Terms Used In New York Laws > Education > Title 1 > Article 8-B - State University Optional Retirement Program

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: means the board of trustees of the state university of New York. See N.Y. Education Law 390
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Dependent: A person dependent for support upon another.
• Donated farm salvage: shall mean an agricultural crop that is unharvested, surplus or unmarketable but otherwise nutritious and edible. See N.Y. Agriculture and Markets Law 217
• electing employee: shall mean any eligible employee who exercises his election pursuant to this article to come under the optional retirement program. See N.Y. Education Law 390
• electing employer: means a community college which elects to offer the optional retirement program as herein provided. See N.Y. Education Law 390
• eligible employees: means those employees in positions requiring the performance of educational functions in teacher education, agriculture, home economics, forestry, ceramics, liberal and applied arts and sciences, engineering, technical skills, crafts, business education, labor and industrial relations, medicine, dentistry, veterinary medicine, pharmacy, nursing, law, public affairs, maritime officer training, academic administration, library service, student activities, student personnel service and other professions required to carry on the work of the state university and the colleges, schools, institutes, research centers, facilities and institutions comprising it and of the community colleges. See N.Y. Education Law 390
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• food salvager: as used in this article , means a person engaged in the business of reconditioning, labeling, relabeling, packing, repacking, sorting, cleaning, culling, or by other means salvaging food or food products, single service food containers and utensils, soda straws, paper napkins or any product of a similar nature that may have become damaged, contaminated, adulterated or misbranded as a result of fire, flood, transit wreck, accident or other cause, or by water, smoke, chemicals, or any other adulterating agents. See N.Y. Agriculture and Markets Law 217
• insurer: shall mean a life insurance corporation, or other corporation subject to department of financial services supervision. See N.Y. Education Law 390
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• local sponsor: means any city, county, intermediate school district, or school district approved by the board, sponsoring or participating in the establishment or operation of a community college. See N.Y. Education Law 390
• optional retirement program: means the retirement program established pursuant to this article. See N.Y. Education Law 390
• salary: means all amounts paid by or for the state as compensation for services rendered by an eligible employee holding a position with the state university or by or for a community college as compensation for services rendered by an eligible employee holding a position at such college. See N.Y. Education Law 390
• state university: means the state university of New York and the term "community college" means a college established and operated under article one hundred twenty-six of this chapter. See N.Y. Education Law 390