2006 New York Code - Refunds And Withdrawals

 
    §  51.  Refunds  and  withdrawals.    a.  A member under age sixty may
  withdraw his accumulated contributions if he  has  been  separated  from
  service for a period of at least fifteen days.
    b.  A  member  sixty  years  of age or over, may elect, not later than
  fifteen days after filing his application for retirement, or  not  later
  than  thirty days after his mandatory retirement has become effective by
  operation of law, to withdraw his accumulated contributions in lieu of a
  retirement allowance, provided that he
    1. Has had less than five years of total service credit, or
    2.  Last  became  a  member  before  April  sixth,  nineteen   hundred
  forty-three, or
    3.  Is  eligible  for  an  annual  retirement allowance which, without
  optional modification, amounts to less than three hundred dollars.
    c. The following contributions or additional  contributions  shall  be
  treated  as  excess  contributions which, together with regular interest
  and special interest thereon, may be withdrawn by a member at  any  time
  prior  to  retirement, or if not so withdrawn, shall be used to purchase
  additional annuity:
    1. Contributions paid by a member  in  order  to  receive  credit  for
  service  in  war  after  world  war I, as defined in section two of this
  article, not including, however, contributions required by subdivision k
  of section forty-one of this article.
    2. Additional contributions paid  by  a  member  pursuant  to  section
  eighty,  eighty-nine-a  or  eighty-nine-b  and  where,  as a result of a
  change in  his  employment,  such  additional  contributions  would  not
  provide  an  additional  pension  allowance  for  service for which such
  additional contributions were made.
    3. Such other contributions to the annuity  savings  fund  as  may  be
  determined  by regulation of the comptroller to be excess and subject to
  such withdrawal.
    d. If a member dies before the effective date of his  retirement,  his
  accumulated  contributions  shall be paid to his estate or to the person
  nominated by him in a written designation duly executed and  filed  with
  the  comptroller.  In  the  event such a designated beneficiary does not
  survive him, or if he shall not have so designated a  beneficiary,  such
  contributions  shall  be  payable  to the deceased member's estate or as
  provided in section one thousand three hundred ten  of  the  surrogate's
  court  procedure  act.  Such  member,  or after his death, the person so
  nominated by him may file with the comptroller  a  written  designation,
  duly  executed  providing  that  such contributions shall be paid in the
  form of an annuity to such person so nominated. Such  designation  shall
  be  filed  prior to or within ninety days after the death of the member.
  The amount  of  such  annuity  shall  be  determined  as  the  actuarial
  equivalent  of  such  accumulated  contributions on the basis of regular
  interest and the age of the person so nominated as of the date  of  such
  member's death.
    dd.  Notwithstanding the provisions of section ninety of this article,
  accumulated contributions shall be payable in  the  manner  provided  by
  subdivision  d  or e of this section in the case of a retired member who
  shall die before attaining age seventy where:
    1. His application for retirement became effective prior to his death,
  and
    2. No optional election by him was in effect at the time of his death,
  or he had made and filed a valid  election  to  receive  his  retirement
  allowance without optional modification, and
    3.  He  died  within  the  period of thirty days immediately after his
  retirement became effective.
  The amount of  the  accumulated  contributions  so  payable  under  this
  subdivision  shall  be reduced by the amount of any annuity payment that
  may have been paid on account of such retirement.
    The provisions of this subdivision shall apply in any case where death
  occurred on or after January first, nineteen hundred fifty-four.
    e.  A  member,  or  after  his  death,  the person nominated by him to
  receive  his  accumulated  contributions,  may  elect  to  receive   the
  actuarial  equivalent  of the annuity specified in subdivision d of this
  section in the form of a reduced annuity, payable  for  life,  with  the
  further  proviso  that  if the person so nominated should die before the
  annuity payments received by him are equal to such actuarial equivalent,
  the balance thereof shall be paid in a lump sum  to  such  beneficiary's
  estate  or  to  such  person  as  such  member or his nominee shall have
  designated prior to his death. Such election shall be made prior  to  or
  within ninety days after the death of the member.  Such designation of a
  beneficiary  to receive such lump sum may be made or changed at any time
  by the person who made it. Such election, designation or change shall be
  made by a writing duly executed and filed with the comptroller.  If  the
  person  nominated to receive such lump sum does not survive the member's
  beneficiary, such lump sum, if any, shall be payable to  the  estate  of
  the  member's  beneficiary  or as provided in section one thousand three
  hundred ten of the surrogate's court procedure act.