reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVII - Rochester-Genesee Regional Transportation Authority › Part 4901 - Rules of Conduct for Transit Vehicles, Facilities, and Properties › Section 4901.5 - Enforcement

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Removal
				from RGRTA transit vehicles, facilities, and properties.
(1) Any person engaging in prohibited conduct
				under the provisions of section
				4901.4 of this Part may be refused
				entrance upon or ordered to leave RGRTA transit vehicles, facilities, and
				properties by a commissioned law enforcement official, RGRTA personnel, or
				authorized personnel of a contracted service provider in accordance with the
				terms of the applicable service contract. Failure to comply with such a removal
				order may be grounds for arrest and prosecution.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5000 - Membership › Section 5000.1 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All
				applications for membership, retirement, optional selections, loans, refunds,
				military service credit, prior service credit, transfer, and designation of
				beneficiary shall be made on appropriate forms to be furnished by the system
				and must be received at the system's office to be effective. Provided, however,
				whenever a statute requires that a document must be filed or moneys deposited
				with the system within a prescribed period of time or by a specified date in
				order for a member to be eligible for service credit or a benefit from the
				system, the document shall be deemed filed or the moneys deposited with the
				system on the day they are mailed through the United States Postal Service
				provided the mailing is by registered or certified mail. Notwithstanding these
				provisions, no such document shall be deemed filed or moneys deposited with the
				system on the day of mailing unless actually received by the system as a result
				of such mailing.
(b) All regularly
				employed (on a per annum basis) full-time teachers, as provided in subdivision
				4 of section
				501 of the
				Education Law, shall be required to become members of the system.
(c) Membership in the system, as set forth in
				subdivision (b) of this section, shall become effective when full-time
				employment commences whether or not application for membership is
				made.
(d) Membership shall be
				optional on an individual basis for any class of teachers, as provided in
				subdivision 4 of section
				501 of the
				Education Law, whose compensation is only partly paid by the employer or who
				are serving on a temporary or any other than a per annum basis.
(e) Commencing July 1, 2004, membership which
				is optional pursuant to subdivision (d) of this section shall commence on the
				earlier of:
(1) the first day of a month
				during which a membership application is notarized, provided the individual has
				rendered teaching service during that month and the membership application is
				filed within a reasonable time after it has been notarized; or
(2) the first day of a month during which the
				individual renders teaching service eligible for membership pursuant to
				subdivision (d) of this section on which the employer has withheld member
				contributions mandated pursuant to section
				613 of the Retirement and Social Security
				Law, provided such service has been reported by the employer to the
				system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5000 - Membership › Section 5000.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Chapter:
(a) System or retirement system shall mean
				the New York State Teachers' Retirement System.
(b) Plan year shall mean the fiscal year of
				the system of July 1-June 30.
(c)
				Tier 1 member shall mean a member of the system with a date of membership prior
				to July 1, 1973, whose benefits are determined pursuant to the provisions of
				article 11 of the Education Law.
(d) Tier 2 member shall mean a member of the
				system with a date of membership on or after July 1, 1973, but before July 27,
				1976, whose benefits are determined pursuant to the provisions of article 11 of
				the Education Law subject to the provisions of article 11 of the Retirement and
				Social Security Law.
(e) Tier 3
				member shall mean a member of the system with a date of membership on or after
				July 27, 1976, but before September 1, 1983, whose benefits are determined
				pursuant to the provisions of article 14 of the Retirement and Social Security
				Law.
(f) Tier 4 member shall mean a
				member of the system with a date of membership on or after September 1, 1983,
				but before January 1, 2010, whose benefits are governed by the provisions of
				article 15 of the Retirement and Social Security Law.
(g) Tier 5 member shall mean a member of the
				system with a date of membership on or after January 1, 2010, but before April
				1, 2012, whose benefits are determined pursuant to the provisions of article 15
				of the Retirement and Social Security Law as amended by chapter 504 of the Laws
				of 2009.
(h) Tier 6 member shall
				mean a member of the system with a date of membership on or after April 1,
				2012, whose benefits are determined pursuant to the provisions of article 15 of
				the Retirement and Social Security Law as amended by chapter 18 of the Laws of
				2012.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.2 - General

Current through Register Vol. 46, No. 28, July 10, 2024
Credit for service shall be granted as follows in computing
				  benefits:
(a) No credit shall be given
				for less than 20 days of service in a school year.
(b) One day shall be the length of the school
				district's regular session, but, with the exception of SUNY and community
				college faculty members, in no event less than five hours. Anything in the
				foregoing notwithstanding, effective for service rendered on or after July 1,
				1993, where the length of the full-time work day established for teaching
				assistants employed by a school district is less than the length of the school
				district's regular session but is at least six hours, a day for the purposes of
				determining the annualized contract salary of members who are employed as
				teaching assistants by such district on other than a full-time per annum basis
				shall be the length of such full- time work day.
(c) Twenty days shall equal one
				month.
(d) Credit for more than 20
				days shall be computed as follows:
20 to 29 days = 1 month
30 to 49 days = 2 months
50 to 69 days = 3 months
70 to 89 days = 4 months
90 to 109 days = 5 months
110 to 129 days = 6 months
130 to 149 days = 7 months
150 to 169 days = 8 months
170 and above = 1 year
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.3 - Leaves of absence

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member who
				is on a leave of absence and earning at least half pay for the period of his
				leave may be granted full service credit, or service credit at half the full
				rate, whichever is more beneficial.
(b) A member who is on a leave of absence and
				earning less than half pay for the period of his leave may be granted a
				fraction of the rate of service credit allowable to members on leave at half
				pay, and such fraction shall be the fraction of half pay which the member
				earned while on his leave.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.4 - Twenty-year service requirement, retention of membership, and in-service requirement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Twenty
				days of service rendered in any school year on and after July 1, 1968 shall
				entitle the member to one year of service credit in satisfaction of the 20-year
				service requirement of section
				511-a of the
				Education Law, and in satisfaction of the service requirement for retention of
				membership under subdivision 3 of section
				503 of the
				Education Law.
(b) For purposes of
				satisfying the requirement of subdivision 3 of section
				511-a of the
				Education Law that a member attain age 55 or over while in service, a member
				shall be considered to be in service if he was employed for 20 days during the
				semester in which he attained age 55 or over, or for 20 days in the preceding
				semester.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.5 - Minimum compensation rate

Current through Register Vol. 46, No. 28, July 10, 2024
The retirement board shall exclude as a basis for service
				  credit or as a basis for eligibility for benefit, or as a basis for membership
				  in the system, any service rendered at a compensation rate less than that
				  established by law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.6 - Service credit for members of the retirement board who have been elected by the membership of the system

Current through Register Vol. 46, No. 28, July 10, 2024
Each member of the retirement board who has been elected by
				  the membership of the retirement system and has been granted a leave of
				  absence, pursuant to subdivision 6 of section
				  506 of the
				  Education Law, shall receive a year of service credit for each year of service
				  on the retirement board, or where such service is less than one year, credit
				  shall be granted in accordance with section
				  5001.2 of this
				  Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5001 - Service Credit › Section 5001.7 - Credit for military service rendered during periods of military conflict

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This section
				implements section
				1000 of the Retirement and Social Security
				Law providing for retirement credit for military service rendered by members
				and eligible retired members during periods of military conflict.
(b) No claim for retirement credit under
				section 1000 shall be deemed filed with the system until the member or retiree
				of the system has filed a form DD-214 or equivalent documentation with respect
				to the military service being claimed. However, a member or retiree shall be
				deemed to have filed a claim for retirement credit as of the effective date of
				section 1000 if such member or retiree has on file with the system on the
				effective date of section 1000 a form DD-214 or equivalent documentation which
				covers the military service for which retirement credit may be granted under
				section 1000.
(c) For purposes of
				determining the cost to be paid by the eligible member for such credit, the
				member's compensation earned during the twelve months of credited service
				immediately preceding the date that the member made application for credit
				shall be the compensation earned by the member during the plan year or plan
				years during which the member most recently earned one year of credited
				service, beginning with the plan year (July 1-June 30) last ending immediately
				prior to the date on which the member filed his/her application for military
				service credit and working backwards from the end of such plan year. In the
				case of a retiree eligible to obtain military credit under section 1000, the 12
				month period immediately preceding retirement shall be the period during which
				the member last accrued one year of credited service beginning from the plan
				year last ending immediately prior to the member's date of retirement and
				working backwards from the end of such plan year. Compensation for the purposes
				of section 1000 shall be salary earned as defined in section
				5001.1(f) of this
				Part.
(d) An eligible member or
				retiree shall pay the cost of retirement credit no later than the end of the
				plan year following the plan year in which the system bills the member for such
				cost. Otherwise, the application for retirement credit shall be deemed to have
				been abandoned and such member or retiree must file a new application to the
				system in order to obtain credit for such service.
(e) In the event a member is not able to
				benefit from any retirement credit purchased pursuant to section 1000, the cost
				for such credit shall be refunded to such member at retirement or death with
				interest at the rate of five percent per annum.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.1 - Prior/previous service credit under section 509 of the Education Law or sections 446, 513 and 609 of the Retirement and Social Security Law

Current through Register Vol. 46, No. 28, July 10, 2024
In order to secure credit for prior/previous service as set
				  forth in section
				  509 of the
				  Education Law or section
				  446,
				  513 or
				  609 of the Retirement and Social Security
				  Law, the following requirements must be met:
(a) The member must file a valid claim form
				with the system.
(b) The member
				must have rendered and been credited with the appropriate minimum service
				required by section
				509 of the
				Education Law or section
				446,
				513 or
				609 of the Retirement and Social Security
				Law, whichever is applicable.
(c)
				The member must secure verification satisfactory to the system.
(d) For those members joining on and after
				April 24, 1962, the system must receive certification that the member is not
				now receiving or will not in the future receive a benefit from another
				retirement system for the service.
(e) The appropriate payment must be received
				by the system.
(f) Except as
				permitted pursuant to section
				802 of the Retirement and Social Security
				Law, no credit shall be allowed for service which has been credited in any
				retirement system if the member, on or after April 30, 1963, withdraws his
				contributions to such retirement system and terminates his membership therein
				during the period in which his membership in such other system would have been
				valid and, because of such withdrawal or termination, transfer of such credit
				from such other retirement system cannot be made to the system pursuant to
				section
				522 of the
				Education Law. The foregoing restriction shall not apply to members who retire
				under article 11, 14 or 15 of the Retirement and Social Security Law on or
				after October 27, 1994.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.2 - Special rules and regulations pertaining to members with a date of membership after June 30, 1973, but before July 27, 1976, interpreting subdivision b of section 446 of the Retirement and Social Security Law

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Credit for service which predates the
				date of entry into the system may be granted without the member being required
				to render a minimum of five years of credited service after July 1, 1973,
				provided such service is otherwise creditable, and either:
(1) was rendered by an employee during which
				employment he became a member of the system; or
(2) was rendered by an employee during which
				employment he was ineligible to join a public retirement system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.3 - Payment for previous service for members with a date of membership on or after July 27, 1976, but before September 1, 1983, who are eligible to purchase such service

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				amount of money to be paid for previous service which was originally credited
				under a membership dated prior to July 27, 1976 (Tier I or II) shall be three
				percent of wages earned for such service.
(b) The amount of money to be paid for
				previous service which was originally credited under a former membership dated
				on or after July 27, 1976 but before September 1, 1983 (Tier III), shall be
				three percent of wages earned for such service, together with interest from the
				date of such service through the date of repayment at the rate of five percent
				per annum compounded annually.
(c)
				The amount of money to be paid for previous service which was not previously
				credited in a public retirement system in New York State which predates the
				entry in the retirement system, pursuant to paragraphs (i) and (ii) of
				subdivision b of section
				513 of the Retirement and Social Security
				Law, shall be three percent of wages earned for such service.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.4 - Payment for previous service for members with a date of membership on or after September 1, 1983 but before January 1, 2010, who are eligible to purchase such service

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				amount of money to be paid for previous service which was originally credited
				under a membership dated prior to July 27, 1976 (Tier I or II) shall be as
				follows:
(1) three percent of the wages
				earned for service rendered prior to July 27, 1976, together with interest from
				July 27, 1976 through the date of payment at the rate of five percent per annum
				compounded annually;
(2) three
				percent of the wages earned for service rendered on and after July 27, 1976,
				together with interest at the rate of five percent per annum compounded
				annually from the date of such service until the date of repayment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.5 - Method of payment

Current through Register Vol. 46, No. 28, July 10, 2024
Payments for prior/previous service must be made in multiples
				  of one year except when less than one year of service has been rendered during
				  the year claimed. Under no circumstances will credit for prior/previous service
				  be granted until payment is made.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.6 - Credit for prior service as a CETA employee

Current through Register Vol. 46, No. 28, July 10, 2024
Any person who, on or after September 1, 1975, was employed
				  in transitional public employment service as defined in section one of chapter
				  769 of the Laws of 1975, in a position which, except for the exclusion from
				  membership contained in section two of that chapter, would have been creditable
				  in this system, and who, within 90 days of termination of service in such
				  position, renders five years or more of service in another position pursuant to
				  which such person becomes a member of this system and for which service credit
				  is granted in this system, may obtain up to four years of credit for such
				  period of transitional public employment service, provided that:
(a) the member makes application to the
				system for credit within one year after completion of such five years of
				creditable service;
(b) the member
				secures verification satisfactory to the system; and
(c) the member and the employer for whom the
				member rendered transitional public employment service make the required
				payments no later than one year from the date the member makes application for
				the service credit; provided, however, that such employer or member may elect
				to deposit such amounts as may be necessary over a period of time no greater
				than the period for which credit is being claimed. If the full amount of such
				payments is not made, the amount of service credited shall be proportional to
				the total amount of the payments made.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.7 - Payment for previous service for members with a date of membership on or after January 1, 2010, who are eligible to purchase such service

Current through Register Vol. 46, No. 28, July 10, 2024
The amount of money to be paid for previous service which
				  predates the member's date of membership in the case of members with a date of
				  membership on or after January 1, 2010 (Tier V) shall be 3.5 percent of wages
				  earned together with interest at the rate of five percent per annum compounded
				  annually from the date of such service until the date of
				  payment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5002 - Credit For Prior/previous Service › Section 5002.8 - Payment for previous service for Tier 6 members who are eligible to purchase such service

Current through Register Vol. 46, No. 28, July 10, 2024
The amount of money to be paid for previous service which
				  predates the member's date of membership in the case of Tier 6 members shall be
				  six percent of wages earned together with interest at the rate of five percent
				  per annum compounded annually from the date of such service through the date of
				  payment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.1 - Three-year final average salary for members who join system prior to July 1, 1976

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A three-year
				final average salary is defined as the highest average annual regular salary
				earned by a member over a period covering three consecutive years of New York
				State service credit. Regular salary earned shall exclude termination pay and
				payments which are not part of the salary base and/or are not paid over a
				period of years; for example, bonuses and one-time-only increments. It shall
				also exclude any earnings in excess of 120 percent of the earnings for the
				preceding year of service credit (the preceding two years of service credit for
				those members who joined on and after July 1, 1973 and before July 1, 1976),
				after such earnings have been adjusted to exclude the termination
				pay.
(b) If the member has fewer
				than three years of service credit, then his final average salary shall be
				computed over the actual period of service.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.2 - Five-year final average salary for certain members who joined system prior to July 1, 1973

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A five-year
				final average salary is defined as the highest average annual salary earned by
				a member over a period covering five consecutive years of New York State
				service credit.
(b) In the case of
				members who joined the system prior to June 17, 1971, termination pay, provided
				it constitutes compensation earned as a teacher, is includable in the
				computation of final average salary.
(c) In the case of members who joined the
				system on or after June 17, 1971, salary earned shall exclude termination pay
				and any earnings in excess of 120 percent of the earnings for the preceding
				year of service credit. (Termination pay as defined in section
				5001.1[d] of this
				Chapter.)
(d) If the member has
				fewer than five years of service credit, then his final average salary shall be
				computed over the actual period of service.
(e) Any member of the system who is a
				discontinued member under the provisions of the optional retirement program,
				and who became such a discontinued member prior to July 1, 1969, is restricted
				to a five-year computation of his final average salary.
(f) The five-year final average salary is not
				applicable to those members joining on and after July 1, 1973.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.3 - Salaries for elected members of retirement board while on leave of absence during service on retirement board

Current through Register Vol. 46, No. 28, July 10, 2024
A member of the system who has been elected to the retirement
				  board and who has been granted a leave of absence to serve on the board,
				  pursuant to subdivision 6 of section
				  506 of the
				  Education Law, shall be entitled to use the salaries earned, as reported in
				  section 5015.2 of this Title, in the
				  calculation of final average salary so long as they meet all the other
				  requirements as specified in sections 5003.1 and
				  5003.2 of this
				  Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.4 - Final average salary for members joining the system on or after July 1, 1976

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member's
				final average salary shall be the average wages earned by such a member during
				any three consecutive years which provide the highest average wage; provided,
				however, if the wages earned during any year included in the period used to
				determine final average salary exceeds that of the average of the previous two
				years by more than 10 percent, the amount in excess of 10 percent shall be
				excluded from the computation of final average salary. Where the period used to
				determine final average salary is the period which immediately precedes the
				date of retirement, any month or months (not in excess of 12) which would
				otherwise be included in computing final average salary, but during which the
				member was on authorized leave of absence at partial pay or without pay shall
				be excluded from the computation of final average salary and the month or an
				equal number of months immediately preceding such period shall be substituted
				in lieu thereof.
(b) Wages shall
				mean regular compensation earned by and paid to a member by a public
				employer.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.5 - Moneys paid pursuant to the excellence in teaching program

Current through Register Vol. 46, No. 28, July 10, 2024
All moneys paid to a member pursuant to the excellence in
				  teaching program as provided in subdivision 27 of section
				  3602 of the
				  Education Law, which are not paid as termination pay or otherwise in
				  anticipation of retirement shall be deemed regular compensation for purposes of
				  computing the member's final average salary.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5003 - Computation Of Final Average Salary › Section 5003.6 - Final average salary for Tier 6 members

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member's final average salary shall be
				the average wages earned by such a member during any five consecutive years of
				New York State service credit which provide the highest average wage; provided,
				however, if the wages earned during any year included in the period used to
				determine final average salary exceeds that of the average of the previous four
				years by more than 10 percent, the amount in excess of 10 percent shall be
				excluded form the computation of final average salary. Where the period used to
				determine final average salary is the period which immediately precedes the
				date of retirement, any month or months (not in excess of 12) which would
				otherwise be included in computing final average salary, but during which the
				member was on authorized leave of absence at partial pay or without pay shall
				be excluded from the computation of final average salary and the month or an
				equal number of months immediately preceding such period shall be substituted
				in lieu thereof.
(b) Wages shall
				mean regular compensation earned by and paid to a member by a public employer.
				Wages paid during a school year in excess of the annual salary paid to the
				Governor pursuant to section three of article IV of the New York Constitution
				and wages paid by any one or more employers other than the two employers paying
				the highest wages during a school year shall be excluded from the calculation
				of the member's final average salary.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.1 - General requirements for all loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All applications for loans shall be made
				on forms approved and provided by the system.
(b) Any member who is credited with at least
				one year of service may apply for a loan.
(c) The unpaid balance of any defaulted loan
				must be fully repaid.
(d) Nothing
				in this Part shall authorize or require the system to make a loan which is not
				permitted under the applicable provisions of the Internal Revenue
				Code.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.2 - Additional eligibility requirements for members with a date of membership before July 27, 1976 (Tiers I and II)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Members must not have previously received
				a loan during the semi-annual period (January 1st-June 30th or July
				1st-December 31st (as applicable) in which the loan is to be issued. A member
				must apply by June 15th in order to assure the loan is issued by June 30th and
				must apply by December 15th in order to assure the loan is issued by December
				31st.
(b) A loan shall be at least
				$300 and, together with any outstanding loan balance, shall not exceed 75
				percent of the member's accumulated contributions.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.3 - Additional eligibility requirements for members with a date of membership on or after July 27, 1976 (Tiers III, IV and V)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Members must not have previously received
				a loan during the calendar year (January 1st-December 31st) in which the loan
				is to be issued. A member must apply by December 15th in order to assure the
				loan is issued by December 31st.
(b) A loan shall be at least $1,000 and,
				together with any outstanding loan balance, shall not exceed 75 percent of the
				member's total contributions.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.4 - Repayment of loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Loans may be
				repaid by one of two methods.
(1) Direct
				coupon repayment--the member sends payment directly to the system. This method
				shall be used in the case of members who are not in service or are on an unpaid
				leave of absence or for whom the employer is unable to deduct the full amount
				of the loan payment from the member's compensation.
(2) Payroll deduction repayment--the member's
				full loan payment is automatically deducted from the member's compensation by
				the employer. This method shall be used in the case of members who are in
				service unless the employer is unable to deduct the full amount of the loan
				payment from the member's compensation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.5 - Interest on loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For Tier
				I/II members, the rate of interest payable on loans shall be at the rate of
				five per centum per annum. Any increase or decrease in the interest rate shall
				apply, from the effective date thereof, to unpaid balances of loans outstanding
				on such date and to new loans made thereafter.
(b) The rate of interest payable on Tier
				III/IV/V loans shall be one percent less than regular interest pursuant to
				Education Law, section 501(9)(b); however, in no event shall the rate be less
				than set forth in Retirement and Social Security Law, section 517(c) or 613(c).
				Whenever there is a change in the interest rate it shall be applicable to loans
				made or renegotiated after the date of such change in the interest rate.
				Effective July 1, 1991, for Tier III/IV/V members, the rate of interest payable
				on loans shall be at the rate of seven per centum per annum.
(1) When a Tier III/IV/V member transfers to
				this system from another public retirement system with an outstanding loan from
				that system, the loan will be reestablished in this system, using the rate of
				interest in effect in this system on the date the loan was originally issued in
				the other public retirement system.
(2) When a Tier III/IV/V member of this
				system who has an outstanding loan, transfers a Tier III/IV/V membership from
				another public retirement system bringing an outstanding loan balance from the
				other system, the two loans will be combined and reestablished using the rate
				of interest applicable to the loan which was originally issued from this
				system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.6 - Insurance on loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each loan
				not in default shall be insured against the death of the member in an amount
				equal to the amount of the loan outstanding at any given time except there will
				be no insurance for the first 30 days.
(b) The loan insurance coverage for an
				additional loan obtained while there is an outstanding balance on a loan shall
				be administered as follows:
(1) the balance
				of the old loan shall be considered to be fully insured at the new loan
				issuance date;
(2) in cases of
				death where payments have been made on the new loan within 30 days after the
				loan issuance date, the payments shall be prorated between the old balance and
				the amount of the new loan.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.7 - Charges

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The service
				charge on each loan issued shall be $30.
(b) The service charge fund shall be the fund
				established to administer service charges.
(c) A loan payment shall be considered
				delinquent when it is 10 days past due and for each such payment a $10 charge
				shall be added to the loan. A loan payment must be paid in full in order not to
				be considered delinquent.
(d) A
				charge of $20 shall be made for each dishonored check sent in payment of a
				loan.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.8 - The effect on unpaid loans of death, retirement, withdrawal or transfer to another retirement system for Tiers I and II members

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A Tier I/II loan shall become due and
				payable upon death, retirement, withdrawal or transfer to another retirement
				system.
(b) In the event such
				amount is not repaid, the balance of the loan with interest and insurance
				premium to date shall be deducted from the member's annuity savings
				account.
(c) In the case where a
				borrowing member dies prior to the repayment of a loan not in default after the
				loan shall be fully insured and there are payments on this loan which are in
				arrears at the date of death, the arrears payments shall be deducted from the
				member' s annuity savings account and the balance of the loan shall be closed
				to the Retirement System Insurance Fund.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.9 - The effect on unpaid loans of death, retirement, withdrawal or transfer to another retirement system for Tier III, IV and V members

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Whenever a member for whom a loan is
				outstanding becomes entitled to the return 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, pursuant to Retirement and
				Social Security Law, section 517(c) or 613(c).
(b) Whenever a member for whom a loan is
				outstanding retires, the retirement allowance payable without optional
				modification shall be reduced by a life annuity which is actuarially equivalent
				to the amount of the outstanding loan. Such life annuity shall be calculated
				utilizing the percentage interest rate on 10-year United States treasury
				obligations as of January 1st of the calendar year of the effective date of
				retirement truncated to two decimal places and the mortality tables for options
				available under Retirement and Social Security Law, section 514 or
				610.
(c) Whenever a member for whom
				a loan is outstanding transfers to another public retirement system, this
				system shall transfer to the retirement system to which the member is
				transferring the difference between the full value of the member's
				contributions as of the date of transfer as if there were no loan outstanding
				and the member's outstanding loan balance with interest at the time of the
				transfer.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.10 - Loan default

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A loan shall
				be considered to be in default when a payment has not been made by the due date
				for such payment or within three months following such date.
(b) In the event of default, the system shall
				be authorized to collect such payment due from the employer of such member
				through payroll deduction and such member shall forfeit all future entitlement
				to borrow from the system until the unpaid balance of the loan outstanding at
				the time of default is fully paid.
(c) In the event of default by a Tier I or II
				member:
(1) if the member is not employed as
				a teacher under article 11 of the Education Law at the time of default, the
				loan shall be closed to the annuity savings account;
(2) if the member has claimed bankruptcy, the
				loan shall be closed to the annuity savings account;
(3) any loan which has been declared in
				default and closed to the annuity savings account of the member may not be
				repaid as a loan. Should such a member desire to repay his defaulted loan, he
				must do so by making a special arrangement with the system to make an
				additional contribution to his annuity savings account.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.11 - Executive director's authority

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The executive director shall be authorized to approve all loans provided that
				such loans are made in conformity with the statute and rules and
				regulations.
(b) The executive
				director is authorized, in case of extreme hardship to the member, to waive the
				failure to make payment on any loan for a period of three months in addition to
				the three-month period allowed before default, which period, however, may not
				extend beyond the end of the quarter following the quarter in which the unpaid
				installment was due.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5004 - Loans › Section 5004.12 - Loan repayments during periods of military service

Current through Register Vol. 46, No. 28, July 10, 2024
Loan repayments will be suspended under this plan 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 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5005 - Applications For Retirement › Section 5005.1 - Who may file a retirement application

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A member who meets the eligibility
				requirements for retirement may file an application for service, disability or
				deferred retirement.
(b) The system
				shall not be obliged to inquire as to the competency of the member. If the
				system, however, receives information which, in the system's sole judgment,
				raises a question as to the member's competency, the system may, in its sole
				discretion, take such actions as it may deem appropriate including, but not
				limited to, requiring a statement, completed by a qualified physician,
				attesting to the member's competence to file a retirement
				application.
(c) A duly appointed
				guardian of the person or the property of a member may file an application on
				behalf of a member, provided such guardian has been authorized to do so by the
				court which appointed such guardian. A certified copy of the court order must
				be submitted to the system.
(d) If
				the application is signed by the member with his mark (x), his mark must be
				notarized or must be witnessed by two individuals and, in addition, the
				following affidavits will be required:
(1) an
				affidavit executed by each witness stating that the mark (x) is the signature
				of said member, and explaining why the member is incapable of signing himself;
				and
(2) a statement executed by a
				qualified physician explaining why the member is incapable of signing
				himself.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5005 - Applications For Retirement › Section 5005.3 - Effective date of service, disability and deferred retirement applications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A retirement
				application may take effect, as duly requested by the member, on the date the
				retirement application is filed or on a date following such filing, subject to
				the following. An application for service or deferred retirement may not take
				effect more than 90 days after such application was filed with the system. An
				application for retirement may not take effect until the member has ceased to
				be paid on the payroll of a participating employer, except as permitted in
				subdivision (8) of section
				511 of the
				Education Law, and an application for disability pursuant to article 14 of the
				Retirement and Social Security Law may not take effect until the date on which
				primary social security benefits commence. A retirement application filed by a
				teacher for retirement during a calendar year in which the teacher will attain
				or has attained age 65, however, may take effect on the date requested in the
				application, provided that, no later than the day preceding such date, the
				teacher has resigned from the position or positions in which such teacher has
				been employed and has surrendered any and all rights appurtenant to such
				position or positions and such teacher shall be deemed and held to have taken
				such actions unless the teacher rescinds his/her retirement application prior
				to the date requested.
(b) An
				application for retirement must be submitted on a form furnished by the
				system.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5005 - Applications For Retirement › Section 5005.4 - Withdrawal of application for retirement

Current through Register Vol. 46, No. 28, July 10, 2024
An application for service or deferred retirement must be
				  unconditional but may be withdrawn at any time prior to the expiration of 14
				  days after the effective date of retirement by filing a written request for
				  such withdrawal. In order to be effective, the request must be filed with the
				  system's office no later than the last day of such 14-day period. An
				  application for disability retirement must be unconditional but may be
				  withdrawn by filing a written request for such withdrawal in the system's
				  office, at any time prior to the date the retirement board acts upon the
				  application or the day before the retirement becomes effective, whichever is
				  later.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5005 - Applications For Retirement › Section 5005.5 - Early service retirement reductions in the case of members with a date of membership on or after January 1, 2010

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of any member with a date of membership on or
				  after January 1, 2010 (Tier 5) retiring for service prior to age 62 but no
				  earlier than age 55, other than any such member who has attained age 57 and
				  accrued at least 30 years of service, the reductions in such member's service
				  retirement benefit otherwise computed without optional modification shall be
				  administered as follows:
(a) for each
				full month of the first 24 full months by which retirement predates age 62,
				such benefit shall be reduced by 1/180 per month; and, in addition, if
				applicable;
(b) for each full month
				of the first 60 full months by which retirement predates age 60, such benefit
				shall be reduced by a further 1/240 per month.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5005 - Applications For Retirement › Section 5005.6 - Early service retirement reductions in the case of Tier 6 members

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of any Tier 6 member retiring for service prior
				  to age 63 but no earlier than age 55, the reductions in such member's service
				  retirement benefit otherwise computed without optional modification shall be
				  administered as follows: for each full month by which retirement predates age
				  63, such benefit shall be reduced by 6.5/1200 per month.