Bill Text: NY A09157 | 2011-2012 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the right of vested members to withdraw from the New York city teachers' retirement system; allows a member who has permanently ceased teaching in New York to elect to withdraw his/her accumulated contributions to enable the member to obtain credit for the teaching service in another state provided such member has at least five years of service credit in that system, and the withdrawal must be necessary in order for the member to obtain credit in the other system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-08-17 - signed chap.384 [A09157 Detail]

Download: New_York-2011-A09157-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9157
                                 I N  A S S E M B L Y
                                   January 31, 2012
                                      ___________
       Introduced by M. of A. ABBATE -- read once and referred to the Committee
         on Governmental Employees
       AN  ACT  to  amend  the  administrative code of the city of New York, in
         relation to the right of vested members to withdraw from the New  York
         city teachers' retirement system
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 13-541 of the administrative code of  the  city  of
    2  New  York,  as amended by chapter 854 of the laws of 1985, is amended to
    3  read as follows:
    4    S 13-541 Termination of membership; resignation, transfer or  dismiss-
    5  al.  1. Withdrawals from the retirement association shall be by resigna-
    6  tion, by transfer, or by dismissal. Should a contributor resign from the
    7  position by virtue of which  he  or  she  is  a  contributor  under  the
    8  provisions  of this chapter, or should he or she, upon transferring from
    9  such a position to another position in the city-service, fail to  become
   10  a transferred-contributor as provided in section 13-523 of this chapter,
   11  his or her membership in such association shall cease except as provided
   12  in section 13-556 of this code and he or she shall be paid forthwith the
   13  full  amount of the accumulated deductions standing to the credit of his
   14  or her individual account in the annuity savings fund.
   15    2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  TO  THE  CONTRARY,  ANY
   16  MEMBER  OF  THE  RETIREMENT  ASSOCIATION  SUBJECT TO ARTICLE FOURTEEN OR
   17  FIFTEEN OF THE RETIREMENT AND SOCIAL SECURITY LAW  WHO  HAS  PERMANENTLY
   18  CEASED  TEACHING  SHALL HAVE THE RIGHT TO ELECT THE RETURN OF HIS OR HER
   19  ACCUMULATED CONTRIBUTIONS AND THEREBY TERMINATE HIS OR HER MEMBERSHIP IN
   20  THE RETIREMENT ASSOCIATION WITHOUT REGARD TO THE AMOUNT  OF  SERVICE  TO
   21  HIS  OR  HER  CREDIT,  PROVIDED  A  PUBLIC EMPLOYEE RETIREMENT SYSTEM IN
   22  ANOTHER STATE HAS CERTIFIED IN A MANNER SATISFACTORY TO THE SYSTEM  THAT
   23  SUCH  MEMBER  IS  A MEMBER OF SUCH OTHER RETIREMENT SYSTEM, HAS AT LEAST
   24  FIVE YEARS OF RETIREMENT CREDIT IN SUCH OTHER SYSTEM, AND  IS  ELIGIBLE,
   25  UPON  THE  TERMINATION OF HIS OR HER MEMBERSHIP IN THE SYSTEM, TO OBTAIN
   26  RETIREMENT CREDIT IN SUCH OTHER RETIREMENT SYSTEM FOR THE SERVICE  WHICH
   27  HAS BEEN CREDITED TO HIS OR HER MEMBERSHIP IN THE SYSTEM. UPON REFUND OF
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13999-01-2
       A. 9157                             2
    1  SUCH  ACCUMULATED  CONTRIBUTIONS, ANY AND ALL OBLIGATIONS OF THE RETIRE-
    2  MENT ASSOCIATION TO SUCH MEMBER SHALL BE TOTALLY DISCHARGED. THE  TEACH-
    3  ERS'  RETIREMENT BOARD IS AUTHORIZED TO ADOPT SUCH RULES AND REGULATIONS
    4  AS MAY BE NECESSARY TO IMPLEMENT THIS SUBDIVISION.
    5    S 2. This act shall take effect immediately.