N.Y. Education Law Section 506
Board meetings

  • oaths of office
  • quorum
  • expenses

1.

The retirement board shall meet annually at Albany on a business day in the month of January to be fixed by the board and shall have stated meetings at the same place at least once in each three months as determined by the regulations of the board.

2.

Each member of the retirement board shall, within ten days after his appointment or election, take the constitutional oath of office and cause the same to be filed in the office of the department of state.

3.

A majority of the members of the retirement board shall constitute a quorum for the transaction of any business.

4.

The members of the retirement board shall serve without compensation, but they shall be reimbursed from the expense fund for all actual necessary expenses and for any loss of salary or wages they may suffer through serving on the retirement board.

5.

Notwithstanding any other provision of law, the affirmative vote of a majority of the board and the concurrence of one member of the board elected from among the active members of the retirement system shall be required to adopt, amend or repeal any rule or regulation relating to member benefits.

6.

Notwithstanding any other provision of law to the contrary, a member of the retirement board who is elected from among the members of the retirement system shall, upon his request, be granted a leave of absence without pay by his employer for the period of time he serves as a member of the retirement board. During the period of said leave of absence, such member of the retirement board shall receive full credit in the retirement system for the period of such leave of absence. The provisions of this subdivision shall not be construed as prohibiting an employer at its discretion from granting a leave of absence with pay. The retirement board is authorized to adopt such rules and regulations as it finds necessary in administering the provisions of this subdivision.

Source: Section 506 — Board meetings; oaths of office; quorum; expenses, https://www.­nysenate.­gov/legislation/laws/EDN/506 (updated Sep. 22, 2014; accessed Apr. 20, 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

Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 506’s source at nysenate​.gov

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