2006 New York Code - Special Death And Retirement Benefits.

 
    § 13-543 Special death and retirement benefits. a. Upon the death of a
  contributor, before retirement or within thirty days after the effective
  date  of  his or her service retirement, or within thirty days after the
  filing of his or her application for disability retirement, in  lieu  of
  any  retirement  allowance,  or  optional benefit, or any death benefit,
  there shall be paid to his or her estate or to such person as he or  she
  shall have nominated by written designation duly executed and filed with
  the retirement board:
    1. His or her accumulated deductions; and in addition thereto,
    2. A sum consisting of:
    i. His or her reserve-for-increased-take-home-pay, if any, which shall
  be paid out of the contingent reserve fund; and
    ii.  In the case of any contributor whose death heretofore occurred or
  occurs hereafter and prior to July first, nineteen hundred  seventy,  an
  amount,  payable  out  of  the  contingent reserve fund in the case of a
  new-entrant and out of pension reserve fund number two in the case of  a
  present-teacher,  equal to (a) six per cent of his or her average salary
  multiplied by the number of his or her years  of  city-service  rendered
  prior  to  April  tenth,  nineteen hundred twenty-nine plus (b) five per
  cent of his or her average salary multiplied by the number of his or her
  years of city-service rendered subsequent to such date. In the case of a
  teacher appointed prior to such date the years of credit under  (a)  and
  (b)  shall  not  exceed  thirty-five years in total and in the case of a
  teacher appointed subsequent to such date, the years of credit shall not
  exceed twenty years in total. In no event shall such amount be less than
  one-half of his or her average salary, except that  in  the  case  of  a
  teacher who has a total city-service of six months or more and less than
  five  years  such  amount  shall be six times the average monthly salary
  earnable by him or  her  during  his  or  her  city-service  immediately
  preceding  his  or  her death. If the contributor was a present-teacher,
  there shall be included a further amount in addition  thereto  equal  to
  five  per  cent of his or her average salary multiplied by five sevenths
  of the number of his or her years of prior-service. The total credit for
  prior-service so allowed shall not exceed twenty-five years. If  in  the
  case  of  any  deceased  contributor the total amount payable under this
  subparagraph (ii) of this paragraph two of this subdivision  is  greater
  than  the  largest  maximum  annual salary paid to any contributor, such
  total amount payable shall not be greater  than  two  and  three-fourths
  times  the average salary of the deceased contributor, nor less than the
  largest maximum annual salary paid to any contributor; or
    iii. in the case of any contributor whose death  occurs  on  or  after
  July first, nineteen hundred seventy, a sum consisting of:
    (a)  an  amount  equal  to  the salary earnable by him or her while in
  city-service, during the six months immediately  preceding  his  or  her
  death; or
    (b)  if  the  total number of years of city-service credited to him or
  her is ten or more then an amount equal to the salary earnable by him or
  her while in city-service during the twelve months immediately preceding
  his or her death; or
    (c) if the total number of years of city-service credited  to  him  or
  her is twenty or more, then an amount equal to twice the salary earnable
  by him or her while in city-service during the twelve months immediately
  preceding his or her death.
    3.  Where  any contributor, by any designation heretofore or hereafter
  filed pursuant to the preceding provisions of this  subdivision  and  in
  effect  at  the  time of the death of such contributor, has nominated or
  shall  nominate  any  person  to  receive  the  amount   payable   under
  subparagraph  (ii)  or (iii) of paragraph two of this subdivision a, the


  reserve-for-increased-take-home-pay, if any, of such contributor payable
  under subparagraph (i) of such paragraph two shall be paid to the person
  so nominated.
    b. A contributor eligible for retirement pursuant to section 13-545 or
  13-557  of  this chapter, however, may file with the retirement board an
  application setting forth that he or she elects to be retired at a  time
  not  less than thirty nor more than ninety days after the filing of such
  application, provided  such  contributor  shall  agree  in  his  or  her
  application  that such application shall be irrevocable from the date of
  filing. Such application shall retire such contributor on the date he or
  she elected to be retired, if then  living,  and  such  contributor,  on
  retirement,   shall   be  entitled  to  receive  any  annuity,  pension,
  pension-providing-for-increased-take-home-pay to which he or she may  be
  entitled,  if  any,  retirement allowance, or any optional benefit he or
  she may have selected at the time of the filing of such  application  or
  prior thereto pursuant to the provisions of this section.
    c. 1. A contributor at any time may file with the retirement board his
  or  her election to have paid to his or her beneficiary, in the event of
  his or her death, his or her  accumulated  salary  deductions  or  death
  benefit, or both, in accordance with one of the following options:
    Option A. Upon the death of the contributor the actuarial value of his
  or her accumulated salary deductions or death benefit, or both, shall be
  paid  in  an annuity in monthly installments throughout the life of such
  beneficiary as he or she shall  nominate  by  written  designation  duly
  acknowledged and filed with such board; or
    Option B. Upon the death of the contributor the actuarial value of his
  or her accumulated salary deductions or death benefit, or both, shall be
  paid  in a lesser annuity in monthly installments to such beneficiary as
  the contributor shall nominate by written designation duly  acknowledged
  and  filed with such board with a provision that should such beneficiary
  die before he or she has received  the  total  actuarial  value  of  the
  accumulated salary deductions or death benefit, or both, as certified at
  the  time  of the death of the contributor, the balance shall be paid to
  the  estate  of  the  contributor  or  to  such  other  beneficiary   or
  beneficiaries as shall have been nominated by the contributor by written
  designation duly acknowledged and filed with such board; or
    Option  C.  Upon the death of the contributor, that some other benefit
  or benefits shall be paid to such beneficiary or beneficiaries as he  or
  she  shall  have  nominated by written designation duly acknowledged and
  filed with such board, provided such other benefit or benefits shall  be
  certified  to by the actuary of such board to be of equivalent actuarial
  value of the accumulated salary deductions or death  benefit,  or  both,
  and shall be approved by such board.
    2.  Where  any contributor, by any designation heretofore or hereafter
  filed pursuant to paragraph one of this subdivision c and in  effect  at
  the  time  of the death of such contributor, nominated or shall nominate
  any beneficiary or beneficiaries to receive payment of his or her  death
  benefit  in  accordance with any option mentioned in such paragraph one,
  the reserve-for-increased-pay, if any, of such contributor shall be paid
  to  such  beneficiary  or  beneficiaries  in  the  same  manner  and  in
  accordance  with  the  same  methods of computation as are prescribed in
  such paragraph one  with  respect  to  payment  of  such  death  benefit
  pursuant to such option.
    d.  1. Where a designated beneficiary has been named to receive either
  the accumulated salary deductions or death benefit, or both,  but  where
  no  election  of  an  option  has been made under the provisions of this
  section, the designated beneficiary may elect to receive the  amount  or
  amounts payable upon the death of the contributor in a lump sum or he or


  she may elect to have the amount paid under any one of the above options
  in the same manner as if the contributor had designated the option under
  which such amount would have been paid.
    2.  Where  any  designated beneficiary named as specified in paragraph
  one of this subdivision d, has heretofore made or shall  hereafter  make
  an  election  pursuant  to such paragraph one with respect to receipt of
  the death benefit, the reserve-for-increased-take-home-pay, if  any,  of
  the  contributor shall be paid to the same beneficiary or beneficiaries,
  in the  same  manner,  and  in  accordance  with  the  same  methods  of
  computation  as  are  prescribed  by  such paragraph one with respect to
  payment of the death benefit pursuant to such election.
    e. The effective date of  retirement  under  section  13-545,  13-547,
  13-549  or  13-557  of  this chapter, shall be the date specified in the
  application as the date  for  retirement,  provided  that  the  date  so
  specified  is  subsequent  to  the date of filing. In case of disability
  retirement, the effective date of retirement shall be the  date  of  the
  medical  examination or such other date within thirty days subsequent to
  the medical  examination  as  shall  be  mutually  agreed  upon  by  the
  contributor and such board.
    f.  This  section  shall  not  apply to a contributor who prior to the
  tenth day of October, nineteen hundred twenty-nine shall have filed with
  such board a statement in writing that he or she  elected  not  to  come
  within the provisions of this section.