamortize the
				  remaining principal balance over the remaining years. This Part is promulgated
				  to set forth procedures for prepayment of such amortization payments. Sections
				  17-a and 317-a expressly and specifically require the Comptroller to promulgate
				  a regulation which includes the provisions contained herein as sections
				  347.2
				  and
				  347.3 
				  of this Part.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law › Section 347.2 - Notification of amount due

Current through Register Vol. 46, No. 28, July 10, 2024
On or before November 15, 1989, in addition to the amount due
				  for the current year billing and for the payment of the amortized annual
				  installment, the Comptroller shall advise each participating employer of the
				  total amortization amount due and be authorized to accept prepayment in full of
				  said amount by December 15, 1989.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law › Section 347.3 - Payment of outstanding amortization

Current through Register Vol. 46, No. 28, July 10, 2024
On or before each November 15th thereafter, in addition to
				  the amount due for the current year billing and for the payment of the annual
				  amortized installment, the Comptroller shall advise each participating employer
				  of amortization amount still outstanding and be authorized to accept the
				  prepayment of any balance remaining to be paid by December 15th of that year,
				  including interest.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law › Section 347.4 - Prepayments of amortized contributions

Current through Register Vol. 46, No. 28, July 10, 2024
Employers may, at any time, prepay any portion of amortized
				  contributions payable pursuant to section 17-a or 317-a.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 347 - Prepayment Of Amortized Contributions By Participating Employers Pursuant To Sections 17-a And 317-a Of The Retirement And Social Security Law › Section 347.5 - Interest

Current through Register Vol. 46, No. 28, July 10, 2024
Prepayments of amortized contributions made under this Part
				  shall be applied first to outstanding interest due. Prepayments of amortized
				  contributions in amounts greater than the total amount of outstanding interest
				  shall be applied to the outstanding amortized principal
				  balance.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 348 - Payment Of Disability Retirement Benefits Pursuant To Chapter 710, Laws Of 1989 › Section 348.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Chapter 710 of
				the Laws of 1989 amended sections 90 and
				390  of the Retirement and Social Security
				Law. As so amended, these sections provide that disability retirement shall
				become effective on the day before death where:
(1) the member applied for ordinary
				disability retirement under section 62 or
				362  of the Retirement and Social Security
				Law, accidental disability retirement under section 63 or 363, State Police
				disability retirement under section 363-b or performance of duty disability
				retirement under section 363-c; and
(2) the member filed an option election prior
				to death; and
(3) the member died
				at any time thereafter as the natural and proximate result of the disability
				alleged on the application.
Chapter 710 is retroactive so as to apply to otherwise
				  eligible members who died on or after August 7, 1987. However, under prior law,
				  ordinary death benefits, rather than post-death retirement benefits under a
				  retirement option, would have been payable on account of the death of
				  individuals covered by Chapter 710.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 348 - Payment Of Disability Retirement Benefits Pursuant To Chapter 710, Laws Of 1989 › Section 348.2 - Retroactive application of chapter 710 of the laws of 1989

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where ordinary death benefits are payable
				pursuant to section 60 or
				360  of the Retirement and Social Security
				Law on account of a death which occurred on or after August 7, 1987 and before
				July 24, 1989 an additional payment shall only be made pursuant to Chapter 710
				if the beneficiary of benefits payable under Chapter 710 is the same
				beneficiary who received or was entitled to receive ordinary death benefits
				under prior law.
(b) In determining
				whether additional benefits are payable pursuant to Chapter 710 on account of a
				death which occurred on or after August 7, 1987 and before July 24, 1989 to a
				beneficiary who already received ordinary death benefit payments under section
				60 or 360, and the amount thereof if any, the Retirement System shall compare
				the value of the ordinary death benefit already paid or payable with the amount
				that would be payable under the option election filed in connection with the
				decedent's application for disability retirement. In the case of Tier 2
				members, the amount of post-retirement death benefits payable shall also be
				considered.
(c) The comparison
				described in subdivision (b) of this section, immediately above, shall be
				performed in the following manner:
(1) Where
				the member elected Option one, the initial value shall be compared to the death
				benefit payment. If the initial value is greater, the difference between the
				initial value and the death benefit payment shall be paid.
(2) Where the member elected a joint and
				survivor option or a "pop-up option", the ordinary death benefit shall be
				divided by the beneficiary's unisex annuity value. If the annual option payment
				is greater, an annual allowance equal to the difference shall be
				paid.
(3) Where a five- or
				10-year-certain option was elected, the procedure provided in subdivision (c)
				paragraph (2) should be followed, using a five- or 10-year-certain annuity
				value.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 348 - Payment Of Disability Retirement Benefits Pursuant To Chapter 710, Laws Of 1989 › Section 348.3 - Prospective application of chapter 710, laws of 1989

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where the beneficiaries for the death
				benefit and the disability retirement option are the same, the Retirement
				System shall perform the comparison described in subdivision c, above, except
				that the annual option payment shall be multiplied by the appropriate factor
				and the lump sums shall be compared.
(b) Where the beneficiary(ies) of ordinary
				death benefits payable under section 60 or section 360 is (are) different from
				the beneficiary(ies) under Chapter 710, the disability retirement shall be
				deemed effective on the date prior to death, as provided under Chapter 710 of
				the Laws of 1989.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 349 - Survivor's Benefit For Active And Retired State Employees › Section 349.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term
				full-time officer or employeemeans any person whose salary is paid directly by
				the State:
(1) whose regular work schedule is
				20 hours a week or more; or
(2) who
				is paid on an annual salary basis, whose salary rate is $2,000 per year or
				more.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 349 - Survivor's Benefit For Active And Retired State Employees › Section 349.3 - Benefits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For purposes of
				determining the amount of the survivor's benefit for seasonal employees and for
				employees paid on an hourly, per diem or biweekly basis, the employee's annual
				rate of compensation shall be his hourly, per diem or biweekly rate of pay as
				of the date he was last on the payroll prior to death multiplied by the number
				of hours, days or biweekly periods, respectively which he would have worked
				during the 12 months immediately preceding his last day on the payroll if he
				had rendered continuous service during such period, working the number of hours
				per week and weeks per year normally and regularly required of employees
				holding the same position.
(b) The
				survivor's benefit under section 655 of the Civil Service Law shall be paid to
				the person nominated by the State employee to receive the ordinary death
				benefit under the public pension plan to which the employee belonged even if
				the employee has not served for a sufficient period to be eligible for such
				ordinary death benefit.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 349 - Survivor's Benefit For Active And Retired State Employees › Section 349.4 - Return to service after retirement

Current through Register Vol. 46, No. 28, July 10, 2024
An employee who has retired from a public pension plan and
				  had returned to service without again becoming a member of the retirement
				  system continues to be a retired employee.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 349 - Survivor's Benefit For Active And Retired State Employees › Section 349.5 - Negotiating unit

Current through Register Vol. 46, No. 28, July 10, 2024
The provision of this Chapter, insofar as they apply to
				  employees in the negotiating units established pursuant to article 14 of the
				  Civil Service Law and their dependents, shall be continued; provided, however,
				  that during period of time when there is in effect an agreement between the
				  State and an employee organization reached pursuant to the provisions of said
				  article 14, the provisions of such agreement and the provisions of the
				  agreement are different from the provisions of this Chapter, the provisions of
				  the agreement shall be controlling. The Comptroller may, upon certification by
				  the Director of Employee Relations, provide for the supplementation of benefits
				  provided hereinabove for officers and employees not in a negotiating unit
				  within the meaning of article 14 of the Civil Service Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Chapter 920 of the Laws of 1990 created a statutory program under which tier 3
				(Retirement and Social Security Law, section
				517-c)  and tier 4, 5 and 6 (Retirement
				and Social Security Law, section
				613-b)  members of the New York State and
				Local Employees' Retirement Systems may borrow from their accumulated member
				contributions. Chapter 171 of the Laws of 2011 created such a program for tier
				5 and 6 (Retirement and Social Security Law, section
				1207)  members of the New York State and
				Local Police and Fire Retirement System. Sections 517-c, 613-b and 1207
				expressly authorize the retirement systems to adopt rules and regulations for
				administering the provisions of those sections. Sections 519 and
				614  of the Retirement and Social Security
				Law authorize the Comptroller to adopt rules and regulations governing
				procedural matters applicable to tier 3 and 4 members of the retirement
				system.
(b) Pursuant to such
				authority, this Part is being promulgated to implement procedural rules the
				retirement systems find necessary to administer the loan provisions, and to
				provide a clear and consolidated restatement of the rules provided in
				Retirement and Social Security Law, sections
				517-c,
				613-b and
				1207.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.2 - Maximum loan amount

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				member may not borrow more than 75 percent of his or her accumulated
				contributions. In the case of a loan to a member who already has an outstanding
				loan balance from a previous loan or loans, the amount of such loan may not
				exceed an amount, which when added to the outstanding balance of previous
				loans, will exceed 75 percent of the member's accumulated
				contributions.
(b) Notwithstanding
				subdivision (a) of this section, a member who first joins the New York State
				and Local Employees' Retirement System or the New York State and Local Police
				and Fire Retirement System on or after January 1, 2018 may not borrow more than
				50 percent of his or her accumulated contributions or fifty thousand dollars
				($50,000), whichever is less. In the case of a loan to such a member who
				already has an outstanding loan balance from a previous loan or loans, the
				amount of such loan may not exceed an amount, which when added to the
				outstanding balance of previous loans, will exceed 50 percent of the member's
				accumulated contributions or fifty thousand dollars ($50,000), whichever is
				less.
(c) The amount of all loans
				outstanding shall not exceed the limitations of Internal Revenue Code section
				72(p).
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.3 - Application for loans

Current through Register Vol. 46, No. 28, July 10, 2024
Applications for loans shall be executed by members on forms
				  prepared by the retirement system.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.4 - Frequency of loans

Current through Register Vol. 46, No. 28, July 10, 2024
A member may only borrow once during any 12-month
				  period.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.5 - Rate of interest

Current through Register Vol. 46, No. 28, July 10, 2024
The rate of interest payable upon loans made pursuant to this
				  section shall be one percent less than the valuation rate of interest adopted
				  for the retirement systems. However, in no event shall such rate be less than
				  the rate set forth in subdivision (c) of section 517  of the Retirement and Social Security
				  Law, with respect to tier 3 members of the New York State and Local Employees'
				  Retirement System, or the rate set forth in subdivision (c) of section 613  of the Retirement and Social Security
				  Law, with respect to tier 4, 5 and 6 members of the New York State and Local
				  Employees' Retirement System. Any change in the interest rate shall become
				  effective on April 1st. However, the rate of interest applicable to any loan
				  shall be fixed at the time the loan is made and shall not be affected by
				  subsequent changes in the rate of interest applicable to new
				  loans.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.6 - Repayment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Amounts borrowed, together with interest on any unpaid balance, shall be repaid in equal installments which shall be in such amount as the retirement system shall approve; however, they shall be at least two percent of the member's salary and sufficient to repay the amount borrowed, together with interest on the unpaid balances thereof, within a period not in excess of five years.
(b) In the case of a member employed in public service of the State or a participating employer in the retirement system, repayment in such installments shall be made through regular payroll deductions.
(c) In the case of a member who has separated from the service of the State or participating employer in the retirement system, payment shall be made directly to the retirement system in installments of not less than $50; provided further that only one payment may be made during any calendar month.
(d) The member shall pay a service charge on each loan, to be deducted at the time the loan is made. The service charge on loans shall be at a rate to be determined, from time to time, by the Comptroller. Any change in the applicable service charge shall become effective on April 1st and applicable to all loans made during the fiscal year (April 1st - March 31st).
(e) Loan repayments will be suspended during a member's period of military service in accordance with the provisions of section  414(u) of the Internal Revenue Code of 1986, as amended.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 351 - Loans To Tier 3, 4, 5 And 6 Members › Section 351.7 - Loan insurance

Current through Register Vol. 46, No. 28, July 10, 2024
All loans shall be covered by loan insurance commencing 30
				  days following the date of the making of the loan, as required by sections 517-c, 613-b and
				  1207  of the Retirement and Social Security
				  Law. Changes in the loan insurance rate shall become effective on April
				  1st.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 352 - Investment Advisory Committee › Section 352.1 - Background and determination

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Whereas, the Retirement and Social
				Security Law establishes the Comptroller as trustee and administrative head of
				the New York State and Local Employees' Retirement System and the New York
				State and Local Police and Fire Retirement System, with power to adopt rules
				and regulations for the custody and control of its Funds (Retirement and Social
				Security Law, sections
				11,
				13,
				311,
				313);
(b) Whereas, the "Common Retirement Fund" Act
				(sections 420 et seq. of the Retirement and Social Security Law) establishes,
				under the custody of the Comptroller as trustee, a Common Retirement Fund
				consisting of the assets of the two systems;
(c) Whereas, the Comptroller in 1959
				established the Investment Advisory Committee to advise him in regard to
				investment policies;
(d) Whereas,
				the "Common Retirement Fund" Act was amended in 1970 to give statutory status
				to the committee, providing that the Comptroller shall appoint an Investment
				Advisory Committee to assist in the management of the monies of the Common
				Retirement Fund; and
(e) Whereas,
				in order to accomplish the purpose of such amendment and to provide more
				specifically for the organization and operation of the Investment Advisory
				Committee, the Comptroller desires to establish rules in regard to such matters
				as the number of members of the committee, their selection, the procedures
				whereby the committee transacts its business, ethical standards, and other
				related matters, this Part is hereby adopted.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 352 - Investment Advisory Committee › Section 352.2 - Membership

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Investment
				Advisory Committee shall consist of not less than seven members. Members shall
				be appointed by the Comptroller and shall serve for his term of office. Any
				vacancy shall be filled by appointment by the Comptroller for the remainder of
				the term.
(b) Each member of the
				committee shall be experienced in the field of investments and shall have
				served, or shall be serving, as a senior officer or member of the board of an
				insurance company, banking corporation or other financial or investment
				organization authorized to do business in the State of New York. No officer or
				employee of any State department or agency shall be eligible for membership on
				the committee. Members shall be entitled to reimbursement for their actual and
				necessary expenses, but shall receive no compensation for their
				services.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 352 - Investment Advisory Committee › Section 352.3 - Meeting and action of committee

Current through Register Vol. 46, No. 28, July 10, 2024
The committee shall convene periodically at the request of
				  the Comptroller. Where the committee votes to approve appointments to the Real
				  Estate Advisory Committee, the committee shall act only upon the affirmative
				  vote of a majority of the members in attendance or of four members, whichever
				  is greater; provided that members may participate in a meeting and vote on any
				  matter before the committee at such meeting by means of conference telephone or
				  similar communications equipment allowing all persons participating in the
				  meeting to hear each other at the same time and participation by such means
				  shall constitute attendance at such meeting. The Comptroller or his
				  representative shall preside at the meetings.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 352 - Investment Advisory Committee › Section 352.4 - Duties

Current through Register Vol. 46, No. 28, July 10, 2024
The committee shall advise the Comptroller on investment
				  policies relating to the monies of the common retirement fund and shall review,
				  from time to time, the investment portfolio of the fund and make such
				  recommendations as may be deemed necessary. Such recommendations shall be
				  considered advisory only. The committee shall also provide its advice and
				  consent to the appointment by the Comptroller of a separate Real Estate
				  Advisory Committee to review proposed mortgage and real estate investments by
				  the Common Retirement Fund. In making investments, as authorized by law, the
				  Comptroller shall be guided by policies established by said committees from
				  time to time.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 352 - Investment Advisory Committee › Section 352.5 - Code of ethics

Current through Register Vol. 46, No. 28, July 10, 2024
The Comptroller shall adopt a code of ethics setting forth
				  standards of conduct for members of the Investment Advisory Committee to avoid
				  potential conflicts between the financial and other personal interests of
				  members of the committee and the interests of the members and beneficiaries of
				  the New York State and Local Employees' Retirement System and the New York
				  State and Local Police and Fire Retirement System. The Comptroller may, in his
				  discretion, amend the code of ethics from time to time. Copies of the code of
				  ethics shall be provided to each person serving on the Investment Advisory
				  Committee, and such persons shall acknowledge receipt of a copy of the code of
				  ethics and shall be bound by the provisions thereof.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 353 - Procedure For Determining Applications For Disability Retirement Under Retirement And Social Security Law, Sections 507-a And 605 › Section 353.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Sections 507-a and
				  605  of the Retirement and Social Security
				  Law provide disability retirement benefits for certain members of the New York
				  State and Local Employees' Retirement System. These sections provide benefit
				  eligibility to members who have accrued at least 10 years of service credit and
				  are determined to be permanently incapacitated for the performance of duty,
				  without regard to the cause of such disability. Sections 507-a and 605 further
				  provide that members with less than 10 years of service credit shall be
				  eligible to receive benefits if they are permanently incapacitated for the
				  performance of duties as the natural and proximate result of an accident
				  sustained in member service. Section 507  of the Retirement and Social Security
				  Law provides an accidental disability benefit under which the determination of
				  the issue of permanent incapacity is based on the determination of the member's
				  application for primary social security. However, the determination as to
				  whether the incapacity determined with respect to the social security
				  disability application is the natural and proximate result of the accidents
				  alleged on the application for section 507 benefits must be made by the
				  Retirement System. Subdivision c of both section 507-a and section 605
				  authorize each public retirement system with members subject to the provisions
				  of those sections to adopt appropriate procedures for determining the issues of
				  permanent incapacity and, where appropriate, causal relationship between
				  alleged accidents and disability. Section 519  of the Retirement and Social Security
				  Law authorizes the Comptroller to promulgate regulations with respect to
				  administration of retirement benefits provided by article 14 of the Retirement
				  and Social Security Law. The New York State and Local Employees' Retirement
				  System has developed such appropriate procedures for determining applications
				  for disability retirement under sections 507, 507-a and 605, and this Part is
				  hereby promulgated to set forth and publish such procedures.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System › Part 353 - Procedure For Determining Applications For Disability Retirement Under Retirement And Social Security Law, Sections 507-a And 605 › Section 353.2 - Determining authority

Current through Register Vol. 46, No. 28, July 10, 2024
Applications for disability retirement benefits filed
				  pursuant to sections 507- a and 605 shall be determined by a committee of three
				  individuals, which shall consist of a Retirement System Bureau Director, who
				  shall serve as chairperson at committee meetings, and two other committee
				  members, who shall be appointed by the Deputy Comptroller for the Division of
				  Retirements from a pool consisting of individuals in Retirement Program
				  Administrator titles who are experienced in processing disability retirement
				  applications. In the event of the unavailability of one or more of the three
				  members of such committee to attend a scheduled meeting, the Deputy Comptroller
				  for the Division of Retirements shall appoint the necessary number of
				  substitute committee members from such pool. Such committee is referred to
				  herein as the "determining authority." With respect to applications for
				  accidental disability benefits filed under Retirement and Social Security Law
				  section 507, such determining authority shall also determine the issue of
				  causal relationship between alleged accidents and the disability which was the
				  basis of the approval of the member's application for primary social security
				  disability benefits.