8 CRR-NY 309.5NY-CRR
8 CRR-NY 309.5
8 CRR-NY 309.5
309.5 Benefits.
The plan is to provide for the following benefits during a period of total disability. Such benefits will commence on the first day of the month following six months of continuous total disability and continue until such total disability ceases, the individual reaches age 65 or until death, whichever event occurs first. However, if disability commences after the attainment of age 60 but less than age 65, benefits are provided for five years; if disability commences after the attainment of age 65 but less than age 68½ benefits are provided to age 70; if disability commences after the attainment of 68½, benefits are provided for one year.
(a) A monthly income benefit equal to 60 percent of the individual's covered monthly salary up to $5,000 monthly, reduced by the amount of income which the employee is eligible to receive from social security, workers' compensation or other compensation or benefit paid for by, or on behalf of, the State or State University.
(b) A monthly annuity benefit equal to the university contribution for an employee participating in the university's Optional Retirement Program pursuant to the provisions of article 8-B of the New York State Education Law, computed on the basis of the basic salary of the employee at the time disability commenced, such benefit to be paid to the Teachers Insurance and Annuity Association for the purchase of an annuity contract reduced by any normal contribution to a retirement program made by the State or the university on the employee's behalf.
(c) A three percent increasing disability benefit and a three percent increasing annuity benefit, compounded annually.
(d) For the purpose of this section, the term covered monthly salary shall mean 1/12 of the basic salary.
8 CRR-NY 309.5
Current through July 31, 2021
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