§ 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 from the annuity savings fund shall be made in the following manner: 1. Each employer shall deduct from the compensation of each […]
§ 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 pension accumulation fund shall be the fund in which shall be accumulated all reserves for the payment of all benefits with 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 transferred from the pension accumulation fund. Should any disability pension payable from said fund be canceled, the pension reserve thereon shall thereupon be transferred from […]
§ 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 this article.
§ 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 as retirement allowances and as other benefits provided herein. Contributions shall be made to the expense fund as follows: 1. The retirement board shall determine the […]
§ 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 duties may require. 2. a. Upon the employment of any teacher to whom this article may apply, he shall be informed by his employer of […]
§ 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 contributor for each and every payroll period, the contribution payable by such contributor as provided in this article. Each employer shall certify to the treasurer […]
§ 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 years a member of another teachers’ retirement system which is being operated on an actuarial basis either under the laws of this […]
§ 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 accruing to any person under the provisions of this article, and the moneys in the various funds created hereunder, are hereby exempt from […]
§ 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 system in any attempt to defraud such system as a result of such act, shall be guilty of a misdemeanor, and shall be punishable therefor […]
§ 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 of the state having a population of less than one million, created, established or maintained under […]
§ 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 each member of the system retired prior to the twenty-eighth day of August, nineteen hundred fifty-eight, on the basis of the mortality tables in force either on the first […]
§ 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 first, nineteen hundred sixty, and ending with the payroll period immediately prior to that the first day of which is nearest to April first, nineteen hundred seventy, […]
§ 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 hundred sixty-one and ending with the payroll period immediately prior to that the first day of which is […]
§ 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 thirtieth day of June, nineteen hundred seventy, the contribution of each member of the retirement system who is a teacher within the provisions of subdivision four of […]
§ 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 ceased to be a teacher for any cause other than death or retirement or seven […]
§ 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. Such supplemental retirement allowance shall be payable on the basis provided for herein, commencing with a payment for the month of September, nineteen hundred ninety-nine […]
§ 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 have been retired for five years; (ii) all pensioners who have attained age fifty-five and have been retired for ten years; (iii) all disability pensioners regardless […]
§ 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 five hundred sixteen of this article, shall be required of any member. b. Contributions shall be made to the pension accumulation fund, as provided in […]
