Loading chat...
NY S03510
Bill
Status
6/16/2010
Primary Sponsor
Diane Savino
Click for details
AI Summary
-
Allows members of the New York State Teachers' Retirement System (NYSTRS) subject to Article 14 or 15 of the Retirement and Social Security Law who have permanently ceased teaching to withdraw accumulated contributions and terminate membership without regard to years of service.
-
Requires that a member seeking withdrawal must be a member of another state's public employee retirement system, have at least five years of retirement credit in that system, and be eligible to transfer credit for service in the NYSTRS to the other system.
-
Upon refund of accumulated contributions, all obligations and future benefit rights from NYSTRS are completely discharged.
-
Authorizes the NYSTRS retirement board to adopt rules and regulations necessary to implement the withdrawal provision.
-
Takes effect immediately upon enactment.
Legislative Description
Permits certain eligible vested members of the NYS teachers' in tiers 3 and 4 who have ceased teaching to withdraw from such system and to transfer such credits to another state's retirement system; requires return of accumulated member contributions.
Last Action
referred to ways and means
6/16/2010