N.Y. Education Law 539 – Certain actions by retiring members
§ 539. Certain actions by retiring members. 1. Notwithstanding any law to the contrary, this § of the system who is otherwise eligible to retire pursuant to the provisions of this Article of the retirement and social security law.
Terms Used In N.Y. Education Law 539
- 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
- Employer: shall mean the state of New York, the city, the village, school district board or trustee, or other agency of and within the state by which a teacher is paid. See N.Y. Education Law 501
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Retirement allowance: shall mean the pension plus the annuity. 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
2. Subject to the limitations in subdivisions three and four of this section, a member shall be retired for service or with a deferred retirement allowance, as requested by the member, upon or on a date after the filing of a retirement application with the retirement system.
3. A member shall not file for service retirement or for a deferred retirement allowance any earlier than ninety days prior to the date on which the member desires to be retired.
4. A member shall not be retired under any provision of law until the member has ceased to be paid on the payroll of an employer participating in the retirement system. In the case of a member who has the right to retire for disability under Article 14 of the retirement and social security law, disability retirement shall not commence any earlier than the date on which primary social security disability benefits commence.
5. A member may retroactively withdraw his or her retirement for service or with a deferred retirement allowance by filing a revocation of retirement no later than fourteen days following the date upon which the member was retired. The retirement system shall have no obligation to make any payment on account of any service retirement or deferred retirement allowance during said period.
6. An option selection duly filed by the member with the retirement system shall become effective upon retirement. Notwithstanding the foregoing, a member who has been retired for service or with a deferred retirement allowance may file an option selection or change or withdrawal of an option selection previously filed no later than thirty days following the date on which the member has retired; a member who has been retired for disability may file an option selection or a change or withdrawal of an option selection previously filed no later than (i) thirty days following the date on which such member's application for disability retirement was approved by the retirement board or (ii) thirty days following the date on which the member was retired for disability, whichever is later.
7. A member subject to the provisions of this article who has accumulated contributions credited to the member's individual account in the annuity savings fund may elect to withdraw such contributions pursuant to subdivision six of section five hundred sixteen of this article within the period provided in subdivision six of this section for the selection, change or withdrawal of an option selection.