N.Y. Comp. Codes R. & Regs. tit. 21 § 5024.3

Current through Register Vol. 46, No. 43, October 23, 2024

Section 5024.3 - Procedures

(a) Application for the accelerated death benefit shall be made by filing a disability retirement application with the system.

(b) An accelerated death benefit may be paid if the member would have been eligible for the death benefit on the date the disability application is filed with the system.

(c) Once the member has been determined to be eligible to be retired for disability and the member's disability retirement application has been approved by the Retirement Board, the member shall be notified by the system of such approval and of the member's right to elect the accelerated death benefit in lieu of the disability retirement benefit, if any, to which the member may otherwise be entitled.

(d) The election of the accelerated death benefit shall be made on a form provided by the system duly signed by the member and acknowledged by a notary public.

(e) In order to be effective, such election must be filed with the system no later than the latest of:

(1) 30 days following the date of notification pursuant to subdivision (c) of this section;

(2) the retirement date specified on the application; and

(3) the date the member was last paid on the payroll.

Any election filed by the member prior to the date of notification shall be ineffective.

(f) Upon filing with the system on or after the date of notification pursuant to subdivision (c) of this section, an election of the accelerated death benefit shall be irrevocable.

(g) An accelerated benefit shall only be payable to a member where the system's medical board shall have determined that such member has:

(1) a terminal illness; or

(2) a medical condition of long continued and indefinite duration requiring extraordinary care or treatment regardless of life expectancy.

(h) Should the member die after filing the election of the accelerated death benefit and satisfaction of all other conditions to the payment of such benefit but prior to payment by the system, payment of such benefit shall be made to the member's estate.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5024.3