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 313 - Withdrawal Of Excess Contributions
Section 313.1 - Background and determination

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 313.1
Current through Register Vol. 46, No. 12, March 20, 2024

Whereas, Sections 21(k), 51(c), 321(k) and 351(c) of the Retirement and Social Security Law contain authorization whereby members of the New York State Employees' Retirement System and the New York State Policemen's and Firemen's Retirement System may withdraw certain accumulated contributions credited to them in the annuity savings fund; and

Whereas, Section 51(c) and section 351(c) itemize accumulated contributions which shall be treated as excess contributions and subject to withdrawal, and, in addition authorize the State Comptroller to promulgate a rule and regulation determining other accumulated contributions to be excess contributions and subject to withdrawal; and

Whereas, Various factors, such as the time of withdrawal, the service retirement plan in which the member participates, the status of the member as contributory or noncontributory, and the period during which contributions were made to the retirement system, have a varying effect upon whether a member's accumulated [cont'd] contributions, or a portion thereof, may be required for the member's retirement allowance, or may be considered to be excess contributions and subject to withdrawal, it is, therefore, hereby

Determined, that, in addition to those accumulated contributions identified and defined in paragraphs 1 and 2 of subdivision c of section 51 of the Retirement and Social Security Law, and in paragraphs 1 and 2 of subdivision c of section 351 of the Retirement and Social Security Law, members of the New York State Employees' Retirement System and the New York State Policemen's and Firemen's Retirement System may withdraw additional excess contributions as provided in section 313.2 of this Part.

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