N.Y. Retirement & Social Security Law § 409: Abandonment of unclaimed contributions; payment to the pension accumulation fund

§ 409. Abandonment of unclaimed contributions; payment to the pension

accumulation fund. a. After at least five years have elapsed since the

separation from service of a member who has not vested, for any cause

other than death or retirement, the comptroller shall send a statement

to such person at his last known address setting forth the amount of the

accumulated contributions standing to his credit in the annuity savings

fund and give notice to said person that unless he demands payment of

said amount prior to a date at least one year from the date the notice

is given, said accumulated contributions remaining in the annuity

savings fund 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 persons who have unclaimed accumulated

contributions in the retirement system. At the expiration of six months

from the date of the publication of such list the accumulated

contributions of the persons so listed shall be deemed abandoned and

shall be placed in the pension accumulation fund to be used for the

purposes of said fund.

c. Any accumulated contributions so deemed abandoned and transferred

to the pension accumulation fund may be claimed by the person who made

such accumulated contributions, or in the event of his death by his

estate or by such person or persons as he shall have nominated to

receive such accumulated contributions, by filing a claim with the

comptroller in such form and in such manner as may be prescribed by the

comptroller, seeking the return of such abandoned accumulated

contributions. In the event such claim is properly made the comptroller

shall pay over to the person or persons or estate making such claim the

amount of such accumulated contributions without interest. The payment

shall be made from the pension accumulation fund.