New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5011 - Group Life Insurance
Section 5011.3 - Insurance payable in the event of death

Current through Register Vol. 44, No. 38, September 21, 2022

In the case of the death of a qualified member during the effective period of insurance, the estate, or designated beneficiary or beneficiaries, shall receive the benefits provided pursuant to section 512 of the Education Law or section 448, 448-a, 508, 508-a, 606 or 606-a of the Retirement and Social Security Law, whichever is applicable, from the plan, as hereinafter provided. Nevertheless, the amount of insurance payable upon the death of a member, and the eligibility to receive such payment, shall be determined in accordance with the applicable provision of law as aforementioned. However, in no case shall the amount of insurance payable by the plan upon the death of a member exceed $50,000. In the event an amount in excess of $50,000 is payable to the estate, beneficiary or beneficiaries of a deceased member, the sum of $50,000 shall be payable as group term life insurance as specified herein, and the excess over $50,000 shall be paid as otherwise provided in the applicable provision of law.

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