NYSTRS' Rules and Regulations Overview

NYSTRS' Rules and Regulations Overview

As amended through October 27, 2022

The Rules and Regulations found on this website have been promulgated by the New York State Teachers' Retirement System (the "System") and are the official rules and regulations of the System with the force of law in all legal proceedings. These Rules and Regulations have been adopted by the System's Retirement Board pursuant to enabling legislation in Article 11 of the Education Law, Articles 14 and 15 of the Retirement and Social Security Law and other statutes. The Rules and Regulations have been filed with the Secretary of State, and are published in Title 21 Volume C of the Official Compilation, Codes, Rules and Regulations of the State of New York.

The System's Rules and Regulations are divided into a number of separate `Parts', each of which addresses a specific topic. Each Part incorporates all relevant statutes and case law.

The following is a brief overview of the System's Rules and Regulations:

Membership: Part 5000 governs the general provisions relating to membership; Part 5006 provides the rules relating to cessation of membership; and Part 5008 governs the transfers of memberships between the various public retirement systems of New York State. In addition, Part 5025 governs the reinstatement of previous expired memberships in public retirement systems in certain cases; and Part 5026 contains rules governing admission of teachers in charter schools to membership in the System.

Benefits, Rights and Features: Part 5001 provides rules addressing eligibility for service credit and the computation of benefits; Part 5002 governs prior service; Part 5003 governs the Final Average Salary computation; Part 5009 addresses vesting and deferred retirement; Part 5020 governs disability retirement determinations; and Part 5024 contains the rules related to the accelerated death benefit. Part 5004 sets forth rules pertaining to loans, while Part 5007 addresses refunds of contributions. Part 5010 addresses employee contributions required of Tier 3 through 6 members.

Beneficiaries: At the time of retirement, System members are entitled to select from a number of different retirement options. These retirement options are described in detail in Part 5014. Also, Part 5011 establishes a group life insurance plan consistent with Internal Revenue Service ("IRS") rulings. Pursuant to ?5011.5, the Group Life Insurance plan will exist so long as the favorable IRS rulings remain in effect. Part 5012 governs the creation of savings accounts for beneficiaries under a legal disability, and Part 5013 governs the designation of trusts as beneficiaries.

Actuarial Assumptions: The System is a defined benefit plan. In other words, benefits provided by the System are calculated on the basis of statutory formulas; for example, in the case of retirement benefits, the benefits are based upon (i) years of service credit and (ii) final average salary. Employer and employee contributions to the System are applied together with System investment earnings to fund the benefits paid by the System. Contributions are not allocated to individual members such as in a 401(k) plan. The required level of employer contributions is determined annually based upon an actuarial valuation. This actuarial valuation projects future member benefits utilizing actuarial assumptions, such as the valuation rate of interest, rates of salary increase, and mortality. These assumptions are set forth in Part 5018.

Additionally, the calculation of certain benefits requires the use of actuarial assumptions, including those with respect to life expectancies of members and their beneficiaries.

Miscellaneous: Other topics (duties of employers) are covered in Part 5015 ; Part 5016 governs the election of delegates to the System's annual meeting; Part 5017 governs the amendment of the Rules and Regulations; Part 5019 provides the rules relating to requests for information under the Freedom of Information Law; Part 5021 governs the election of the retired teacher Retirement Board member; Part 5022 sets forth the rules relating to direct rollover of certain benefit distributions; Part 5023 governs the employment of System retirees; and Part 5029 sets forth the rules relating to the use of electronic signatures and the filing of documents.

NEW YORK STATE TEACHERS' RETIREMENT SYSTEM

RULES AND REGULATIONS TABLE OF CONTENTS

PART 5000

MEMBERSHIP 5000.1 - General provisions 5000.2 - Definitions

5001

SERVICE CREDIT

5001.1 - Definitions as used in this Part

5001.2 - General

5001.3 - Leaves of absence

5001.4 - Twenty-year service requirement, retention of membership, and in-service requirement

5001.5 - Minimum compensation rate

5001.6 - Service credit for members of the Retirement Board who have been elected by the membership of the System

5001.7 - Credit for military service rendered during periods of military conflict

5001.8 - Determination of attainment of 10 years of credited service for the purposes of cessation of regular 3 percent contributions of a Tier 3 or Tier 4 member

5002

CREDIT FOR PRIOR/PREVIOUS SERVICE

5002.1 - Prior/previous service credit under Section 509 of the Education Law or Sections 446, 513 and 609 of the Retirement and Social Security Law

5002.2 - Special rules and regulations for Tier 2 members interpreting subdivision b of Section 446 of the Retirement and Social Security Law

5002.3 - Payment for previous service for Tier 3 members who are eligible to purchase such service

5002.4 - Payment for previous service for Tier 4 members who are eligible to purchase such service

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PART

5002.5 - Method of payment

5002.6 - Credit for prior service as a Comprehensive Employment and Training Act (CETA) employee

5002.7 - Payment for previous service for Tier 5 members who are eligible to purchase such service

5002.8 - Payment for previous service for Tier 6 members who are eligible to purchase such service

5003

COMPUTATION OF FINAL AVERAGE SALARY

5003.1 - Three-year final average salary for members with a date of membership prior to July 1, 1976

5003.2 - Five-year final average salary for Tier 1 members

5003.3 - Salaries for elected members of the Retirement Board while on leave of absence during service on the Retirement Board

5003.4 - Final average salary for members with a date of membership on or after July 1, 1976 and prior to April 1, 2012

5003.5 - Moneys paid pursuant to the Excellence in Teaching Program

5003.6 - Final average salary for Tier 6 members

5004

LOANS

5004.1 - General requirements for all loans

5004.2 - Additional eligibility requirements for Tier 1 and Tier 2 members

5004.3 - Additional eligibility requirements for Tier 3 through 6 members

5004.4 - Repayment of loans

5004.5 - Interest on loans

5004.6 - Insurance on loans

5004.7 - Charges

5004.8 - The effect on unpaid loans of death, retirement, withdrawal or transfer to another retirement system for Tier 1 and Tier 2 members

5004.9 - The effect on unpaid loans of death, retirement, withdrawal or transfer to another retirement system for Tier 3 through 6 members

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PART

5004.10- Loan default 5004.11- Executive Director's authority 5004.12- Loan repayments during periods of military service

5005

APPLICATIONS FOR RETIREMENT

5005.1 - Who may file a retirement application

5005.2 - Acknowledgment of signature

5005.3 - Effective date of service, disability and deferred retirement applications

5005.4 - Withdrawal of application for retirement

5005.5 - Early service retirement reductions in the case of Tier 5 members

5005.6 - Early service retirement reductions in the case of Tier 6 members

5006

CESSATION OF MEMBERSHIP 5006.1 - Definitions as used in Part 5006 5006.2 - General

5007

REFUND OF CONTRIBUTIONS OF MEMBERS WITH TIER 1 AND TIER 2 MEMBERSHIP 5007.1 - Moneys refunded 5007.2 - Active membership refunds 5007.3 - Refunds at retirement 5007.4 - Interest on contributions

5008

TRANSFERS OF MEMBERSHIP 5008.1 - General 5008.2 - Transfers to the System 5008.3 - Transfer to another public retirement system in this State 5008.4 - Eligibility for transfer under Chapter 974 of the Laws of 1977

5009

VESTING (DEFERRED RETIREMENT) 5009.1 - Automatic vesting for Tier 1 and Tier 2 members 5009.2 - Rights of Tier 1 and Tier 2 members who have vested

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