§ 527. Notwithstanding any other provision of law to the contrary the retirement board shall determine the annuity payable as of the date of retirement to each member of the system retired prior to the twenty-eighth day of August, nineteen hundred fifty-eight, on the basis of the mortality tables in force either on the first day of July, nineteen hundred forty or the date such person joined the system, whichever occurred later, and shall cause any additional amount which would have been paid from the date of retirement had the annuity been determined on such basis at retirement, to be paid to any retired member, his designated beneficiary or estate, provided an application is filed with the retirement board in the manner prescribed by the retirement board and thereafter any such annuity as so determined shall be paid to each such retired member or his designated beneficiary.

Terms Used In N.Y. Education Law 527

  • Annuity: shall mean the annual payments for life derived from contributions made by contributor as provided in this article. See N.Y. Education Law 501
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: shall mean any person in receipt of a retirement allowance or other benefit as provided by this article. See N.Y. Education Law 501
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
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