§ 504 — Retirement board; members; terms of office; vacancies

New York § 504

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 11: State Teachers' Retirement System For Public School Teachers

Text

§ 504. Retirement board; members; terms of office; vacancies. 1. The\ngeneral administration and responsibility for the proper operation of\nthe retirement system and for making effective the provisions of this\narticle shall continue to be vested in a retirement board. The\nretirement board shall from time to time establish rules and regulations\nfor the administration and transaction of its business and for the\ncontrol of the funds created herein and shall perform such other\nfunctions as are required for the execution of the provisions of this\narticle.\n 2. The retirement board shall consist of ten members as follows.\n a. One member, who is not an employee of the state, who shall be or\nshall have been an executive officer of a bank authorized to do business\nin this state, elected by the board of regents of The University of the\nState of New York to serve for a term of three years.\n b. Two members who are not employees of the state, each of whom shall\nbe or shall have been a trustee or member of the board of education of a\nschool district in this state, and at least one of whom shall be or\nshall have been an executive officer of an insurance company, elected by\nthe board of regents of The University of the State of New York to serve\nfor a term of three years, from a list of five or more persons having\nbroad experience and ability in the fields of finance and investment to\nbe presented to the regents by the board of directors of the New York\nState School Boards Association, Inc.\n c. Two administrative officers of the New York state school system,\nappointed by the commissioner of education, each to serve for a term of\nthree years. Members of the present state teachers' retirement fund\nboard shall be deemed to be administrative officers of the New York\nstate school system within the meaning of this provision.\n d. The comptroller of the state of New York or one member appointed by\nhim who shall serve until his successor is appointed.\n e. Three members elected from among the members of the retirement\nsystem, each to serve for a term of three years.\n f. One member, who must be a retired teacher, who shall be elected in\naccordance with the provisions of section five hundred five-a of this\narticle to serve for a term of three years.\n 3. A vacancy occurring during the term of a member elected by the\nboard of regents or appointed by the commissioner of education shall be\nfilled for the unexpired term by the election or appointment of a\nsuccessor in the same manner as his predecessor. A vacancy occurring\nduring a term in the case of a member elected from among the active\nmembers of the retirement system shall be filled, until the next annual\nconvention of delegates, by the commissioner of education and shall be\nfilled for the unexpired term by the delegates at the next annual\nconvention in addition to the regular election. A vacancy occurring\nduring the term of a retired teacher member shall be filled in\naccordance with the provisions of section five hundred five-a of this\narticle.\n