N.Y. Education Law § 526: Merger of local teachers' retirement and pension systems with the state system

§ 526. Merger of local teachers' retirement and pension systems with

the state system. 1. On April ninth, nineteen hundred twenty-three, the

public school teachers' retirement fund or system or the teachers

retirement or pension system of every city of the state having a

population of less than one million, created, established or maintained

under and pursuant to the provisions of any local act, having been

dissolved and discontinued and said systems at such time having become a

part of and been merged with the New York state teachers' retirement

system created, established and maintained as provided in this article,

on and after such date the provisions of this article shall apply,

except as herein otherwise provided, to the city in and for which such

local system was created, established and maintained and to the teachers

employed in the public schools therein, to the same extent and with the

same purpose and effect as though the said system in every such city had

been dissolved and discontinued and had become a part of the state

teachers' retirement system under the provisions of former section

eleven hundred nine-b of the education law, as added by chapter four

hundred forty-nine of the laws of nineteen hundred eleven, prior to

August first, nineteen hundred twenty-one.

Within thirty days after April ninth, nineteen hundred twenty-three,

the trustees or other officers of any public school teachers' retirement

fund or system dissolved and discontinued shall cause to be transferred

to the state treasurer as ex officio treasurer and custodian of the

funds of the New York state teachers' retirement system all the funds to

the credit of such retirement fund or system so dissolved or

discontinued. The treasurer or other custodian of any such public school

teachers' retirement fund or system dissolved and discontinued shall pay

and account for all moneys or funds in his possession, at such time,

belonging to such retirement fund or system to the said state treasurer

as ex officio treasurer and custodian of the funds of the New York state

teachers' retirement system, and the funds so paid over shall thereupon

become a part of the retirement fund of New York state teachers'

retirement system.

2. All members of any public school teachers' retirement system or

fund, dissolved and discontinued as herein provided, who are eligible to

membership under the provisions of this article, may become members of

the state teachers' retirement system, upon complying with the

provisions of this article.

3. All persons who had been placed upon the retirement list in

accordance with the provisions of the act creating any now dissolved and

discontinued teachers' retirement system or fund, prior to April ninth,

nineteen hundred twenty-three, shall be entitled to receive the same

amounts which they would have been entitled to receive under the

provisions of this article if the said retirement fund or system had

been dissolved or discontinued as provided by law prior to August first,

nineteen hundred twenty-one. And the amount paid to such annuitants

shall in no case be less than the amount which they would have

respectively received had the retirement system or fund of which they

were members not been dissolved and discontinued as herein provided.