2006 New York Code - Transfer Of Retirement System Membership Of Certain Board Of Education Personnel To Teachers\' Retirement System.

 
    §  13-632 Transfer of retirement system membership of certain board of
  education personnel to teachers' retirement system. a. As used  in  this
  section, the following terms shall mean and include:
    (1)  "Teachers'  retirement  system." The retirement system maintained
  under chapter four of this title.
    (2) "Eligible position holder." Any member of the board  of  education
  retirement  system  of  the  city  or  of  the  New York city employees'
  retirement system who holds, under the board of education of the city, a
  position of such a nature that under subdivision seven of section 13-501
  of this title and section 13-503 of this title, a person who receives an
  appointment to such position, and who does not exercise any rights which
  he or she may have  to  become  a  transferred  contributor  in  another
  retirement system, would become, by reason of such appointment, a member
  of the teachers' retirement system.
    (3)  "First  retirement  system."  The  retirement  system of which an
  eligible position holder is a member, immediately prior to the  transfer
  of his or her retirement system membership pursuant to this section.
    (4)  "Board."  (i)  In  the  case  of  the  New  York  city employees'
  retirement system, the board of trustees provided for by section  13-103
  of this title; and (ii) in the case of the board of education retirement
  system, the retirement board thereof.
    (5)   "Transferred  member."  An  eligible  position  holder  who  has
  transferred his or her membership to  the  teachers'  retirement  system
  pursuant to this section.
    b. Any person who is an eligible position holder at the time of filing
  an  application  as  hereinafter  in  this  subdivision  b provided, may
  transfer his or her membership in  the  board  of  education  retirement
  system  or  the  New  York  city  employees'  retirement  system  to the
  teachers'  retirement  system  by  filing,  no   later   than   December
  thirty-first,  nineteen  hundred  seventy  with  the  board of the first
  retirement  system,   a   written   application,   duly   executed   and
  acknowledged, requesting such transfer.
    c.  Upon  the  filing of such application, the first retirement system
  shall  transfer  to  the  contingent  reserve  fund  of  the   teachers'
  retirement  system, in the manner provided for in section forty-three of
  the retirement and social security law,  the  reserve  on  the  benefits
  allowable  to  such  member  as  a  result  of  employer  contributions,
  including  the  reserve-for-increased-take-home-pay.  In  addition,  the
  first  retirement system shall thereupon transfer his or her accumulated
  deductions (as they would be in the absence of a loan, less  the  unpaid
  balance  of  any  outstanding  loan)  to the annuity savings fund of the
  teachers' retirement system.
    d. Any such transferred member shall be deemed to have been  a  member
  of  the  teacher's retirement system during the period of member service
  which (1) is credited to him or her in the first retirement  system  and
  (2) was rendered after the commencement of his or her last membership in
  the first retirement system.
    e.  The  rate  of  contribution  of  any  member  who has elected such
  transfer of membership shall, on and after the date of the filing of his
  or her application therefor, be that (before any reduction  in  rate  of
  contribution  to which such member, after such election, may be entitled
  by          reason          of          any           plan           for
  pensions-providing-for-increased-take-home-pay) at which he or she would
  have  been  contributing on such date to the teachers' retirement system
  if he or she had become a member of such retirement system on  the  date
  when  he  or  she  last  became a member of the first retirement system;
  provided, however, that if  such  member,  pursuant  to  the  applicable
  provisions  of  chapter  four  of  title  thirteen of the code, elects a


  retirement plan prescribing a different rate of contribution, he or  she
  shall contribute in accordance with the requirements of such plan.
    f. As of the date of the filing of an application for such transfer of
  membership,  the  reserve-for-increased-take-home-pay  credited  in  the
  teachers' retirement system to the member filing such application  shall
  be  equal  to  the  amount  of  the  reserve-for-increased-take-home-pay
  credited to such member in the first retirement system on the  day  next
  preceding the date of the filing of such application.
    g.  In  any  case  where, at the time when an eligible position holder
  seeks to file an application for transfer of membership,  there  remains
  unpaid  any  part  of the principal or interest with respect to any loan
  made by such member while a member of the first retirement system, he or
  she shall not have the right to make such  election  unless  he  or  she
  shall  execute  and  acknowledge,  and  file with the board of the first
  retirement system, a written agreement providing that from and after the
  execution of such agreement all of his or  her  obligations  and  rights
  with respect to the principal and interest remaining unpaid on such loan
  shall be governed by rules and regulations which shall be adopted by the
  retirement  board  of the teachers' retirement system for the purpose of
  prescribing with respect to repayment of any such unpaid amounts to  the
  teachers'  retirement  system,  and  the member's status with respect to
  such loan,  terms  and  conditions  which  conform  so  far  as  may  be
  reasonable and practicable with the provisions of section 13-540 of this
  title.
    h. (1) In any case where a transferred member elects to participate in
  the  variable  annuity  program  of  the  teachers' retirement system as
  provided for in subdivision a of section 13-568  of  this  title,  by  a
  written  notice  duly  filed  with the retirement board of the teachers'
  retirement system before the first deduction is made  from  his  or  her
  salary  at  the rate of contribution prescribed by subdivision e of this
  section, such election shall take effect as of the date of filing of his
  or her application  for  a  transfer  of  membership  pursuant  to  this
  section.
    (2)  In  the  event  that  any transferred member makes an election as
  provided for in subdivision b of  section  13-568  of  this  title  with
  respect    to    a    transfer    of    accumulated    deductions    and
  reserve-for-increased-take-home-pay to the appropriate variable  annuity
  funds,  such transfer, notwithstanding any other provision of law to the
  contrary, shall not commence earlier than the first day of  the  seventh
  month  after  the  month  in  which  he  or  she  transferred his or her
  membership to the teachers' retirement system.