N.Y. Retirement & Social Security Law § 109-a: Abandonment of amounts payable to beneficiaries; payment to the pension accumulation fund

§ 109-a. Abandonment of amounts payable to beneficiaries; payment to

the pension accumulation fund. a. After at least one year has elapsed

since a benefit has become payable to the beneficiary or estate of a

retiree or member and such beneficiary or estate has failed to apply for

and receive such benefit, the comptroller shall send a statement to the

executor or administrator of the estate or to the designated beneficiary

at his last known address setting forth the benefit payable and giving

notice to such person or persons that unless demand for payment of such

benefit is made prior to a date at least eighteen months from the date

the notice is given, said benefit will be deemed abandoned and will be

transferred to the pension accumulation fund.

b. After the expiration of at least one year from the date the notice

is given, the comptroller shall publish in the state bulletin a list

setting forth the names of estates or beneficiaries having an unclaimed

amount in the retirement system. At the expiration of six months from

the date of publication of such list the amounts so listed unless

previously paid to claimant shall be deemed abandoned and shall be

placed in the pension accumulation fund to be used for the purpose of

said fund.

c. Any amounts so deemed abandoned and transferred to the pension

accumulation fund may be claimed by the executor or administrator of the

estate or beneficiaries designated to receive such amount, by filing a

claim with the comptroller on such form and in such manner as be

prescribed by the comptroller. In the event such claim is properly made

the comptroller shall pay over to the estate or to the person or persons

making such claim the amount without interest. The payment shall be made

from the pension accumulation fund.