New York Education Law Article 11 - STATE TEACHERS' RETIREMENT SYSTEM FOR PUBLIC SCHOOL TEACHERS

• 501 - Definitions.
  The following words and phrases used in this article shall have the following meanings unless a different meaning is plainly required by the context: 1....
• 502 - Retirement System.
  1. The "New York state teachers' retirement system" is hereby continued. 2. Such retirement system shall have the powers and privileges of a corporation, and...
• 503 - Membership of System.
  1. The membership of the retirement system shall consist of the following: a. All teachers who were teachers on or before the first day of...
• 504 - Retirement Board; Members; Terms of Office; Vacancies.
  1. The general administration and responsibility for the proper operation of the retirement system and for making effective the provisions of this article shall continue...
• 505 - Election of the Active Teacher Members of the Board.
  1. An annual convention of the members of the retirement system shall be held within the state of New York during the month of October...
• 505-a - Election of Retired Teacher Member of Board.
  1. Election of retired teacher member. An election shall be held during the month of October, nineteen hundred ninety-three, and thereafter during the month of...
• 506 - Board Meetings; Oaths of Office; Quorum; Expenses.
  1. The retirement board shall meet annually at Albany on a business day in the month of January to be fixed by the board and...
• 507 - Officers of Board; Custody of Funds.
  1. The retirement board shall elect from its membership a president and vice-president, and shall have power to employ a secretary and to secure the...
• 508 - Investment of Funds; Interest; Accounts; Reports.
  1. The members of the retirement board shall be the trustees of the several funds created by this article, and shall determine from time to...
• 508-a - New York State Teachers' Retirement System Mwbe Asset Management and Financial Institution Strategy.
  1. Within the discretion of the retirement board and in accordance with and subject to its fiduciary duties and obligations as trustees of the teachers...
• 509 - Statements of Teachers' Service; Determination of Service Creditable; Service Certificates.
  1. Under such rules and regulations as the retirement board shall adopt, each present teacher shall file a detailed statement of all service as a...
• 510 - Superannuation Retirement.
  1. Retirement upon a superannuation allowance shall be made under the following conditions: a. A member who has completed twenty-five years of total credited service...
• 511 - Disability Retirement.
  1. Retirement on account of disability shall be made under the following conditions: A member who has completed at least fifteen years of total state...
• 511-a - Special Service Retirement.
  1. Retirement upon a special service retirement allowance shall be made under the following conditions: Any member, by written notice duly acknowledged and filed with...
• 512 - Withdrawal and Death Benefits.
  Benefits upon withdrawal and death shall be payable as follows: a. A member who withdraws from service or ceases to be a teacher for any...
• 512-a - Deferred Retirement.
  1. Any member, who discontinues service other than by death or retirement, and who is credited with at least fifteen years of teaching service rendered...
• 512-b - Loans.
  1. Any member in active service or on leave of absence who has credit for at least one year of member service may borrow from...
• 513 - Optional Allowances.
  1. With the exception that no election of an optional benefit shall become effective in case a member dies within thirty days after the filing...
• 514 - Benefits to Participants in Old Retirement Fund.
  All annuities of annuitants on the rolls of the retirement fund on the thirty-first day of July, nineteen hundred twenty-one, shall be paid thereafter from...
• 515 - Funds Enumerated.
  The funds created are: a. The annuity savings fund. b. The annuity reserve fund. c. The pension accumulation fund. d. The pension reserve fund. e....
• 516 - Annuity Savings Fund; Contributions and Payments.
  The annuity savings fund shall be the fund in which shall be accumulated the deductions made from the compensation of contributors. Contributions to and payments...
• 517 - Annuity Reserve Fund; Pension Accumulation Fund.
  1. The annuity reserve fund shall be the fund from which shall be paid all annuities and all benefits in lieu of annuities. 2. The...
• 518 - Pension Reserve Fund.
  The pension reserve fund shall be the fund from which shall be paid the pensions to new entrants on account of which reserves shall be...
• 518-a - Supplemental Retirement Allowance Fund.
  The supplemental retirement allowance fund shall be the fund from which shall be paid the supplemental retirement allowances provided by section five hundred thirty-two of...
• 519 - Expense Fund.
  The expense fund shall be the fund from which the expense of the administration of the retirement system shall be paid exclusive of amounts payable...
• 520 - Duties of Employer.
  1. Each employer shall keep such records and from time to time shall furnish such information as the retirement board in the discharge of its...
• 521 - Collection of Contributions.
  1. The collection of members' contributions shall be as follows: a. Each employer shall cause to be deducted on each and every payroll of a...
• 522 - Transfer of Contributions Between Retirement Systems.
  1. Any contributor, withdrawing from the retirement system and at such time giving notice to the retirement board of his intention of becoming within two...
• 523 - State Supervision.
  The operation of the retirement system shall be subject to the supervision of the state department of financial services.
• 524 - Exemption From Taxation and Execution.
  The right of a teacher to a pension, an annuity, or a retirement allowance, to the return of contributions, any benefit or right accrued or...
• 525 - Protection Against Fraud.
  1. Any person who shall knowingly make any false statement, or shall falsify or permit to be falsified any record or records of this retirement...
• 526 - Merger of Local Teachers' Retirement and Pension Systems With the State System.
  1. On April ninth, nineteen hundred twenty-three, the public school teachers' retirement fund or system or the teachers retirement or pension system of every city...
• 527 - (Enacted Without Section Heading).
  527. Notwithstanding any other provision of law to the contrary the retirement board shall determine the annuity payable as of the date of retirement to...
• 528 - Pensions-Providing-For-Increased-Take-Home-Pay.
  1. Notwithstanding any other provision of law to the contrary, a. beginning with the payroll period the first day of which is nearest to April...
• 529 - Pensions Providing for Increased Take Home Pay for Certain Teachers.
  Notwithstanding any other provisions of law to the contrary, beginning with the payroll period the first day of which is nearest to April first, nineteen...
• 530 - Pensions-Providing-For-Increased-Take-Home-Pay-For-Teachers.
  1. Notwithstanding any other provision of law to the contrary, a. beginning on the first day of July, nineteen hundred sixty-five, and ending on the...
• 531 - Abandonment of Unclaimed Contributions or Other Benefits; Transfer to the Pension Accumulation Fund.
  1. Except as otherwise specifically provided by this article, after at least seven years have elapsed since the member or contributor withdrew from service or...
• 532 - Supplemental Retirement Allowance.
  a. A supplemental retirement allowance shall be paid to pensioners who have retired from the retirement system prior to the calendar year nineteen hundred ninety-four....
• 532-a - Cost-Of-living Adjustment.
  a. A cost-of-living adjustment shall be payable on the basis provided for in this section to: (i) all pensioners who have attained age sixty-two and...
• 533 - Non-Contributory Retirement Plan.
  a. Any other provision of law to the contrary notwithstanding, no further contributions to the retirement system, as provided in sections five hundred eleven-a or...
• 535 - Career Retirement Plan.
  1. Any other provision of law to the contrary notwithstanding, on or after July first, nineteen hundred seventy a member may retire pursuant to the...
• 536 - Deductions From Benefits of Certain Retired Members.
  1. Notwithstanding any other provision of law, a pensioner who is retired from the retirement system shall have the right, at any time after such...
• 537 - Lump Sum Payment of De Minimis Service Retirement Benefit.
  Notwithstanding any other law to the contrary, a member of the retirement system who is entitled to receive a retirement allowance, other than for disability,...
• 538 - Excess Benefit Plan.
  Notwithstanding any other law to the contrary, the retirement board is authorized in its sole discretion to establish a qualified governmental excess benefit arrangement within...
• 539 - Certain Actions by Retiring Members.
  1. Notwithstanding any law to the contrary, this section shall apply to any member of the system who is otherwise eligible to retire pursuant to...

Last modified: February 3, 2019