New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5028 - Mandated Distributions
Section 5028.1 - Purpose

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 5028.1

Current through Register Vol. 46, No. 12, March 20, 2024

This Part is intended to implement section 531(5) of the Education Law added by chapter 220 of the Laws of 2009 authorizing the mandated distribution of unclaimed amounts not to exceed $1,000 in each case to former members or contributors, or other persons entitled to receive benefits from the system, in cases where:

(a) at least seven years have elapsed since the member or contributor withdrew from service or ceased to be a teacher for any cause other than death or retirement; or

(b) at least seven years have elapsed from the date any other person became entitled to a benefit from the system pursuant to any provision of the Education Law or the Retirement and Social Security Law.

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