N.Y. Education Law Section 502
Retirement system

1.

The “New York state teachers’ retirement system” is hereby continued.

2.

Such retirement system shall have the powers and privileges of a corporation, and under its corporate name, or in the name of its nominees, all of its business shall be transacted, all funds invested, all warrants for money drawn and payments made, and all cash and securities and other property shall be held.

3.

In accordance with paragraph two of subsection a of section four hundred one of the Internal Revenue Code, it shall be impossible at any time prior to the satisfaction of the retirement system’s liabilities to its members and their beneficiaries under law, for any part of the assets of the retirement system, or income thereon, to be (within any taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of the members of the retirement system or their beneficiaries.

Source: Section 502 — Retirement system, https://www.­nysenate.­gov/legislation/laws/EDN/502 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

501
Definitions 502
Retirement system 503
Membership of system 504
Retirement board 505
Election of the active teacher members of the board 505‑A
Election of retired teacher member of board 506
Board meetings 507
Officers of board 508
Investment of funds 508‑A
New York state teachers’ retirement system MWBE asset management and financial institution strategy 509
Statements of teachers’ service 510
Superannuation retirement 511
Disability retirement 511‑A
Special service retirement 512
Withdrawal and death benefits 512‑A
Deferred retirement 512‑B
Loans 513
Optional allowances 514
Benefits to participants in old retirement fund 515
Funds enumerated 516
Annuity savings fund 517
Annuity reserve fund 518
Pension reserve fund 518‑A
Supplemental retirement allowance fund 519
Expense fund 520
Duties of employer 521
Collection of contributions 522
Transfer of contributions between retirement systems 523
State supervision 524
Exemption from taxation and execution 525
Protection against fraud 526
Merger of local teachers’ retirement and pension systems with the state system 527
Notwithstanding any other provision of law to the contrary the retirement board shall determine the annuity payable as of the date of ret... 528
Pensions-providing-for-increased-take-home-pay 529
Pensions providing for increased take home pay for certain teachers 530
Pensions-providing-for-increased-take-home-pay-for-teachers 531
Abandonment of unclaimed contributions or other benefits 532
Supplemental retirement allowance 532‑A
Cost-of-living adjustment 533
Non-contributory retirement plan 535
Career retirement plan 536
Deductions from benefits of certain retired members 537
Lump sum payment of de minimis service retirement benefit 538
Excess benefit plan 539
Certain actions by retiring members
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 502’s source at nysenate​.gov

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