Section 43. Transfer of members between systems

a. Notwithstanding any
  other provision of law  providing  for  transfers,  any  member  of  any
  retirement  system  maintained  by  the state or a municipality thereof,
  operating on a sound financial basis and subject to the  supervision  of
  the  insurance  department  of  this  state  may transfer his membership
  pursuant to this section to the New  York  state  and  local  employees'
  retirement  system,  the  New  York  city  board of education employees'
  retirement system, the New York state teachers' retirement  system,  the
  New  York  city  teachers'  retirement  system  or  to the New York city
  employees' retirement system.   Any member of the  New  York  state  and
  local  employees'  retirement  system may transfer his membership to any
  retirement system, other than the hospital retirement system,  which  is
  operating  on  a  sound  basis  and is subject to the supervision of the
  insurance  department  of  this  state.    Any  such  transfer  may   be
  effectuated only if the member has accepted a position in another branch
  of the state or municipal service which would make it:
    1. Impossible for him to continue in the retirement system of which he
  has been a member, and
    2. Possible for him to participate in another such system.
    Notwithstanding  the  foregoing  provisions  of  this subdivision, any
  employee who would be eligible  to  avail  himself  or  herself  of  the
  provisions of this section but for being on leave of absence status from
  a  prior  employment  while  in  his or her present employment, shall be
  permitted to transfer his or her retirement system  membership  pursuant
  to the provisions of this section.
    Any  member  of  the  New  York  state and local employees' retirement
  system, however, who was an employee of any  city  agency  at  the  time
  service  with such agency was legislated to be city service may transfer
  his membership to the retirement system of such city.
    b. In order to effect such a transfer, a member must  give  notice  to
  the  administrative  head  of  the  retirement  system  of which he is a
  member, prior to his withdrawal therefrom, of  his  intention  to  enter
  such  other  retirement  system within one year. In the case of a person
  who has withdrawn from a retirement system and has been entitled  to  at
  least thirty years of total service credit in such system, however, such
  notice may be given within three years from the time of such withdrawal.
  In the case of a person who was a member of a retirement system, and who
  while  under  such  status  becomes  a  member of such second retirement
  system, and who has not withdrawn his contributions to  the  first  such
  retirement  system,  any  provisions of law notwithstanding, such notice
  may be given on or before June thirtieth, nineteen hundred fifty-nine. A
  person so transferring from one retirement system to  another  shall  be
  deemed  to  have been a member of the system to which he has transferred
  during the entire period of membership service credited to  him  in  the
  system  from  which  he has transferred. Such transferee, however, shall
  not receive more than three per cent interest on his  contributions  and
  accumulated  contributions  unless  he has continuously been a member in
  either the system from which or to which he is transferring since a date
  prior to July first, nineteen hundred forty-three.  This  shall  not  be
  construed to prevent a change in the interest rate to such member if the
  interest  rate  payable  to  other members of the system to which he has
  transferred is changed. Any member who heretofore transferred  from  one
  retirement  system  to another shall, commencing with the effective date
  of this act, be entitled to the same rights,  privileges  and  benefits,
  and  shall  be  subject  to  the  same  obligations, as a transferee who
  hereafter transfers. He shall  receive  no  credit  for  prior  service,
  except  as hereinafter provided. He shall be permitted to deposit in the
  second retirement system the total amount of his contributions withdrawn

  from the first retirement system. Upon such deposit within one  year  or
  within  three  years,  or  on or before June thirtieth, nineteen hundred
  fifty-nine, as the case may be, he or the  administrative  head  of  the
  system to which he desires to transfer, shall request the administrative
  head of the first retirement system to transfer to the second retirement
  system a credit on account of his membership in such system.
    c.  Upon  the  request  for  a transfer of credit, the reserve on such
  member's  benefits,  computed  as  though  he   had   not   discontinued
  membership,  shall  be  determined by the actuary of the first system in
  the following manner:
    1. The total  present  value  of  all  benefits  allowable  under  the
  retirement  system  as the result of contributions made or to be made by
  his employer shall be computed.
    2. From such total present value there shall be deducted  the  present
  value of the future contributions which would be payable by his employer
  on  such  member's  account  had  he  become  a member of the retirement
  system, subsequent  to  its  establishment,  at  the  age  at  which  he
  originally  entered  the service of his employer. The result so obtained
  shall be  considered  as  the  reserve  on  his  account  in  the  first
  retirement system.
    d.  Such  reserve  shall  be  transferred from the appropriate fund or
  funds of the first system to the appropriate fund or funds of the second
  system within one year from the date of the request for  a  transfer  of
  credit.  Such member, thereupon, shall be given such status and credited
  with such service in the second retirement system as he was  allowed  in
  the first retirement system. Such contributor, notwithstanding any other
  provision  of  law,  shall  on  retirement  after  three years of member
  service in the second retirement system be entitled to a  pension  based
  on  salary  earned during member service in either retirement system, or
  in both retirement systems together, whichever may produce  the  greater
  pension  pursuant to the statutory requirements of the second retirement
  system. No such contributor, however, shall be  entitled  on  retirement
  within  three  years of the date of his transfer, to a greater or lesser
  pension for such service rendered before his transfer than he would have
  received had he remained under  the  pension  provisions  of  the  first
  retirement system.
    e.  The  provisions  of  former  subdivision  e  of  this  section, as
  originally enacted by chapter four hundred eighty-three of the  laws  of
  nineteen hundred forty-five and as codified in such former subdivision e
  by  chapter  eight  hundred  forty-one  of  the laws of nineteen hundred
  forty-seven, shall apply only to memberships transferred prior  to  July
  first,  nineteen  hundred  forty-nine.  Section one hundred seventeen of
  this article shall apply to the provisions of this  subdivision  insofar
  as such provisions relate to such memberships.
    f.  1.  A  "New York city member", as defined in subdivision twenty of
  section two hundred forty-three of the military law, who shall  transfer
  to  another  retirement  system  pursuant to this section shall be given
  credit, upon such transfer, for the period of  military  duty  to  which
  such member would have been entitled pursuant to such subdivision twenty
  if  he  had  remained,  until  the  time  of death or retirement, in the
  retirement system from  which  he  shall  so  transfer.  The  amount  of
  reserves  to  be transferred under this section for such credit shall be
  computed in accordance with this section, shall include pension reserves
  for such military duty, and shall be credited by the  retirement  system
  to  which the member shall transfer in accordance with the provisions of
  such system governing credit for service in world war II, and  the  city
  of  New  York,  or  the  authority,  by  which  such  member is employed
  immediately prior to the transfer, shall pay to  the  retirement  system

  the  amount of the reserve to be transferred on account of such military
  service.
    2.  Any  retirement system from which a member shall transfer pursuant
  to this subdivision shall have the right to require reasonable proof  of
  military  service,  pay  status,  and  any other information relevant to
  eligibility for such transfer of credit for military duty.
    3. The provisions of this subdivision f shall apply  only  to  a  "New
  York  city member" who has rendered service as an officer or employee of
  the city of New York (or any agency thereof) or public corporation,  the
  officers  or employees of which are eligible for membership in a pension
  or retirement system maintained by such city, including  performance  of
  such  military  duty,  for at least fifty per centum of the time between
  his commencement of such service and the date upon which he has attained
  or shall attain age fifty-five.
    g. Notwithstanding any other  provisions  of  law,  a  member  of  the
  retirement  system  in  the  employ  of the state on March thirty-first,
  nineteen hundred seventy  who  would  have  been  entitled  to  transfer
  service  credit  from another retirement system pursuant to this section
  had he made a timely election may obtain such credit  by  depositing  in
  the  retirement  system  an  amount equal to the contributions withdrawn
  from the system of which he had been a member,  with  regular  interest.
  Such  deposit  shall  be  made on or before March thirty-first, nineteen
  hundred seventy-two, provided, however, such member may elect to deposit
  such amount over a period of time no greater than the period  for  which
  credit is being claimed. Such payments must commence no later than March
  thirty-first,  nineteen  hundred  seventy-two. If the full amount is not
  paid to the retirement system, the amount of service credited  shall  be
  proportional to the total amount of the payments made.
    h. Notwithstanding any other provisions of the law, a former member of
  the  New  York state teachers' retirement system who holds membership in
  the New York city teachers' retirement system on the effective  date  of
  this  act and who would have been entitled to transfer service credit to
  such  latter  retirement  system  pursuant  to  this  section  had   his
  membership  in  the  former  retirement system not terminated, due to no
  negligence on the part of the member, may have his transfer rights under
  this section restored by depositing, within one year  of  the  effective
  date of this act, in the former retirement system an amount equal to the
  contributions withdrawn from such system with regular interest thereon.
    i.  Notwithstanding  any inconsistent provisions of law, any member of
  the New York state employees' retirement system who was  transferred  to
  that system from the New York city employees' retirement system pursuant
  to section two of chapter nine hundred sixty-six of the laws of nineteen
  hundred  seventy-six  and  who at any time prior to becoming a member of
  the New York city employees' retirement system, had  been  a  member  of
  another  retirement  system  and  would  have  been entitled to transfer
  service credit from that other retirement system to the  New  York  city
  employees'  retirement  system  pursuant  to this section, had he made a
  timely election to make such a transfer in the manner set forth in  this
  section,  may, notwithstanding the failure to make timely election under
  this section, transfer the service credit under  such  other  retirement
  system  to  the state employees' retirement system if on or before March
  thirty-first, nineteen hundred eighty-five, such member files a  written
  request  for  such  transfer  with  the  state  comptroller and with the
  administrative head of such other retirement system and if  such  member
  deposits  in  the  state employees' retirement system an amount equal to
  any contributions withdrawn from the system  of  which  he  had  been  a
  member  prior  to  becoming  a  member  of  the New York city employees'
  retirement system, with regular interest. Such deposit shall be made  on

  or  before  March  thirty-first, nineteen hundred eighty-five, provided,
  however, such member may elect to deposit such amount over a  period  of
  time  no greater than the period for which credit is being claimed. Such
  payment must commence no later than March thirty-first, nineteen hundred
  eighty-five.  If  the  full amount is not paid to the retirement system,
  the amount of service credited  shall  be  proportionate  to  the  total
  amount  of the payments made. Such other retirement system shall compute
  and transfer the reserve on  such  member's  benefits  pursuant  to  the
  provisions of subdivisions c and d of this section.
    j. This subdivision shall apply only to individuals who, subsequent to
  vesting  in  a retirement system, transfer to a second retirement system
  whose governing laws require a greater number of  years  of  credit  for
  vesting  than those of the first system, and who, upon such transfer, do
  not have the number of  years  of  service  credit  that  is  ordinarily
  required to vest in such second retirement system.
    1.  Upon  transfer, the number of years of service credit required for
  the transferred  individual  to  attain  vested  rights  in  the  second
  retirement  system  shall  be the same as the number of years of service
  credit  required,  under  applicable  law,  for  vesting  in  the  first
  retirement system.
    2.  In  the event that an individual covered by this subdivision makes
  application to retire from such second system  prior  to  attaining  the
  amount  of  service  credit that would otherwise be necessary to vest in
  such second retirement system, and such individual is otherwise eligible
  to retire from such second system, the application shall be granted, and
  benefits shall be calculated on  the  basis  of  the  actual  amount  of
  service  credit  the  individual  has accrued at the time of retirement.
  Transferred service credit shall not be creditable under any plan in the
  second retirement system that  it  would  not  otherwise  be  creditable
  under.
    k.  Notwithstanding any other provision of this section, any member of
  the New York state and local employees' retirement  system  or  the  New
  York  city  teachers'  retirement  system  who retired from service from
  either the New York city employees' retirement system or  the  New  York
  city  board  of  education  retirement  system as a member of the career
  pension plan maintained by such system and who, but for the fact that he
  or she retired, would be eligible for transfer and who has not, in fact,
  received a pension payment  from  such  system  shall  be  permitted  to
  transfer  his  or  her  retirement  system  membership  pursuant  to the
  provisions  of  this  section.  In  such  event,  the  application   for
  retirement  shall  be  deemed  to have been rescinded and the retirement
  system from which the service shall be transferred  shall  transfer  the
  appropriate  reserves  as  provided  by this section, provided, however,
  that with respect to transfers pursuant to this subdivision which  occur
  on  or  after the twenty-sixth day of October, two thousand four, except
  for the purposes of providing the benefits, if any, of subdivision  four
  of   section   five   hundred   twenty-two  of  the  education  law,  no
  determination of a reserve pursuant to subdivision c of this section  or
  transfer thereof pursuant to the first sentence of subdivision d of this
  section  shall  be required in the case of any transfer pursuant to this
  subdivision. Notwithstanding the provision of this  subdivision  or  any
  other  provision  of  law,  an individual who transfers pursuant to this
  subdivision shall not be  required  to  render  any  minimum  period  of
  service  following  transfer in order to be eligible to receive the full
  benefit provided hereunder. Notwithstanding  the  foregoing,  a  retiree
  covered    by    either    the    career    pension    plan    or    the
  fifty-five-year-increased-service-fraction  plan  who  has  received   a
  pension  payment  or payments from such system shall be eligible for the

  provisions of this subdivision upon payment, to  the  retirement  system
  from which the pension payment or payments were made, of an amount equal
  to  such  pension payment or payments. After such payments are received,
  such  person shall be permitted to transfer his or her retirement system
  membership pursuant to the provisions of this section.
    l. Notwithstanding any other provision of law to  the  contrary,  with
  respect  to  transfers  pursuant to this section which occur on or after
  the twenty-sixth day of October,  two  thousand  four,  except  for  the
  purposes  of  providing  the  benefits,  if  any, of subdivision four of
  section five hundred twenty-two of the education law,  no  determination
  of  a  reserve  pursuant  to  subdivision  c of this section or transfer
  thereof pursuant to the first sentence of subdivision d of this  section
  shall  be required in the case of any transfer pursuant to this section.
  For the purpose of  giving  the  transferring  member  such  status  and
  crediting  such  service  in the second retirement system as such member
  was allowed in the first retirement system in those cases to which  this
  subdivision  shall  apply,  the  transfer  shall be deemed complete upon
  receipt by the second retirement system of:
    1. a statement from the first retirement system  of  the  transferring
  member's date of membership in the first retirement system, tier status,
  service  credited  to  such membership being transferred, and such other
  information as the second retirement system may  require  to  effectuate
  the transfer; and
    2.  such  member's accumulated contributions from the first retirement
  system, if same had not been previously withdrawn, or  notice  from  the
  first   retirement   system   that   such   member  had  no  accumulated
  contributions, or notice from the  first  retirement  system  that  such
  member's  accumulated  contributions  had  been withdrawn and the amount
  thereof and, as applicable, receipt from such member  of  such  member's
  accumulated contributions and interest.