§ 409. Abandonment of unclaimed contributions; payment to the pension\naccumulation fund.
a.After at least five years have elapsed since the\nseparation from service of a member who has not vested, for any cause\nother than death or retirement, the comptroller shall send a statement\nto such person at his last known address setting forth the amount of the\naccumulated contributions standing to his credit in the annuity savings\nfund and give notice to said person that unless he demands payment of\nsaid amount prior to a date at least one year from the date the notice\nis given, said accumulated contributions remaining in the annuity\nsavings fund will be deemed abandoned and will be transferred to the\npension accumulation fund.\n b. After the expiration of at least one year from the
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§ 409. Abandonment of unclaimed contributions; payment to the pension\naccumulation fund. a. After at least five years have elapsed since the\nseparation from service of a member who has not vested, for any cause\nother than death or retirement, the comptroller shall send a statement\nto such person at his last known address setting forth the amount of the\naccumulated contributions standing to his credit in the annuity savings\nfund and give notice to said person that unless he demands payment of\nsaid amount prior to a date at least one year from the date the notice\nis given, said accumulated contributions remaining in the annuity\nsavings fund will be deemed abandoned and will be transferred to the\npension accumulation fund.\n b. After the expiration of at least one year from the date the notice\nis given, the comptroller shall publish in the state bulletin a list\nsetting forth the names of persons who have unclaimed accumulated\ncontributions in the retirement system. At the expiration of six months\nfrom the date of the publication of such list the accumulated\ncontributions of the persons so listed shall be deemed abandoned and\nshall be placed in the pension accumulation fund to be used for the\npurposes of said fund.\n c. Any accumulated contributions so deemed abandoned and transferred\nto the pension accumulation fund may be claimed by the person who made\nsuch accumulated contributions, or in the event of his death by his\nestate or by such person or persons as he shall have nominated to\nreceive such accumulated contributions, by filing a claim with the\ncomptroller in such form and in such manner as may be prescribed by the\ncomptroller, seeking the return of such abandoned accumulated\ncontributions. In the event such claim is properly made the comptroller\nshall pay over to the person or persons or estate making such claim the\namount of such accumulated contributions without interest. The payment\nshall be made from the pension accumulation fund.\n