N.Y. Education Law 531 – Abandonment of unclaimed contributions or other benefits; transfer to the pension accumulation fund
§ 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 years have elapsed from the date any other person became entitled to a benefit pursuant to this article, the retirement board may send a statement to such person at the last known address of the person setting forth the amount of the accumulated contributions or other benefits standing to the credit of such person and give notice to said person that unless he demands payment of said amount prior to a date at least one year from the date the notice is given, said amount will be deemed abandoned and will be transferred by the retirement board to the pension accumulation fund.
Terms Used In N.Y. Education Law 531
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a contributor, and credited to his individual account in the annuity savings fund together with regular interest thereon. See N.Y. Education Law 501
- Contributor: shall mean any member of the retirement system who has an account in the annuity savings fund as provided by this article. See N.Y. Education Law 501
- Pension: shall mean the annual payments for life derived from payments made by an employer as provided in this article. See N.Y. Education Law 501
- Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
- Retirement system: shall mean the New York state teachers' retirement system provided for in section five hundred two of this article. See N.Y. Education Law 501
- Service: shall mean actual teaching or supervision by the teacher during regular school hours of the day, and shall mean governmental service in the state of New York in another capacity where the teacher was a member of the New York state employees retirement system, and where such service was credited to the teacher in the said New York state employees retirement system. See N.Y. Education Law 501
- Teacher: shall mean any regular teacher, special teacher, including any school librarian or physical training teacher, principal, vice-principal, supervisor, supervisory principal, director, superintendent, city superintendent, assistant city superintendent, district superintendent and other member of the teaching or professional staff of any class, public school, vocational school, truant reformatory school or parental school, and of any or all classes of schools within the state of New York, including schools on the Indian reservation, conducted under the order and superintendence of and wholly or partly at the expense of the New York state education department or of a duly elected board of education, board of school directors or board of trustees of the state or of any city or school district thereof, provided that no person shall be deemed a teacher within the meaning of this article who is not so employed for full time outside vacation periods. See N.Y. Education Law 501
2. The retirement board shall cause to be published at least once in an appropriate publication of the New York state department of education, a publication for professional educators or in a periodical of general circulation, a list setting forth the names of persons who have unclaimed accumulated contributions or other benefits in the New York state teachers' retirement system.
3. At the expiration of six months from the date of the publication of the notices required by subdivision two of this section, the accumulated contributions or other benefits of the persons so listed shall be deemed abandoned and shall be placed in the pension accumulation fund to be used for the purposes of said fund.
4. Any accumulated contributions or other benefits so deemed abandoned and transferred to the pension accumulation fund may be claimed by the person entitled to the accumulated contributions or other benefits, or in the event of his death by his estate or by such person or persons as he shall have nominated to receive such accumulated contributions, by filing a claim with the retirement board in such form and in such manner as may be prescribed by the retirement board, seeking the return of such abandoned accumulated contributions or other benefits without interest, and in the event such claim is properly made the retirement board shall pay over to the person or persons or estate making such claim the amount of such accumulated contributions or other benefits without interest. The payment shall be made from the pension accumulation fund.
5. Notwithstanding any provision of this section to the contrary and in lieu of any other procedure provided for in this section, the retirement board is authorized to mandate the distribution of unclaimed amounts not to exceed one thousand dollars in each case to former members or contributors, or persons entitled to a benefit from the system, in cases in which 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 at least seven years have elapsed from the date any other person became entitled to a benefit from the system pursuant to any provision of this chapter or of the retirement and social security law.