§ 154 — Reporting of member's benefit rights

New York § 154

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 3-A: Reporting and Disclosure

Text

§ 154. Reporting of member's benefit rights. 1. The head of the\nretirement system shall furnish annually to any member of a plan a\nstatement indicating, on the basis of currently available information:\n (a) the total accumulated plan benefits or the amount payable;\n (b) the extent to which benefits are vested pension benefits;\n (c) the contributions made by the member, plus interest, if any; and\n (d) the name of the person designated by such member to receive a\nbenefit upon the member's death.\n 2. The head of the retirement system shall, in a manner to be\ndetermined by the head of such retirement system, furnish to any member\nor beneficiary who requests the withdrawal of contributions made by the\nmember, the payment of any benefit from the plan, or, in accordance with\nthe provisions of the plan, an election as to the form of benefits to be\nmade under the provisions of the plan (including an election of options,\nas the term options is defined in the relevant provisions of this\nchapter, the education law, or the administrative code of the city of\nNew York), a written explanation of the effect of such withdrawal,\npayment, or election on the plan benefits of the member or beneficiary.\nSuch explanation shall include a description of the various alternative\nforms of benefit payments, if any, which the participant may elect, and,\nto the extent practicable, shall be furnished to such member or\nbeneficiary at least thirty days prior to the effective date of such\nwithdrawal, payment, or election.\n