2006 New York Code - Withdrawal Of Participant In Variable Annuity Program; Re-entry Into Service.

 
    §  13-572  Withdrawal  of  participant  in  variable  annuity program;
  re-entry into service. a. If  a  participant  in  the  variable  annuity
  program  withdraws  from  the retirement association with vested rights,
  his or her accounts in the variable annuity savings  fund  and  variable
  pension accumulation fund shall be maintained, subject to the provisions
  of  this  subdivision.  Unless  the provisions of section 13-523 of this
  chapter apply, further deposits and transfers to  his  or  her  accounts
  shall be discontinued.
    1.  Upon  his  or  her request before his or her retirement, he or she
  shall be paid from the variable annuity savings fund an amount equal  to
  the value, as of the month following the receipt of such request, of the
  units credited to him or her in such fund. An amount equal to the value,
  as  of  such  month, of the units credited to him or her in the variable
  pension accumulation fund shall be transferred from  such  fund  to  the
  contingency  reserve  fund,  and  his  or  her  accounts in the variable
  annuity savings fund and variable pension accumulation fund and  his  or
  her  right  to a vested deferred retirement allowance shall thereupon be
  cancelled.
    2. If he or she transfers his or her membership  pursuant  to  section
  forty-three  of  the  retirement and social security law or section five
  hundred twenty-two of the education law, amounts equal to the  value  of
  the  units  credited  to him or her in the variable annuity savings fund
  and variable pension accumulation fund shall be  transferred  from  such
  funds  to  his  or  her  accumulated  deductions  and to the contingency
  reserve fund, respectively, and in the latter case shall be credited  to
  his  or  her reserve-for-increased-take-home-pay. His or her accounts in
  the variable annuity savings fund and variable pension accumulation fund
  shall thereupon be cancelled. The value of a unit  for  the  purpose  of
  this  provision shall be as of the month following his or her withdrawal
  or application for transfer, whichever is later.
    3. If he or she re-enters service before his or her  accounts  in  the
  variable annuity savings fund and variable pension accumulation fund are
  cancelled, deposits to such accounts shall be resumed in accordance with
  the election in effect at the time of his or her withdrawal.
    b. If a participant in the variable annuity program withdraws from the
  retirement  association  without vested rights, other than by dismissal,
  an amount equal to the value, as of the date of withdrawal, of the units
  credited to him or her in the variable pension accumulation  fund  shall
  be  transferred  from  such  fund  to  the  contingency reserve fund and
  credited to his or her reserve-for-increased-take-home-pay. His  or  her
  account  in  the  variable  pension accumulation fund shall thereupon be
  cancelled. His or her account in the variable annuity savings fund shall
  be maintained, subject to the provisions of this paragraph.  Unless  the
  provisions  of section 13-523 of this chapter apply, further deposits to
  his or her account shall be discontinued.
    1. Upon his or her request, he or she shall be paid from such fund  an
  amount equal to the value, as of the month following the receipt of such
  request,  of  the  units credited to him or her in such fund, and his or
  her account in such fund shall thereupon be cancelled. If no request  is
  made  before  the  expiration of such time limit as the retirement board
  may by regulation prescribe, an amount equal to the  value,  as  of  the
  month  following the expiration of such time limit, shall be transferred
  from such fund to his or her  accumulated  deductions  and  his  or  her
  account in such fund shall thereupon be cancelled.
    2.  If  he  or she transfers his or her membership pursuant to section
  forty-three of the retirement and social security law  or  section  five
  hundred twenty-two of the education law, an amount equal to the value of
  the  units credited to him or her in such fund shall be transferred from


  such fund to his or her accumulated deductions and his or her account in
  such fund shall thereupon be cancelled. The value of  a  unit,  for  the
  purpose of this provision, shall be as of the month following his or her
  withdrawal or application for transfer, whichever is later.
    3.  If  he  or  she re-enters service before his or her account in the
  variable annuity savings fund is cancelled,  deposits  to  such  account
  shall  be  resumed in accordance with the election in effect at the time
  of his or her withdrawal. A new account shall be established for him  or
  her  in  the  variable pension accumulation fund to receive deposits and
  transfers pursuant to subdivisions a and b of  section  13-568  of  this
  chapter.
    c. If a participant in the variable annuity program withdraws from the
  retirement  association  by  dismissal, he or she shall be paid from the
  variable annuity savings fund an amount equal to the value,  as  of  the
  month  following  his or her withdrawal, of the units credited to him or
  her in such fund. An amount equal to the value of the units credited  to
  him   or  her  in  the  variable  pension  accumulation  fund  shall  be
  transferred from such fund to the contingency reserve fund, and  his  or
  her  accounts  in the variable annuity savings fund and variable pension
  accumulation fund shall thereupon be cancelled.