2015 New York Laws
RSS - Retirement & Social Security
Article 8 - (Retirement & Social Security) NEW YORK STATE POLICEMEN'S AND FIREMEN'S RETIREMENT SYSTEM
Title 13 - (409 - 418) MISCELLANEOUS PROVISIONS; SAVING AND CONSTRUCTION CLAUSES
409-A - Abandonment of amounts payable to beneficiaries; payment to the pension accumulation fund.

  409-a.  Abandonment of amounts payable to beneficiaries; payment to
  the pension accumulation fund.  a. After at least one year  has  elapsed
  since  a  benefit  has  become payable to the beneficiary or estate of a
  retiree or member and such beneficiary or estate has failed to apply for
  and receive such benefit, the comptroller shall send a statement to  the
  executor or administrator of the estate or to the designated beneficiary
  at  his  last known address setting forth the benefit payable and giving
  notice to such person or persons that unless demand for payment of  such
  benefit  is  made prior to a date at least eighteen months from the date
  the notice is given, said benefit will be deemed abandoned and  will  be
  transferred to the pension accumulation fund.
b.  After the expiration of at least one year from the date the notice
  is given, the comptroller shall publish in the  state  bulletin  a  list
  setting  forth the names of estates or beneficiaries having an unclaimed
  amount in the retirement system. At the expiration of  six  months  from
  the  date  of  publication  of  such  list  the amounts so listed unless
  previously paid to claimant shall  be  deemed  abandoned  and  shall  be
  placed  in  the  pension accumulation fund to be used for the purpose of
  said fund.
c. Any amounts so deemed abandoned  and  transferred  to  the  pension
  accumulation fund may be claimed by the executor or administrator of the
  estate  or  beneficiaries designated to receive such amount, by filing a
  claim with the comptroller on  such  form  and  in  such  manner  as  be
  prescribed by the comptroller.  In the event such claim is properly made
  the comptroller shall pay over to the estate or to the person or persons
  making such claim the amount without interest. The payment shall be made
  from the pension accumulation fund.