2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 8 - (290) NEW YORK STATE POLICEMEN'S AND FIREMEN'S RETIREMENT SYSTEM
Title 7 - (350 - 351) LOANS, REFUNDS AND WITHDRAWALS
351 - Refunds and withdrawals.

 
    §  351.  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 of  the  state  employees'  retirement  system
  before  April  sixth,  nineteen  hundred  forty-three,  and subsequently
  became a member of the policemen's and firemen's retirement system, 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  and  special  interest thereon, may be withdrawn by a member at any time
  prior to retirement, or if not so withdrawn, shall be used  to  purchase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  three  hundred
  two  of  this article, not including, however, contributions required by
  subdivision k of section three hundred forty-one of this article.
    2. Additional contributions paid by  a  member  pursuant  to  sections
  three  hundred  eighty-one,  three  hundred  eighty-one-a, three hundred
  eighty-three, three hundred eighty-three-a, three  hundred  eighty-four,
  three  hundred eighty-four-a, three hundred eighty-four-b, three hundred
  eighty-four-d, three hundred eighty-five, three  hundred  eighty-five-a,
  three  hundred  eighty-six,  three  hundred  eighty-seven, three hundred
  eighty-seven-a and three hundred eighty-eight 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 three hundred 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.