Senate Bill S3401

Signed By Governor
2011-2012 Legislative Session

Relates to right of vested members of the New York state teachers' retirement system to withdraw from such system

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S3401 (ACTIVE) - Details

See Assembly Version of this Bill:
A5368
Law Section:
Education Law
Laws Affected:
Amd §512, Ed L
Versions Introduced in 2009-2010 Legislative Session:
S3510, A5313

2011-S3401 (ACTIVE) - Summary

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.

2011-S3401 (ACTIVE) - Sponsor Memo

2011-S3401 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3401

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 18, 2011
                               ___________

Introduced by Sen. GOLDEN -- (at request of the New York State Teachers'
  Retirement System) -- read twice and ordered printed, and when printed
  to be committed to the Committee on Education

AN  ACT  to  amend the education law, in relation to the right of vested
  members to withdraw from  the  New  York  state  teachers'  retirement
  system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 512 of the education law is amended by adding a new
subdivision g to read as follows:
  G. NOTWITHSTANDING ANY OTHER PROVISION OF   LAW TO THE  CONTRARY,  ANY
MEMBER  OF  THE RETIREMENT SYSTEM SUBJECT TO ARTICLE FOURTEEN OR FIFTEEN
OF THE RETIREMENT AND SOCIAL SECURITY LAW  WHO  HAS  PERMANENTLY  CEASED
TEACHING  SHALL HAVE THE RIGHT TO ELECT THE RETURN OF HIS OR HER ACCUMU-
LATED CONTRIBUTIONS AND THEREBY TERMINATE HIS OR HER MEMBERSHIP  IN  THE
RETIREMENT  SYSTEM WITHOUT REGARD TO THE AMOUNT OF SERVICE TO HIS OR HER
CREDIT, PROVIDED A PUBLIC EMPLOYEE RETIREMENT SYSTEM  IN  ANOTHER  STATE
HAS CERTIFIED IN A MANNER SATISFACTORY TO THE SYSTEM THAT SUCH MEMBER IS
A  MEMBER  OF  SUCH  OTHER RETIREMENT SYSTEM, HAS AT LEAST FIVE YEARS OF
RETIREMENT CREDIT IN SUCH OTHER SYSTEM, AND IS ELIGIBLE, UPON THE TERMI-
NATION OF HIS OR HER MEMBERSHIP IN  THE  SYSTEM,  TO  OBTAIN  RETIREMENT
CREDIT  IN  SUCH  OTHER RETIREMENT SYSTEM FOR THE SERVICE WHICH HAS BEEN
CREDITED TO HIS OR HER MEMBERSHIP IN THE SYSTEM.  UPON  REFUND  OF  SUCH
ACCUMULATED  CONTRIBUTIONS,  ANY  AND  ALL OBLIGATIONS OF THE RETIREMENT
SYSTEM TO SUCH MEMBER SHALL BE TOTALLY DISCHARGED. THE RETIREMENT  BOARD
IS AUTHORIZED TO ADOPT SUCH RULES AND REGULATIONS AS MAY BE NECESSARY TO
IMPLEMENT THIS SUBDIVISION.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would  amend Section 512 of the Education Law to allow any
member of the  New  York  State  Teachers'  Retirement  System  (NYSTRS)

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08931-01-1
              

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