§ 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. “Retirement system” shall mean the New York state teachers’ retirement system provided for in section five hundred two of this article. 2. “Retirement board” shall mean the […]
§ 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 under its corporate name, or in the name of its nominees, all of its business shall be transacted, all funds invested, all warrants for money drawn […]
§ 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 August, nineteen hundred twenty-one, who shall file with the retirement board applications for membership, except those specifically excluded under subdivision four of this section. b. […]
§ 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 to be vested in a retirement board. The retirement board shall from time to time establish rules and regulations for the […]
§ 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 or November, at an hour and place set by the retirement board on or before May first of each […]
§ 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 October immediately preceding the expiration of a term in office as prescribed in this section, for the purpose of electing the […]
§ 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 shall have stated meetings at the same place at least once in each three months as determined by the regulations of […]
§ 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 services of such technical and administrative employees as may be necessary for the transaction of the business of the retirement system. 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 time what part of the moneys belonging to the retirement system shall be invested. When such board shall determine upon the investment […]
§ 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 retirement system and to the members, retirees and beneficiaries of such system and such other […]
§ 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 teacher and service in a similar capacity in other states rendered by him prior to the first day […]
§ 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 and who has attained the age of sixty years or over while in service, or any member who has completed thirty-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 service or a member who is a present teacher and who has completed twenty years of service, the last ten of which were state service, may […]
§ 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 the retirement board before the first day of July, nineteen hundred sixty-seven, or within two years after he last became a member, whichever is later, […]
§ 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 cause other than death or retirement shall be paid on demand the accumulated contributions standing to the credit of his individual account in the […]
§ 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 in the state, by written notice duly acknowledged and filed with the retirement board at any time before his membership would otherwise terminate pursuant to section […]
§ 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 his accumulated contributions in the retirement system once during each six month period an amount of not less than three hundred dollars providing the retirement board shall […]
§ 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 of an application for a retirement allowance, until the first payment on account of any benefit becomes normally due, any member, at the time of his […]
§ 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 the pension accumulation fund created by this article. The amount of the annuity of any annuitant on the rolls of such […]
§ 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. The supplemental retirement allowance fund. f. The expense fund.
