§ 526 — Merger of local teachers' retirement and pension systems with the state system

§ 526. Merger of local teachers' retirement and pension systems with\nthe state system. 1. On April ninth, nineteen hundred twenty-three, the\npublic school teachers' retirement fund or system or the teachers\nretirement or pension system of every city of the state having a\npopulation of less than one million, created, established or maintained\nunder and pursuant to the provisions of any local act, having been\ndissolved and discontinued and said systems at such time having become a\npart of and been merged with the New York state teachers' retirement\nsystem created, established and maintained as provided in this article,\non and after such date the provisions of this article shall apply,\nexcept as herein otherwise provided, to the city in and for which such\nlocal system was created, established and maintained and to the teachers\nemployed in the public schools therein, to the same extent and with the\nsame purpose and effect as though the said system in every such city had\nbeen dissolved and discontinued and had become a part of the state\nteachers' retirement system under the provisions of former section\neleven hundred nine-b of the education law, as added by chapter four\nhundred forty-nine of the laws of nineteen hundred eleven, prior to\nAugust first, nineteen hundred twenty-one.\n Within thirty days after April ninth, nineteen hundred twenty-three,\nthe trustees or other officers of any public school teachers' retirement\nfund or system dissolved and discontinued shall cause to be transferred\nto the state treasurer as ex officio treasurer and custodian of the\nfunds of the New York state teachers' retirement system all the funds to\nthe credit of such retirement fund or system so dissolved or\ndiscontinued. The treasurer or other custodian of any such public school\nteachers' retirement fund or system dissolved and discontinued shall pay\nand account for all moneys or funds in his possession, at such time,\nbelonging to such retirement fund or system to the said state treasurer\nas ex officio treasurer and custodian of the funds of the New York state\nteachers' retirement system, and the funds so paid over shall thereupon\nbecome a part of the retirement fund of New York state teachers'\nretirement system.\n 2. All members of any public school teachers' retirement system or\nfund, dissolved and discontinued as herein provided, who are eligible to\nmembership under the provisions of this article, may become members of\nthe state teachers' retirement system, upon complying with the\nprovisions of this article.\n 3. All persons who had been placed upon the retirement list in\naccordance with the provisions of the act creating any now dissolved and\ndiscontinued teachers' retirement system or fund, prior to April ninth,\nnineteen hundred twenty-three, shall be entitled to receive the same\namounts which they would have been entitled to receive under the\nprovisions of this article if the said retirement fund or system had\nbeen dissolved or discontinued as provided by law prior to August first,\nnineteen hundred twenty-one. And the amount paid to such annuitants\nshall in no case be less than the amount which they would have\nrespectively received had the retirement system or fund of which they\nwere members not been dissolved and discontinued as herein provided.\n