Current through Register Vol. 46, No. 39, September 25, 2024
(a)
Eligibility.
(1) A member of this system who
also is a member of another public retirement system in this State shall be
eligible to transfer his/her membership in such other retirement to this
system, provided that:
(i) s/he withdraws
from the other retirement system;
(ii) at the time s/he withdraws from the
other retirement system, s/he gives written notice to that system of his/her
intention to transfer;
(iii) within
one year of withdrawal, the member's accumulated contributions in the other
retirement system are deposited in the system by such other system or by the
member, as applicable.
(2) An individual who withdraws from another
public retirement system in this State prior to joining this system shall be
eligible to transfer his/her membership in such other retirement system to this
system, provided that:
(i) at the time s/he
withdraws from the other retirement system, s/he gives written notice to that
system of his/her intention to become a member of this system; and
(ii) within one year of withdrawal, the
individual's accumulated contributions in the other retirement system are
deposited in the system by such other system or by the member, as
applicable.
(b) Date of membership. The date of
membership of an individual who transfers to this system shall be the date s/he
joined this system or the date s/he joined the system from which s/he
transferred, whichever is earlier.
(c) Service credit.
(1) A transferee will receive, for a school
year, credit in this system for all service credited to the transferee in the
transferee's former system for the same period. However, in no case may a
member be credited with more than one year of service within a school year or
be credited with concurrent service.
(2) A transferee to this system shall be
deemed to have been a member of this system during the entire period of the
transferee's membership in the system from which s/he transferred.
(d) Calculation of benefits.
(1) Should retirement occur within three
years of the date of transfer and before the transferee has received three
years of credit for teaching service with one or more participating employers
of this system, the benefit based upon service transferred from the first
retirement system cannot be greater than the benefit the transferee would have
received had s/he remained a member of the first retirement system.
(2) The final average salary of a transferee
who retires after receiving three years of credit for teaching service with one
or more participating employers of this system, or who retires at least three
years after the date of transfer, may be based on the salaries earned in either
system or in both systems, whichever results in a greater allowance.
(3) The date of transfer as used hereinabove
shall be the date the request to transfer was filed.
(e) Effect of transfer on obligation to make
contributions pursuant to article 14 or 15 of the Retirement and Social
Security Law. When a member subject to the provisions of article 14 or 15 of
the Retirement and Social Security Law has a membership subject to either such
article transferred to the system and such member's obligation to make
contributions had not previously ceased by reason of section
902
(b) of the Retirement and Social Security
Law, if applicable, the member's obligation to make contributions pursuant to
either such article, if and to the extent section
902
(b) of the Retirement and Social Security Law
is applicable, shall cease by reason of having attained 10 or more years of
membership as of the later of:
(1) the first
day of the plan year (July 1st to June 30th) in which the system receives
certification of membership from the transfer system (or, if earlier, the first
day of the plan year [July 1st to June 30th] in which the member requested a
transfer from such system to the system); or
(2) the first day of the month next following
the day on which the member attains 10 or more years of membership after giving
effect to the transfer.
The right of the member to cease contributions by reason of
having accumulated 10 or more years of credited service shall be determined
pursuant to the rules in section
5001.8 of this Title.
(f) Effect of transfer
on 3.5 percent contributions previously made pursuant to sections
609 and
613 of the Retirement and Social Security
Law, as amended by chapter 504 of the Laws of 2009. When a member with a date
of membership on or after January 1, 2010 has a membership with a date of
membership on or after July 27, 1976 but before January 1, 2010 transferred to
the system, such transfer shall not affect any 3.5 percent contributions made
by such member prior to the first day of the plan year (July 1st to June 30th)
in which the system receives certification of membership from the transferor
system or, if earlier, the first day of the plan year (July 1st to June 30th)
in which the member requested a transfer from such system to the
system.
