New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5013 - Inter-vivos Or Testamentary Trust As Beneficiary
Section 5013.2 - Testamentary trust as beneficiary

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

The designation of a trustee of a testamentary trust as beneficiary to receive the return of the accumulated contributions in a lump sum, a lump-sum death benefit including take-home-pay reserve, if any, the lump sum option pursuant to section 5014.2(a) of this Title, the commuted value of a five or ten year guarantee option pursuant to section 5014.2(b) of this Title, or a lump- sum alternative option pursuant to section 5014.2(c) of this Title shall be proper if the following conditions are met:

(a) The designation must be on a form supplied by the system.

(b) The trustee to whom a benefit may become payable must be a person or corporation, and must be definitely ascertainable from the will.

(c) The form which the designation must take is substantially as follows:

"Trustee (or trustees) of the testamentary trust established by my last will."

(d) The will under which the trust is established must be the member's/beneficiary's will.

(e) The system must be furnished, at or before the time a benefit becomes payable, with a certified copy of the letters of trusteeship or other evidence which, in the system's sole judgment, establishes the authority of the trustee(s) to receive payment.

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