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 366 - Establishing Filing Date Of Documents Transmitted To The New York State And Local Retirement Systems Via Facsimile (fax) Machine › Section 366.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Under the
				Retirement and Social Security Law, it is frequently of great importance to a
				member, pensioner or employer to file certain documents in a timely manner. In
				many situations, the Retirement and Social Security Law provides firm deadlines
				by which important documents, such as benefit application forms, designation of
				beneficiary forms, option election forms, etc., must be filed. Under a line of
				cases which predated both the era during which facsimile transmission
				technology became commonplace and the enactment of sections 19 and
				319  of the Retirement and Social Security
				Law, it was held that a document could not be considered "filed with the
				Comptroller" for the purposes of the Retirement and Social Security Law until
				it was actually received by the Comptroller or the Retirement System.
(b) In 1986, the principle that filing could
				not occur until a document was actually received was qualified by the enactment
				of sections 19 and
				319  of the Retirement and Social Security
				Law. These sections provide that whenever a statute requires that document be
				filed with the Comptroller, as Administrative Head of the New York State and
				Local Retirement Systems, within a prescribed period of time or by a specified
				date, and such document has been mailed to the Comptroller or the Retirement
				System by United States Postal Service certified mail, return receipt
				requested, the document shall be deemed filed on the date of mailing. Sections
				19 and 319 further provide that notwithstanding the fact that the filing date
				may be established as the date of mailing where the document is ultimately
				thereafter received by the Comptroller or Retirement System, no document shall
				be deemed filed on the date of mailing unless it is actually received by the
				Retirement System as a result of such mailing.
(c) Accordingly, sections 19 and 319
				establish the principle that while a Retirement System document must be
				received by the Comptroller or the Retirement System in order to be deemed
				filed for the purposes of the Retirement and Social Security Law, the date of
				filing may be established as a date prior to the actual receipt date, where the
				transmission is attained via a technology that ensures that the Retirement
				System is able to reliably determine the date of transmission. This Part
				extends this principle to the transmission of documents via facsimile ("fax")
				machine.
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 366 - Establishing Filing Date Of Documents Transmitted To The New York State And Local Retirement Systems Via Facsimile (fax) Machine › Section 366.2 - Establishing date of filing for documents transmitted to the comptroller via facsimile ("fax") machine

Current through Register Vol. 46, No. 28, July 10, 2024
Whenever a statute requires that document be filed with the
				  Comptroller, as Administrative Head of the New York State and Local Retirement
				  Systems, within a prescribed period of time or by a specified date, such
				  document will be considered filed on the date that it has been successfully
				  transmitted via facsimile ("fax machine") to the Retirement System.
				  Notwithstanding the fact that the filing date may be established as the date of
				  successful transmission via facsimile ("fax") machine, no document shall be
				  deemed filed on the basis of successful facsimile transmission unless the
				  original document is subsequently received 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 366 - Establishing Filing Date Of Documents Transmitted To The New York State And Local Retirement Systems Via Facsimile (fax) Machine › Section 366.3 - Excusing non-receipt of original document following facsimile transmission

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding the provisions of section
				  366.2 
				  of this Part, the Comptroller may, for reasonable cause, consider a document to
				  have been filed on the date of successful facsimile transmission where the
				  original document is not thereafter actually received by the Comptroller or 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 369 - Filing Application For Performance Of Duty Disability Retirement Under Sections 63-a, 507-b And 607-a Of The Retirement And Social Security Law › Section 369.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Chapter 722 of the Laws of 1996 created a new performance of
				  duty disability retirement which covers members in the uniformed personnel in
				  institutions under the jurisdiction of Department of Correctional Services and
				  Security Hospital Treatment Assistants, as those terms are defined in section 89  of the Retirement and Social Security Law.
				  Chapter 722 added a new section 63-A, a new section 507-b and a new section
				  607-a to, the Retirement and Social Security Law, which govern the benefit.
				  While sections 63-A, 507-b and 607-a as added by chapter 722, cover the
				  substantive requirements for eligibility for the new performance of duty
				  disability retirement benefit and contains provisions relating the benefit
				  calculation, they do not contain any provisions pertaining to the filing of
				  applications for the performance of duty disability benefit covered therein.
				  Under these sections, the benefit is to be calculated under the liberal formula
				  which covers Tier 1 accidental disability retirement benefits, and the benefit
				  is to be offset under section 64  of the Retirement and Social Security Law
				  by Workers' Compensation benefits in the same manner as is applicable to
				  accidental disability retirement benefits. Accordingly, in view of the above
				  and other available information regarding the legislative intent, we believe
				  that it is clear that the Legislature intended that the rules governing filing
				  procedures and deadlines to be applied to performance of duty disability
				  retirement under these sections are the liberal accidental disability
				  retirement filing provisions of section 63  of the Retirement and Social Security Law
				  and any regulations applying thereto, including Part 309 of this
				  Title.
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 369 - Filing Application For Performance Of Duty Disability Retirement Under Sections 63-a, 507-b And 607-a Of The Retirement And Social Security Law › Section 369.2 - Filing of application for performance of duty disability retirement under sections 63-a, 507-b and 607-a of the retirement and social security law

Current through Register Vol. 46, No. 28, July 10, 2024
To be effective, an application for performance of duty
				  disability retirement under sections 63-A, 507-b and
				  607-a  of the Retirement and Social
				  Security Law shall be filed within two years after the member is first
				  discontinued from service, as provided (with respect to accidental disability
				  retirement) under paragraph 3 of subdivision a of section 63  of the Retirement and Social Security Law.
				  The requirements with respect to filing applications for performance of duty
				  disability retirement shall be as provided (with respect to accidental
				  disability retirement) by section 63  of the Retirement and Social Security Law
				  and the case law and/or regulations pertaining to the filing of accidental
				  disability retirement applications under section 63. Applications must be filed
				  on a form created by the Comptroller for such purpose.
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 370 - Service Credit For Tier 1 Members Of The New York State And Local Retirement Systems › Section 370.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Sections 41 and
				  341  of the Retirement and Social Security
				  Law empowers the Comptroller to determine the amounts of service credited to
				  Tier 1 members of the New York State and Local Employees' Retirement System and
				  the New York State Police and Fire Retirement System, respectively, and to
				  adopt reasonable rules and regulations for the crediting of service with
				  respect to such members. While rules which pertain to service crediting of Tier
				  1 member service have been in place for several decades, they have not
				  previously been published in a regulation. In view of the facts that the
				  Legislature has, since the enactment of the Tier 1 provisions, enacted separate
				  and distinct service crediting rules applicable to Tier 2, 3 and 4 members of
				  the Retirement System, and regulations have been promulgated with respect to
				  those tiers, there is a need to set forth, by regulation, the rules applicable
				  to the crediting of service for Tier 1 members of the Retirement System. This
				  action is being promulgated to publish the applicable rules with respect to the
				  circumstances under which a member shall receive full credit (a year of credit
				  for any 12 consecutive calendar months) and those under which credit for
				  part-time service shall be prorated (less than one year of credit granted for
				  any 12 consecutive calendar months).
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 370 - Service Credit For Tier 1 Members Of The New York State And Local Retirement Systems › Section 370.2 - Positions for which full-time credit shall be granted

Current through Register Vol. 46, No. 28, July 10, 2024
Full credit shall be granted with respect to
				  positions:
(a) which do not have a
				specified work day (or a specified number of work days in a month);
				and
(b) in which the individual is
				compensated on the basis of an "annual salary" that is set forth by law,
				regulation, ordinance or resolution; and
(c) where the actual compensation paid and/or
				payable to such officer or employer is not reduced on account of hours/days not
				worked.
Example:An Assistant Town Attorney paid an annual salary of
				  $2,000 regardless or the number of hours/days worked shall receive full credit
				  (regardless of whether the town's records indicate it is a "part-time" position
				  and regardless of the reported number of days worked in a given
				  month).
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 370 - Service Credit For Tier 1 Members Of The New York State And Local Retirement Systems › Section 370.3 - Positions for which service credit will be prorated for less than full-time service

Current through Register Vol. 46, No. 28, July 10, 2024
An individual shall receive prorated credit for the following
				  types of service:
(a) Employees paid
				on an hourly, daily or per meeting employment. With respect to individuals
				employed on an hourly or per diem basis, the service shall be credited based on
				the fraction determined by dividing the number of hours/days worked in a month
				to the number of hours/days that is considered full-time for the position. An
				individual who is paid on a per meeting basis shall be considered to be
				employed on a per diem basis, and a meeting attended by such individual shall
				be considered a day of work for service crediting purposes.
(b) Positions in which the member is employed
				to work a percentage of a full-time position. Service credit shall be based on
				the percentage of time the individual is employed to work. For example, if an
				individual is hired to work 50 percent of a full-time position, the individual
				will receive one-half of a year's credit for paid service on the payroll for an
				entire year.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.1 - Establishment of the new york state and local employees' retirement system excess benefit plan

Current through Register Vol. 46, No. 28, July 10, 2024
Whereas the New York State Legislature has enacted article 15-C of the Retirement and Social Security Law pursuant to chapter 197 of the Laws of 1997 which authorizes the New York State and Local Employees' Retirement System to establish an excess benefit plan, which shall constitute a qualified excess benefit plan pursuant to section  415(m) of the Internal Revenue Code, and whereas subdivision 3 of section 640  of the Retirement and Social Security Law authorizes the Comptroller, as administrative head of the New York State and Local Employees' Retirement System, to promulgate rules and regulations necessary to implement the provisions of article 15-C, including the actual terms conditions of such plan, the New York State and Local Employees' Retirement System excess benefit plan is hereby established, and this Part is promulgated to set forth the actual terms and conditions of such plan.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
				  definitions provided below, unless a different meaning is clearly required by
				  the context:
(a) Beneficiary means an
				individual receiving survivor benefits from the system.
(b) Code means the Federal Internal Revenue
				Code of 1986, as amended.
(c)
				Employer means the State and participating employers in the system.
(d) Member means a retired individual
				receiving retirement benefits from the system.
(e) Participant means an employee who is
				eligible to receive benefits under the plan provided by this Part.
(f) Plan means the plan established by this
				act for the payment of retirement benefits as permitted under code section
				415(m).
(g) Plan year means the
				limitation year of the system under code section 415.
(h) System means the New York State and Local
				Employees' Retirement System.
(i)
				Trustee means the Comptroller of the State of New York.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.3 - Participation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All retired
				members and beneficiaries of the system whose retirement or survivor benefits
				from the system for a plan year have been limited by code section 415 are
				participants in this plan.
(b)
				Participation in the plan is determined for each plan year. Participation in
				the plan will cease for any plan year in which the retirement benefit of a
				member of the system is not limited by code section 415.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.4 - Benefit amount

Current through Register Vol. 46, No. 28, July 10, 2024
A participant in the plan shall receive a monthly benefit
				  equal to the difference between the participant's monthly retirement benefit
				  otherwise payable from the system prior to any reduction or limitation because
				  of code section 415 and the actual monthly retirement benefit payable from the
				  system as limited by code section 415. The monthly benefit shall be subject to
				  withholding for any applicable income or employment taxes.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.5 - Payment of benefit

Current through Register Vol. 46, No. 28, July 10, 2024
Benefits under the plan shall be paid only if the participant
				  is receiving benefits from the 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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.6 - Form of benefit

Current through Register Vol. 46, No. 28, July 10, 2024
The form of the benefit paid to a participant from the plan
				  shall be the same as otherwise selected by the participant and payable under
				  the 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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.7 - Contributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The trustee,
				upon the recommendation of the actuary, shall determine the required
				contribution to pay plan benefits for each plan year. The required contribution
				for each plan year shall be the total amount of benefits payable under sections
				372.4,
				372.5 and
				372.6  of this
				Part to all participants and their beneficiaries and such amount as determined
				by the trustee to pay the administrative expenses of the plan and the
				employer's share of any employment taxes on the benefits paid from the
				plan.
(b) The required contribution
				as determined by the trustee, upon the recommendation of the actuary, shall be
				paid into the plan fund from an allocation of the employer contributions
				amounts paid pursuant to section 23  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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.8 - Excess plan fund

Current through Register Vol. 46, No. 28, July 10, 2024
Contributions to the plan shall be deposited in a separate
				  fund established and administered by the system. This fund is intended to be
				  exempt from Federal income tax under code sections 115 and
				  415(m)(1).
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.9 - Funding assets

Current through Register Vol. 46, No. 28, July 10, 2024
The benefit liabilities of the plan shall be funded on a plan
				  year to plan year basis. The fund established under this section shall not be
				  accumulated to pay benefits payable in future years. Any assets of the fund not
				  used for paying benefits for a current plan year shall be used, as determined
				  by the trustee, for the payment of the administrative expenses of the plan for
				  the plan year or for future plan years or paid to the system as an additional
				  employer contribution.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.10 - Non-assignability of benefits

Current through Register Vol. 46, No. 28, July 10, 2024
The benefits payable under the plan may not be assigned or
				  alienated by a participant, except as otherwise permitted for benefits payable
				  by the 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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.11 - Plan administration

Current through Register Vol. 46, No. 28, July 10, 2024
The plan shall be administered by the trustee. The trustee
				  shall have the same authority to administer the plan as exists for the system.
				  The trustee may delegate any or all of the trustee's administrative
				  authority.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.12 - Compliance authority

Current through Register Vol. 46, No. 28, July 10, 2024
The trustee may make modifications as to the benefits payable
				  under the plan as may be necessary to main its qualified status under code
				  section 415(m).
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.13 - New york state constitution

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of article 16, section 5 of the New York
				  State Constitution, any payments made pursuant to the excess benefit plan shall
				  be considered part of a pension payable to officers and employees of the State
				  and it's subdivisions and agencies.
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 372 - The New York State And Local Employees' Retirement System Excess Benefit Plan › Section 372.14 - Effective dates

Current through Register Vol. 46, No. 28, July 10, 2024
The trustee shall pay benefits under the plan for all plan
				  years beginning on or after April 1, 1995.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.1 - Establishment of the new york state and local police and fire retirement system excess benefit plan

Current through Register Vol. 46, No. 28, July 10, 2024
Whereas the New York State Legislature has enacted article 15-C of the Retirement and Social Security Law pursuant to chapter 197 of the Laws of 1997, which authorizes the New York State and Local Police and Fire Retirement System to establish an excess benefit plan, which shall constitute a qualified excess benefit plan pursuant to section  415(m) of the Internal Revenue Code, and whereas subdivision 3 of section 640  of the Retirement and Social Security Law authorizes the comptroller, as administrative head of the New York State and Local Police and Fire Retirement System, to promulgate rules and regulations necessary to implement the provisions of article 15-C, including the actual terms conditions of such plan, the New York State and Local Police and Fire Retirement System excess benefit plan is hereby established, and this Part is promulgated to set forth the actual terms and conditions of such plan.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
				  definitions provided below, unless a different meaning is clearly required by
				  the context:
(a) Beneficiary means an
				individual receiving survivor benefits from the system.
(b) Code means the Federal Internal Revenue
				Code of 1986, as amended.
(c)
				Employer means the State and participating employers in the system.
(d) Member means a retired individual
				receiving retirement benefits from the system.
(e) Participant means an employee who is
				eligible to receive benefits under the plan provided by this Part.
(f) Plan means the plan established by this
				act for the payment of retirement benefits as permitted under code section
				415(m).
(g) Plan year means the
				limitation year of the system under code section 415.
(h) System means the New York State and Local
				Police and Fire Retirement System.
(i) Trustee means the Comptroller of the
				State of New York.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.3 - Participation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All retired
				members and beneficiaries of the system whose retirement or survivor benefits
				from the system for a plan year have been limited by code section 415 are
				participants in this plan.
(b)
				Participation in the plan is determined for each plan year. Participation in
				the plan will cease for any plan year in which the retirement benefit of a
				member of the system is not limited by code section 415.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.4 - Benefit amount

Current through Register Vol. 46, No. 28, July 10, 2024
A participant in the plan shall receive a monthly benefit
				  equal to the difference between the participant's monthly retirement benefit
				  otherwise payable from the system prior to any reduction or limitation because
				  of code section 415 and the actual monthly retirement benefit payable from the
				  system as limited by code section 415. The monthly benefit shall be subject to
				  withholding for any applicable income or employment taxes.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.5 - Payment of benefit

Current through Register Vol. 46, No. 28, July 10, 2024
Benefits under the plan shall be paid only if the participant
				  is receiving benefits from the 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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.6 - Form of benefit

Current through Register Vol. 46, No. 28, July 10, 2024
The form of the benefit paid to a participant from the plan
				  shall be the same as otherwise selected by the participant and payable under
				  the 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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.7 - Contributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The trustee,
				upon the recommendation of the actuary, shall determine the required
				contribution to pay plan benefits for each plan year. The required contribution
				for each plan year shall be the total amount of benefits payable under sections
				373.4,
				373.5 and
				373.6  of this
				Part to all participants and their beneficiaries and such amount as determined
				by the trustee to pay the administrative expenses of the plan and the
				employer's share of any employment taxes on the benefits paid from the
				plan.
(b) The required contribution
				as determined by the trustee, upon the recommendation of the actuary, shall be
				paid into the plan fund from an allocation of the employer contributions
				amounts paid pursuant to section 323  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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.8 - Excess plan fund

Current through Register Vol. 46, No. 28, July 10, 2024
Contributions to the plan shall be deposited in a separate
				  fund established and administered by the system. This fund is intended to be
				  exempt from Federal income tax under code sections 115 and
				  415(m)(1).
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.9 - Funding assets

Current through Register Vol. 46, No. 28, July 10, 2024
The benefit liabilities of the plan shall be funded on a plan
				  year to plan year basis. The fund established under this section shall not be
				  accumulated to pay benefits payable in future years. Any assets of the fund not
				  used for paying benefits for a current plan year shall be used, as determined
				  by the trustee, for the payment of the administrative expenses of the plan for
				  the plan year or for future plan years or paid to the system as an additional
				  employer contribution.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.10 - Nonassignability of benefits

Current through Register Vol. 46, No. 28, July 10, 2024
The benefits payable under the plan may not be assigned or
				  alienated by a participant, except as otherwise permitted for benefits payable
				  by the 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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.11 - Plan administration

Current through Register Vol. 46, No. 28, July 10, 2024
The plan shall be administered by the trustee. The trustee
				  shall have the same authority to administer the plan as exists for the system.
				  The trustee may delegate any or all of the trustee's administrative
				  authority.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.12 - Compliance authority

Current through Register Vol. 46, No. 28, July 10, 2024
The trustee may make modifications as to the benefits payable
				  under the plan as may be necessary to main its qualified status under code
				  section 415(m).
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.13 - New york state constitution

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of article 16, section 5 of the New York
				  State Constitution, any payments made pursuant to the excess benefit plan shall
				  be considered part of a pension payable to officers and employees of the State
				  and it's subdivisions and agencies.
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 373 - The New York State And Local Police And Fire Retirement System Excess Benefit Plan › Section 373.14 - Effective dates

Current through Register Vol. 46, No. 28, July 10, 2024
The trustee shall pay benefits under the plan for all plan
				  years beginning on or after April 1, 1995.
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 374 - Continuation Of Elective Office Upon Retirement From Other Public Service › Section 374.2 - Continuation of elective office upon retirement from other public service

Current through Register Vol. 46, No. 28, July 10, 2024
An individual who holds elective public office on the
				  effective date of retirement from other employment covered by the New York
				  State and Local Employees' Retirement System or the New York State and Local
				  Police and Fire Retirement System shall not be required to resign from such
				  elective office in order to receive a retirement allowance from either such
				  system, if the following conditions are satisfied:
(a) the annual compensation for the elective
				office is less than annual compensation of the other position or positions from
				which the member is retiring. In the event that the individual is retiring from
				more than one nonelective position, the annual compensation for the elective
				office must be less than the total of the annual compensation of the other
				positions; and
(b) the annual
				compensation for the elective office does not exceed the then applicable limit
				with respect to allowable post-retirement public compensation provided by
				section 212  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 378 - Payment Of Member Cost For Purchase Of Military Service Pursuant To Section 1000 Of The Retirement And Social Security Law › Section 378.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Section 1000  of the Retirement and Social Security
				  Law, enacted pursuant to chapter 548 of the Laws of 2000, authorizes a member
				  to purchase up to three years of service credit for military service rendered
				  during certain periods of military conflict defined in that section. In order
				  to obtain the credit, the member must pay to the Retirement System an amount
				  equal to the product of the number of years of military service being claimed
				  and three percent of the compensation earned during the 12 months of credited
				  service immediately preceding the date that the member made application for the
				  credit. Section 1000 permits the member to pay such cost by lump sum or by
				  payroll deduction over a period of time not to exceed the time period of
				  military service to be credited. Subdivision 4 of that section provides that
				  the Comptroller may promulgate a regulation regarding the payment process. In
				  view of the fact that it takes time for the Retirement System to determine the
				  cost and communicate it to the member, this Part is enacted to set forth the
				  time period for the commencement of payment of the member cost for the purchase
				  of military service credit pursuant to section 1000.
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 378 - Payment Of Member Cost For Purchase Of Military Service Pursuant To Section 1000 Of The Retirement And Social Security Law › Section 378.2 - Payment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Retirement System shall determine the member cost for the purchase of military service credit based upon three percent of the compensation earned by the member during the 12 months of credited service immediately preceding the date that the member filed the application for the credit.
(b) The member shall commence payment of the member cost within 45 days after notification by the Retirement System of the amount due. The Retirement System shall notify the member of the cost by certified mail, return receipt requested, or similar mailing service. The date of the notification letter shall be used to determine the start of the 45-day period for the commencement of payment.
(c) If the member has not commenced payment within such specified time period, the application for service credit for military service shall be void.
(d) In the event the member commences payment after such specified time period, the payment shall be deemed to be the filing of a new application and the Retirement System shall determine a new cost based upon three percent of the compensation earned by the member during 12 months of credited service immediately preceding the date of payment. The Retirement System shall advise the member of the new cost and the amount, if any, owed by the member or to be refunded by the Retirement System after consideration of the amount previously paid.
(e) Notwithstanding any provision of this plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with section  414(u) of the Internal Revenue Code of 1986, as amended. Effective for deaths occurring on or after January 1, 2007, if a member dies while performing qualified military service as defined in Internal Revenue Code section 414(u), the survivors of the member shall be entitled to any additional benefits as determined under Internal Revenue Code section 401(a)(37) provided under the retirement system had the member resumed his or her prior employment with an employer that maintains the system and then terminated employment on account of death, and service for vesting purposes shall be credited to such deceased member for the period of his or her qualified military service. For the purpose of this section, additional benefits shall not include benefit accruals relating to the period of qualified military service.
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 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS › Section 379.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
The New York State and Local Retirement System's qualified
				  plan status pursuant to the Internal Revenue Code affords certain deferred tax
				  benefits on contributions and investment gains and refunds of tax withholdings
				  on the plans' international investments. In order to protect its qualified plan
				  status and ensure continued tax-favorable benefits the New York State and Local
				  Retirement System is required to adopt changes and update plan documents
				  according to the changes periodically made to the Internal Revenue Code that
				  apply to governmental retirement plans. This Part is being promulgated to
				  comply with the Internal Revenue Code and ensure maintenance of the plans'
				  qualified status.
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 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS › Section 379.2 - Required minimum distribution

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding any other provision of law to the contrary,
				  the Retirement System shall comply with Internal Revenue Code section
				  401(a)(9), including the minimum distribution incidental benefits rule of
				  Internal Revenue Code section 401(a)(9)(G), pursuant to a reasonable and good
				  faith interpretation of Internal Revenue Code section 401(a)(9) in accordance
				  with Treasury Regulation section 1.401(a)(9) -1.
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 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS › Section 379.3 - Internal Revenue Code 415 and cost-of-living adjustments

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The defined benefit payable to a member
				of the Retirement System shall not exceed the applicable limits under Internal
				Revenue Code section 415(b), as periodically adjusted by the Secretary of the
				Treasury pursuant to Internal Revenue Code section 415(d). The limitation year
				is the fiscal year. This limit shall apply to a member who has had a severance
				from employment or, if earlier, an annuity starting date. Benefits that are
				subject to Internal Revenue Code section 415(b) shall comply with the foregoing
				limit in each year during which payments are made. The foregoing limit shall be
				adjusted pursuant to the requirements of code sections 415(b)(2)(C) and (D)
				relating to the commencement of benefits at a date prior to age 62 or after age
				65, subject to other applicable rules under Internal Revenue Code section 415.
				No adjustment shall be required to a benefit subject to an automatic benefit
				increase feature described in Treasury Regulation section 1.415(b) -1(c)(5). To
				the extent that Internal Revenue Code section 415 and the Treasury Regulations
				thereunder require that an interest rate under Internal Revenue Code section
				417(e) apply, the applicable lookback month shall be the calendar month
				preceding the current month and the applicable stability period is one calendar
				month.
(b) If a member is, or has
				ever been, a participant in another qualified defined benefit plan (without
				regard to whether the plan has been terminated) maintained by the member's
				employer, as determined pursuant to Internal Revenue Code sections 414(b),
				415(c), and 415, the sum of the participant's benefits payable annually in the
				form of a straight life annuity from all such plans may not exceed the limit
				described in subdivision (a) of this section. Where the member's
				employer-provided benefits under all such defined benefit plans (determined as
				of the same age) would exceed the limit described in subdivision (a) of this
				section applicable at that age, the benefits accrued under all such other plans
				shall be reduced first in order to avoid exceeding the limit and only to the
				extent that the reduction under such other plans is insufficient to avoid
				exceeding the limit.
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 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS › Section 379.4 - Use of forfeitures

Current through Register Vol. 46, No. 28, July 10, 2024
Forfeitures arising under the Retirement System for any
				  reason may not be applied to increase the benefits of any members at any time
				  prior to the termination of the Retirement System within the meaning of
				  Internal Revenue Code section 401(a)(8) or any successor thereto. In the event
				  of the termination of the Retirement System or a complete or permanent
				  discontinuance of contributions thereunder, any individual who is a member at
				  such time shall be 100 percent vested in his or her accrued benefits under the
				  Retirement System to the extent required by Internal Revenue Code section
				  401(a)(7) as in effect on September 1, 1974.
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 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS › Section 379.5 - Exclusive benefit

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding any other provision of law, no funds of the
				  Retirement System shall be expended for any purpose other than the expense of
				  administration of the Retirement System, investments for the benefit of the
				  Retirement System, and the provision of benefits to the members and retired
				  members of the Retirement System and their survivors and beneficiaries;
				  provided, however, that reversions will be permitted to the extent allowed
				  under the Internal Revenue Code and any related guidance thereunder, including,
				  but not limited, to, a mistake of fact as permitted under applicable Internal
				  Revenue Service guidance.