New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5014 - Options
Section 5014.5 - Definitions as used in this Part
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Maximum benefit.
The largest possible annual allowance which may be paid over a member's remaining lifetime following retirement with all payments ceasing at the member's death.
(b) Option.
The actuarial equivalent of the member's maximum benefit in the form of a lesser allowance payable over the remaining life of the member with a provision for the payment of benefit(s) upon the member's death and such other applicable provisions, if any, as specified under law.
(c) Beneficiary.
The person nominated to receive the survivor portion of the option elected by the member by written designation duly acknowledged and filed with the system.
