N.Y. Education Law Section 537
Lump sum payment of de minimis service retirement benefit

Notwithstanding any other law to the contrary, a member of the retirement system who is entitled to receive a retirement allowance, other than for disability, pursuant to this article or pursuant to article eleven or fifteen of the retirement and social security law, which retirement allowance prior to optional modification is twenty-four hundred dollars per annum or less, may elect at retirement to receive, in lieu of such retirement allowance, a lump sum payment which has been certified by the actuary to be of actuarial equivalent value to such retirement allowance and approved by the retirement board. Such lump sum shall be calculated using the interest rate on thirty year United States treasury bonds as of January first of the calendar year in which the retirement becomes effective. Upon payment of such lump sum, any and all obligations of the retirement system to such member shall be totally discharged. Commencing January first, two thousand four, the interest rate on ten year United States treasury obligations as of January first of the calendar year in which the retirement becomes effective shall be used. Commencing January first, two thousand sixteen, the average annual interest rate on ten year United States treasury obligations for the days during the calendar year that precedes the calendar year in which the retirement becomes effective shall be used.

Source: Section 537 — Lump sum payment of de minimis service retirement benefit, https://www.­nysenate.­gov/legislation/laws/EDN/537 (updated Aug. 18, 2017; 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
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

Last modified:
Aug. 18, 2017

§ 537’s source at nysenate​.gov

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