N.Y. Education Law 2575-E – Eligibility of retirees for membership in the board of education retirement system of the city of New York
§ 2575-e. Eligibility of retirees for membership in the board of education retirement system of the city of New York. Notwithstanding any inconsistent provision of sections 13-267 and 13-379 of the administrative code of the city of New York, or any other provision of this chapter, or the code, or any other law, a person otherwise eligible for membership in the board of education retirement system of the city of New York, who files with the board a statement duly executed and acknowledged consenting for the period of his or her active membership in the system to the suspension of all present benefits provided wholly or partly by the city through any other retirement system or pension fund and consenting and agreeing to membership and to the deductions for annuity purposes prescribed in this chapter shall be a member of the board of education retirement system of the city of New York. Upon the subsequent retirement of such person from the board of education retirement system of the city of New York, he or she shall receive benefits based on creditable service not included in the service upon which his or her retirement allowance or pension from such other retirement system or pension fund is or would be based, and, upon such subsequent retirement, payment of the benefits provided through such other retirement system or pension fund, which had been suspended, shall be resumed.
Terms Used In N.Y. Education Law 2575-E
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.