21 CRR-NY 5014.5NY-CRR
21 CRR-NY 5014.5
21 CRR-NY 5014.5
5014.5 Definitions as used in this Part.
(a) Maximum benefit.
The largest possible annual allowance which may be paid over a member's remaining lifetime following retirement with all payments ceasing at the member's death.
(b) Option.
The actuarial equivalent of the member's maximum benefit in the form of a lesser allowance payable over the remaining life of the member with a provision for the payment of benefit(s) upon the member's death and such other applicable provisions, if any, as specified under law.
(c) Beneficiary.
The person nominated to receive the survivor portion of the option elected by the member by written designation duly acknowledged and filed with the system.
21 CRR-NY 5014.5
Current through June 30, 2021
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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.