Terms Used In New York Laws > Retirement and Social Security > Article 15 - Coordinated Retirement Plan

• Active service: shall mean service while being paid on the payroll of a participating employer provided, however, a leave of absence with pay may be deemed active service pursuant to rules and regulations adopted by a public retirement system of the state. See N.Y. Retirement and Social Security Law 601
• 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: 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}
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Contract: A legal written agreement that becomes binding when signed.
• Credited service: shall mean all service which has been credited to a member pursuant to section six hundred nine of this article. See N.Y. Retirement and Social Security Law 601
• Dependent: A person dependent for support upon another.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Head of the retirement system: shall mean the comptroller, with respect to the state employees' retirement system and the retirement board of the other public retirement systems of the state. See N.Y. Retirement and Social Security Law 601
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intestate: Dying without leaving a will.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Mandatory retirement age: shall mean age seventy. See N.Y. Retirement and Social Security Law 601
• Member: shall mean a member subject to the provisions of this article. See N.Y. Retirement and Social Security Law 601
• New York city revised plan member: shall mean a member of the New York city employees' retirement system, the New York city teachers' retirement system or the board of education retirement system of the city of New York who becomes subject to the provisions of this article on or after April first, two thousand twelve. See N.Y. Retirement and Social Security Law 601
• Normal retirement age: shall mean age sixty-two. See N.Y. Retirement and Social Security Law 601
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• overtime ceiling: shall mean fifteen thousand dollars per annum on January first, two thousand ten, and shall be increased by three per cent each year thereafter, provided, however, that:
  
  (i) for members who first become members of a public retirement system of the state on or after April first, two thousand twelve, "overtime ceiling" shall mean fifteen thousand dollars per annum on April first, two thousand twelve, and shall be increased each year thereafter by a percentage to be determined annually by reference to the consumer price index (all urban consumers, CPI-U, U. See N.Y. Retirement and Social Security Law 601
• Overtime compensation: shall mean , for purposes of this section, compensation paid under any law or policy under which employees are paid at a rate greater than their standard rate for additional hours worked beyond those required, including compensation paid under § 134 of the civil service law and § 90 of the general municipal law. See N.Y. Retirement and Social Security Law 601
• Participating employer: shall mean a public employer who is participating in a public retirement system of the state. See N.Y. Retirement and Social Security Law 601
• Public employer: shall mean an employer who is eligible to participate in a public retirement system of the state. See N.Y. Retirement and Social Security Law 601
• Public retirement system of the state: shall mean the New York state employees' retirement system, New York state teachers' retirement system, New York city employees' retirement system (except with respect to members qualified for participation in the uniformed transit police force plan or housing police force plan), New York city teachers' retirement system and the New York city board of education retirement system. See N.Y. Retirement and Social Security Law 601
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Wages: shall mean regular compensation earned by and paid to a member by a public employer, except that for members who first join the New York state and local employees' retirement system or the New York state teachers' retirement system on or after January first, two thousand ten, overtime compensation paid in any year in excess of the overtime ceiling, as defined by this subdivision, shall not be included in the definition of wages. See N.Y. Retirement and Social Security Law 601