§ 409-A — Abandonment of amounts payable to beneficiaries; payment to the pension accumulation fund

New York § 409-A

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 13: Miscellaneous Provisions; Saving and Construction Clauses
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 409-a. Abandonment of amounts payable to beneficiaries; payment to\nthe pension accumulation fund. a. After at least one year has elapsed\nsince a benefit has become payable to the beneficiary or estate of a\nretiree or member and such beneficiary or estate has failed to apply for\nand receive such benefit, the comptroller shall send a statement to the\nexecutor or administrator of the estate or to the designated beneficiary\nat his last known address setting forth the benefit payable and giving\nnotice to such person or persons that unless demand for payment of such\nbenefit is made prior to a date at least eighteen months from the date\nthe notice is given, said benefit will be deemed abandoned and will be\ntransferred to the pension 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 estates or beneficiaries having an unclaimed\namount in the retirement system. At the expiration of six months from\nthe date of publication of such list the amounts so listed unless\npreviously paid to claimant shall be deemed abandoned and shall be\nplaced in the pension accumulation fund to be used for the purpose of\nsaid fund.\n c. Any amounts so deemed abandoned and transferred to the pension\naccumulation fund may be claimed by the executor or administrator of the\nestate or beneficiaries designated to receive such amount, by filing a\nclaim with the comptroller on such form and in such manner as be\nprescribed by the comptroller. In the event such claim is properly made\nthe comptroller shall pay over to the estate or to the person or persons\nmaking such claim the amount without interest. The payment shall be made\nfrom the pension accumulation fund.\n