New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5028 - Mandated Distributions
Section 5028.2 - Procedure
Current through Register Vol. 44, No. 38, September 21, 2022
(a) System staff shall periodically review its records of unclaimed contributions and other benefits to ascertain those amounts whose distribution may be mandated under section 531(5) of the Education Law.
(b) In the case of each amount determined to be eligible for mandatory distribution, system staff shall ascertain whether the system has a valid address for the recipient of such distribution and, where such address is validated to the satisfaction of system staff, shall notify such recipient in writing that the distribution of such amount shall be mandated, unless the recipient files an application for the payment of such amount in the manner prescribed by the system.
(c) No payment of any such amount shall be made within 60 days of such notification unless the recipient files a demand in the manner prescribed by the system that payment of such amount may be made on an earlier date.
(d) Payment shall be made to the recipient unless, where and to the extent applicable, the system receives prior to the date of payment, written notification that recipient elects to have all or any portion of any amount which is eligible distribution as defined in section 5022.3(a) of this Title rolled over to an eligible retirement plan as defined in section 5022.3(b) of this Title.