N.Y. Comp. Codes R. & Regs. tit. 21 § 5028.2

Current through Register Vol. 46, No. 50, December 11, 2024

Section 5028.2 - Procedure

(a) System staff shall periodically review its records of unclaimed contributions and other benefits to ascertain those amounts whose distribution may be mandated under section 531 (5) of the Education Law.

(b) In the case of each amount determined to be eligible for mandatory distribution, system staff shall ascertain whether the system has a valid address for the recipient of such distribution and, where such address is validated to the satisfaction of system staff, shall notify such recipient in writing that the distribution of such amount shall be mandated, unless the recipient files an application for the payment of such amount in the manner prescribed by the system.

(c) No payment of any such amount shall be made within 60 days of such notification unless the recipient files a demand in the manner prescribed by the system that payment of such amount may be made on an earlier date.

(d) Payment shall be made to the recipient unless, where and to the extent applicable, the system receives prior to the date of payment, written notification that recipient elects to have all or any portion of any amount which is eligible distribution as defined in section 5022.3(a) of this Title rolled over to an eligible retirement plan as defined in section 5022.3(b) of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5028.2