Loading chat...
NY A09157
Bill
Status
8/17/2012
Primary Sponsor
Peter Abbate
Click for details
AI Summary
-
Allows Tier III and Tier IV members of the New York City Teachers' Retirement System who have permanently ceased teaching to withdraw their accumulated contributions and terminate membership regardless of years of service credit
-
Requires certification from another state's Public Employee Retirement System that the member has at least five years of retirement credit in that system and is eligible to obtain credit for their New York teaching service upon withdrawal
-
Discharges all obligations of the Teachers' Retirement System to the member upon refund of accumulated contributions
-
Authorizes the Teachers' Retirement Board to adopt rules and regulations necessary to implement the withdrawal provisions
-
Takes effect immediately upon enactment
Legislative Description
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.
Last Action
signed chap.384
8/17/2012