N.Y. Comp. Codes R. & Regs. tit. 21 § 5009.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 5009.2 - Rights of a member with a date of membership prior to July 27, 1976 who has vested

(a) A vested member automatically revokes his election to vest by returning to service for at least 20 full days in a school year. A member who revokes his vesting election may subsequently revest.

(b) A vested member may withdraw his accumulated contributions, which will terminate his membership in this system, thereby forfeiting the right to any benefit.

(c) A vested member with a date of membership prior to July 1, 1970 may redeposit, by a single payment in the system, the sum of any contributions formerly withdrawn therefrom or, at the time of retirement, may purchase an additional annuity which will increase his retirement allowance to one half of his final average salary.

(d) A vested member may apply for prior service credit and military service credit pursuant to section 243 of the Military Law, provided all the eligibility requirements of the appropriate provisions of law have otherwise been met.

(e) A vested member may not receive a service retirement allowance or a disability retirement allowance.

(f) A vested member with less than 10 years of credited service and his beneficiary have no right to a death benefit or a death gamble under section 512 of the Education Law. Upon the death of such member, the beneficiary shall receive the member's accumulated contributions in the annuity savings fund.

(g) A vested member continues to receive regular interest on his accumulated contributions.

(h) A member who has accumulated at least five years of credited service and discontinues service on or after July 1, 1965 continues membership with the privilege of applying for a deferred retirement benefit pursuant to section 535 (5) of the Education Law, but in no case prior to the date he attains age 55.

(i) A member who has accumulated at least 10 years of credited service and is otherwise eligible for a deferred retirement benefit pursuant to any provision of law shall be deemed to have filed a vesting election when applying for a retirement benefit, if such election would provide a better benefit.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5009.2