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 Laws of New York (Last Updated: November 21, 2014)
  ADC New York City Administrative Code(NEW)
 Title 13. RETIREMENT AND PENSIONS
 Chapter 4. TEACHERS' RETIREMENT SYSTEM

  Section 13-530. Contributions of the city and their use; pension reserve fund number one  

Latest version. 
  • a. Upon the retirement of a new-entrant, an amount equal to  his or her pension reserve and  the  reserve-for-increased-take-home-pay
  to  which  he  or she may be entitled, if any, shall be transferred from
  the contingent reserve fund into a fund to be known as  pension  reserve
  fund number one. His or her pension and, in addition, a pension which is
  the  actuarial  equivalent of the reserve-for-increased-take-home-pay to
  which he or she may be entitled, if any, shall be paid from such pension
  reserve  fund  number  one.  Should  such  new-entrant  be  subsequently
  restored  to  active  service,  his  or  her  pension  reserve  and such
  reserve-for-increased-take-home-pay,  if   any,   shall   thereupon   be
  transferred  from  pension  reserve  fund  number  one to the contingent
  reserve fund.
    b. Upon the retirement of a present-teacher, the total of his  or  her
  accumulated  deductions  plus the reserve-for-increased-take-home-pay to
  which he or she may be entitled, if any, shall  be  calculated,  and  an
  amount  equal  to  such total but not exceeding the amount of his or her
  pension reserve, shall be transferred from the contingent  reserve  fund
  into  pension  reserve  fund  number  one.  A pension which shall be the
  actuarial equivalent of the amount so transferred shall be paid to  such
  retired present-teacher from such pension reserve fund.
    c.  In  addition,  upon  the  retirement  of  a  present-teacher,  the
  reserve-for-increased-take-home-pay to which he or she may be  entitled,
  if  any,  shall  be  transferred  from  the contingent reserve fund into
  pension  reserve  fund  number  one,  and  if  such  a  reserve  is   so
  transferred, a pension which is the actuarial equivalent of such reserve
  shall be paid to him or her from such pension reserve fund.
    d.  Should  such  present-teacher  be  subsequently restored to active
  service the pension reserve on the pension referred to in subdivision  b
  hereof and his or her reserve-for-increased-take-home-pay, if any, shall
  thereupon  be  transferred  from  pension reserve fund number one to the
  contingent reserve fund.