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 5013.3 - Required certifications pursuant to IRC section 401(a)(9)

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

(a) Whenever a member or retiree wishes to make a trust a beneficiary of a death benefit, lump sum survivor option selected at retirement or other lump sum payment by the system, where otherwise permitted by law, the member shall submit a certificate in substantially the following form:

"I have designated [identify trust] as beneficiary of my death benefit, a lump sum under an optional form of retirement elected by me at retirement, or other lump sum payment due from the system following my death, as applicable. In accordance with the requirements of the Internal Revenue Service, I hereby certify as follows:

1. Attached to this certification and furnished with it is a list which is, to the best of my knowledge, a true, correct and complete list of all the beneficiaries of the trust (including any contingent or remaindermen beneficiaries with a description of the conditions to their entitlement).

Exhibit A

2. The trust is a valid trust under State law, or would be but for the fact that there is no corpus.

3. The trust is irrevocable or will, by its terms, become irrevocable upon my death.

4. The beneficiaries of the trust who are beneficiaries with respect to the trust's interest in my benefit are identifiable from the trust instrument.

5. If the trust instrument is ever amended at any time after the date of this certification, I will, within a reasonable time, provide the system with corrected certification(s) to the extent that the amendment changes any of the information to which I have previously certified.

6. I agree to provide a copy of the trust instrument to the system upon demand."

(b) The trustee of a trust designated by a deceased member or retiree as a beneficiary of a death benefit, lump sum survivor option selected at retirement or other lump sum payment, where otherwise permitted by law, shall as a condition precedent to the payment of such benefit submit a certificate in substantially the following form:

"I am the trustee of [identify trust] which had been designated by [identify member/retiree] as a beneficiary of a death benefit, lump sum under an optional form of retirement elected at retirement, or other lump sum payment due from the system following the death of the member/retiree, as applicable. In accordance with the requirements of the Internal Revenue Service, I hereby certify as follows:

1. Attached to this certification and furnished with it is, to the best of my knowledge, a true, correct and complete final list of all the beneficiaries of the trust (including any contingent or remaindermen beneficiaries with a description of the conditions to their entitlement) as of the end of the calendar year following the calendar year in which the above named member/retiree died.

2. The trust is a valid trust under State law, or would be but for the fact that there is no corpus.

3. The trust is irrevocable or has, by its terms, become irrevocable upon the death of the above named member/retiree.

4. The beneficiaries of the trust who beneficiaries with respect to the trust's interest in the above named member/retiree's benefit are identifiable from the trust instrument.

5. I agree to provide a copy of the trust instrument to the system upon demand."

(c) Subdivisions (a) and (b) of this section shall not apply where the member and trustee respectively have provided the system with a true copy of the entire trust instrument; in such circumstances, the member and trustee shall be deemed to have agreed and shall be obligated, whenever such instrument is amended at any time, to provide a true copy of such amendment to the system.

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