2006 New York Code - Right Of Certain Employees To Continue To Maintain Deposit Of Accumulated Deductions.

 
    § 13-147 Right of certain employees to continue to maintain deposit of
  accumulated  deductions.  A  person  whose position in the New York city
  transit authority was abolished due to the sale of  city  owned  transit
  power  plants  may,  at  any time prior to the termination of his or her
  membership,  by  notice  filed  with  the  executive  director  of   the
  retirement  system, elect to continue to maintain his or her accumulated
  deductions on deposit with the retirement system. Regular interest shall
  be credited on the accumulated deductions so continued on deposit.  Upon
  filing  of  such  election,  membership  in  the retirement system shall
  cease.
    Such person may at any time prior to the payment  of  an  annuity,  as
  hereinafter  provided,  withdraw  the accumulated deductions standing to
  the credit of his or her individual account.
    Notwithstanding the provisions of section 13-146 of this chapter, such
  a person shall receive an annuity of equivalent actuarial value  to  his
  or  her accumulated deductions based on the appropriate mortality tables
  to be approved by the board of estimate upon written application to  the
  board  setting  forth  at  what time, not less than thirty nor more than
  ninety days subsequent to the execution and filing thereof,  he  or  she
  desires  to  receive  such  annuity,  provided  such person, at the time
  specified, shall have attained his or  her  minimum  service  retirement
  age.