2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 3-A - (150 - 155) REPORTING AND DISCLOSURE
153 - Summary plan description.

 
    §  153.  Summary  plan  description.    1.  The  head  of  each public
  retirement system shall prepare and publish a summary  plan  description
  of  any public employee pension plan which is administered or maintained
  by such system and of any material modification or change in  the  terms
  of such plan. The summary plan description shall include the information
  required  under  subdivision  two  of  this  section.  The  summary plan
  description, a summary of any material modifications in the terms of the
  plan, and any other changes  in  the  information  required  under  this
  section  shall  be  furnished to members in the manner and to the extent
  provided  in  subdivision  three  of  this  section.  The  summary  plan
  description  and any other summary descriptions required by this article
  (including updates of summary plans and information  concerning  changes
  and  modifications)  shall  be  written  in  a  manner  calculated to be
  understood by the average member and shall be sufficiently accurate  and
  comprehensive  to  reasonably  apprise  such members of their rights and
  obligations under the plan.
    2.  The  summary  plan  description  shall   contain   the   following
  information,  and  shall  be updated at regular intervals to incorporate
  any changes in such information:
    (a) the name and address of the head of the public  retirement  system
  which administers such plan;
    (b)   the   plan's   requirements  with  respect  to  eligibility  for
  participation or membership and benefits;
    (c) the  plan's  requirements  with  respect  to  vesting  of  pension
  benefits;
    (d)   the   circumstances   which   may  result  in  disqualification,
  forfeiture, ineligibility, or denial or loss of benefits;
    (e) the procedures to be followed in presenting  claims  for  benefits
  under the plan and the remedies available under the plan for the redress
  of claims for benefits which are denied in whole or in part.
    3.  The head of each public retirement system shall, in a manner to be
  determined by the head of such retirement system, furnish to each member
  a copy of  the  summary  plan  description  required  by  this  section,
  including  all modifications and changes thereto, within one year of the
  time the individual is registered as a member. If there  is  a  material
  modification  or  change,  the head of the retirement system shall, in a
  manner to be determined by the head of such retirement system, furnish a
  summary description of such modification or change  to  each  member  or
  beneficiary  whose  rights  or benefits may reasonably be expected to be
  affected thereby and to each retired member whose rights or benefits may
  reasonably be expected to be affected thereby.  Provided, however,  that
  where  such modification or change requires members, retired members, or
  their beneficiaries to make a selection or  file  an  application  by  a
  certain  date,  such  summary  description  shall  be  furnished  to the
  affected members, retired members, or their beneficiaries not later than
  sixty days before the final date for making  such  selection  or  filing
  such application, unless such notice is impracticable under the terms of
  such modification or change.