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 Jun. 8, 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:
Jun. 8, 2024

Last modified:
Aug. 18, 2017

§ 537’s source at nysenate​.gov

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