21 CRR-NY 5001.8NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 21. MISCELLANEOUS
CHAPTER LVIII. NEW YORK STATE TEACHERS' RETIREMENT SYSTEM
PART 5001. SERVICE CREDIT
21 CRR-NY 5001.8
21 CRR-NY 5001.8
5001.8 Determination of attainment of 10 years of credited service for the purposes of cessation of regular three percent contributions of a Tier 3 or Tier 4 member.
(a) This section implements article 19 of the Retirement and Social Security Law, as amended by chapter 110 of the Laws of 2000, with respect to the cessation of regular three percent member contributions by a Tier 3 or Tier 4 member by prescribing how the system shall determine when members have attained 10 years of credited service in cases where members are eligible to purchase credit for prior service.
(b) Subject to subdivisions (c) and (d) of this section, no prior service may be taken into account for the purposes of article 19 unless and until it has been paid for by the member.
(c) If, at the beginning of a plan year, a member has prior service which, together with the service credited to the member as of the beginning of such plan year, would give the member at least 10 years of credited service, the member shall be deemed to have attained 10 years of credited service as of the beginning of such plan year, provided the member shall have claimed and paid for such prior service no later than the end (June 30th) of such plan year. For example, a member has eight years of credited service at the beginning of a plan year and has the right to purchase up to three years of credit for prior service. If the member claims and pays for at least two years of credit for prior service by the end of the plan year, the member will be deem to have attained 10 years of credited service at the beginning of the plan year. If the member fails to claim and pay for at least two years of prior service by the end of the plan year, the foregoing rule will not apply.
(d) If, at the beginning of a plan year, a member has prior service which, together with the service already credited to the member at the beginning of a plan year and any service credited to the member during such plan year, would give the member 10 years of credited service at a point in time during such plan year, the member shall be deemed to have attained 10 years of credited service at such point in time during such plan year, provided the member shall have claimed and paid for such prior service no later than the end (June 30th) of such plan year. For example, a member has eight years and five months of credited service at the beginning of a plan year and has the right to purchase up to three years of credit for prior service. The member renders a full year of credited service during the plan year. The member claims and pays for one year of credit for prior service by the end of the plan year. The member will be deemed to have attained 10 years of credited service at the point in the plan year when the member rendered four months of credited service for that plan year.
21 CRR-NY 5001.8
Current through June 30, 2021
End of Document

IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.