§ 522. Transfer of contributions between retirement systems. 1. Any\ncontributor, withdrawing from the retirement system and at such time\ngiving notice to the retirement board of his intention of becoming\nwithin two years a member of another teachers' retirement system which\nis being operated on an actuarial basis either under the laws of this\nstate or under the laws of another state, provided the system has a\nprovision similar to this provision permitting reciprocal transfer, may,\nupon depositing within two years his accumulated contributions in such\nother retirement system or if the member had no accumulated\ncontributions credited to his individual account in the retirement\nsystem, upon joining such other retirement system within two years,\napply to the retirement board for a transfer from the pension\naccumulation fund to the corresponding fund of such other retirement\nsystem of the amount of his pension reserve as of the time when he\nwithdrew his contributions from the annuity savings fund or filed a\nnotice of withdrawal with the system, and the retirement board shall\ntransfer to such other retirement system the amount of such reserve,\nprovided that, if such other retirement system is not under the laws of\nthis state, credit for a pension benefit of equivalent actuarial value\nto the amount of reserve transferred shall be given the teacher in the\nother retirement system and that the retirement board is satisfied that\nthe retirement system to which said transfer is made is on a solvent\nbasis.\n 2. Any contributor entering the retirement system after having\nwithdrawn from another retirement system and having given notice at the\ntime of withdrawal to the retirement board of such system of his or her\nintention of becoming a member of the retirement system, may deposit in\nthe annuity savings fund the amount of his or her accumulated\ncontributions withdrawn from such other retirement system or if the\nmember had no accumulated contributions credited to his or her\nindividual account in such other retirement system, such member shall in\nlieu of depositing moneys in the annuity savings fund, file a notice of\nintent to transfer pursuant to rules and regulations adopted by the\nretirement board. Upon the filing of a notice of intent to transfer as\nprovided by this subdivision, the pension reserve to his or her credit\nin such other retirement system, if such other retirement system is\noperated upon an actuarial basis under the laws of this state, shall be\ntransferred, and if such other system is operated upon an actuarial\nbasis under the laws of another state, may be transferred to the pension\naccumulation fund. Notwithstanding anything to the contrary in this\narticle, such contributor shall be classified in this retirement system\nas a present teacher or as a new entrant accordingly as he or she would\nhave been classified had the service rendered in the other retirement\nsystem been rendered while a member of this retirement system. A person\nso transferred to this retirement system or who has heretofore\ntransferred to this retirement system shall be deemed to have been a\nmember of this retirement system during the entire period of membership\nservice credited to him or her in the system from which he or she has\ntransferred. Such transferee, however, shall not receive more than three\nper cent interest on his or her contributions and accumulated\ncontributions unless he or she has continuously been a member in either\nthe system from which he or she has transferred or in this retirement\nsystem since a date prior to the first day of July, nineteen hundred\nforty-eight. This shall not be construed to prevent a change in the\ninterest rate to such member if the interest rate payable to other\nmembers of this retirement system is changed. In case he or she comes\nfrom a retirement system not under the laws of this state, he or she\nshall be given a prior service certificate showing a period of serv
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.