6214 - Retirement systems. - New York Statutes

§ 6214. Retirement systems. 1. All members of teaching and administrative staffs in any educational unit established by the board of trustees, and in any other institution administered and controlled by such board, who are not members of any other retirement system supported in whole or in part by the city of New York and who hold appointment to service on annual salaries, shall, upon appointment, become members of the public school teachers' retirement system of such city if eligible therefor and if not eligible therefor shall become members of the employees' retirement system of such city and shall have all the obligations, rights, privileges and benefits of new entrants. 2. An employee of the board of trustees who is a member of the New York city employees' retirement system and who is also eligible for membership in the teachers' retirement system of the city of New York shall have the right to transfer his membership to such teachers' retirement system. In order to effect such a transfer, a member must give notice to the New York city employees' retirement system within one year of his last becoming eligible for membership in the said teachers' retirement system, of his intention to transfer to the said teachers' retirement system. Upon receipt of such notice, the New York city employees' retirement system shall transfer to such teachers' retirement system the reserve on such member's benefits in the manner provided by section forty-three of the retirement and social security law. The former system shall also transfer to the latter system the member's accumulated deductions which shall become such member's accumulated deductions in the latter system. A person so transferring shall be deemed to have been a member of the system to which he has transferred during the entire period of membership service credited to him in the system from which he has transferred. Such transferee shall be entitled to all the rights, privileges and benefits of the system to which he has transferred. Such transferee shall be entitled to the crediting of regular interest in such teachers' retirement system at the same rate as he would have received had he continued membership in the New York city employees' retirement system. Upon his retirement, the mortality table in effect in the teachers' retirement system of the city of New York on the date when he last became a member of the New York city employees' retirement system shall apply. 3. Any member of the New York city employees' retirement system who is a member of the instructional staff of the city university shall have the right to transfer his membership to the teachers' retirement system of the city of New York. In order to effect such a transfer, a member must give notice to the New York city employees' retirement system, on or before June thirtieth, nineteen hundred eighty-seven or, within one year of his eligibility for membership in the said teachers' retirement system, of his intention to transfer to the said teachers' retirement system. Upon receipt of such notice, the New York city employees' retirement system shall transfer to such teachers' retirement system the reserve on such member's benefits in the manner provided by section forty-three of the retirement and social security law. The former system shall also transfer to the latter system the member's accumulated deductions which shall become such member's accumulated deductions in the latter system. A person so transferring shall be deemed to have been a member of the system to which he has transferred during the entire period of membership service credited to him in the system from which he has transferred. Such transferee shall be entitled to all the rights, privileges and benefits of the system to which he has transferred. Such transferee shall be entitled to the crediting of regular interest in such teachers' retirement system at the same rate as he or she would have received had he continued membership in the New York cityemployees' retirement system. Upon his retirement, the mortality table in effect in the teachers' retirement system of the city of New York on the date when he last became a member of the New York city employees' retirement system shall apply. 4. Notwithstanding any other provision of law, on or after July first, nineteen hundred eighty-six, any new member of the instructional staff at a senior or community college of the city university of New York shall be a member of the teachers' retirement system of the city of New York or, if he so elects under applicable provisions of law, a member of the optional retirement program established under article one hundred twenty-five-A of this chapter.