§ 43. Transfer of members between systems. a. Notwithstanding any\nother provision of law providing for transfers, any member of any\nretirement system maintained by the state or a municipality thereof,\noperating on a sound financial basis and subject to the supervision of\nthe department of financial services of this state may transfer his\nmembership pursuant to this section to the New York state and local\nemployees' retirement system, the New York city board of education\nemployees' retirement system, the New York state teachers' retirement\nsystem, the New York city teachers' retirement system or to the New York\ncity employees' retirement system. Any member of the New York state and\nlocal employees' retirement system may transfer his membership to any\nretirement system, other than the hospital retirement system, which is\noperating on a sound basis and is subject to the supervision of the\ndepartment of financial services of this state. Any such transfer may be\neffectuated only if the member has accepted a position in another branch\nof the state or municipal service which would make it:\n 1. Impossible for him to continue in the retirement system of which he\nhas been a member, and\n 2. Possible for him to participate in another such system.\n Notwithstanding the foregoing provisions of this subdivision, any\nemployee who would be eligible to avail himself or herself of the\nprovisions of this section but for being on leave of absence status from\na prior employment while in his or her present employment, shall be\npermitted to transfer his or her retirement system membership pursuant\nto the provisions of this section.\n Any member of the New York state and local employees' retirement\nsystem, however, who was an employee of any city agency at the time\nservice with such agency was legislated to be city service may transfer\nhis membership to the retirement system of such city.\n b. In order to effect such a transfer, a member must give notice to\nthe administrative head of the retirement system of which he or she is a\nmember, prior to his or her withdrawal therefrom, of his or her\nintention to enter such other retirement system. A person so\ntransferring from one retirement system to another shall be deemed to\nhave been a member of the system to which he or she has transferred\nduring the entire period of membership service credited to him or her in\nthe system from which he or she has transferred. Such transferee,\nhowever, shall not receive more than three per cent interest on his or\nher contributions and accumulated contributions unless he or she has\ncontinuously been a member in either the system from which or to which\nhe or she is transferring since a date prior to July first, nineteen\nhundred forty-three. This shall not be construed to prevent a change in\nthe interest rate to such member if the interest rate payable to other\nmembers of the system to which he or she has transferred is changed. Any\nmember who heretofore transferred from one retirement system to another\nshall, commencing with the effective date of chapter nine hundred three\nof the laws of nineteen hundred fifty-seven, be entitled to the same\nrights, privileges and benefits, and shall be subject to the same\nobligations, as a transferee who thereafter transfers. He or she shall\nreceive no credit for prior service, except as hereinafter provided. He\nor she shall be permitted to deposit in the second retirement system the\ntotal amount of his contributions withdrawn from the first retirement\nsystem.\n c. Upon the request for a transfer of credit, the reserve on such\nmember's benefits, computed as though he had not discontinued\nmembership, shall be determined by the actuary of the first system in\nthe following manner:\n 1. The total present value of all benefits allowable under the\nretirement system as the result of contributions made or to be made by\nhis employer shall be computed.\n 2. From such total present value th
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