Terms Used In New York Laws > Banking > Article 10-A - State Savings and Loan Insurance Fund

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• approved program: means a program for the education of physician assistants which has been formerly approved by the department. See N.Y. Education Law 6540
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Beneficiary: shall mean a person who is receiving a benefit from a public retirement system of the state or who has met all the conditions precedent for the actual receipt of a benefit from a public retirement system of the state, and the monies are due and owing to such person by the public retirement system of the state. See N.Y. Retirement and Social Security Law 152
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• comptroller: shall mean the state comptroller. See N.Y. Retirement and Social Security Law 161
• Contract: A legal written agreement that becomes binding when signed.
• conventional mortgage: as used in this article four-a, shall mean (a) any single bond and mortgage or note and mortgage constituting a first lien upon real estate (including leasehold estates), not insured by the federal housing administrator or any of his successors in office or guaranteed by the United States under the provisions of the national housing act, as amended or supplemented, (b) first mortgage bonds issued under an indenture of mortgage and deed of trust, constituting a first lien upon real estate (including leasehold estates), and issued to a corporate trustee authorized to act as such in this state and approved by the fund. See N.Y. Retirement and Social Security Law 176
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Crime related to public office: shall mean any of the following criminal offenses whether committed in this state or in any other jurisdiction by a public official through the use of his or her public office or by the individual representing that he or she was acting with the authority of any governmental entity, and acting as a public official:
  (a) a felony for committing, aiding or abetting a larceny of public funds from the state or a municipality;
  (b) a felony committed in direct connection with service as a public official; or
  (c) a felony committed by such person who, with the intent to defraud, realizes or obtains, or attempts to realize or obtain, a profit, gain or advantage for himself or herself or for some other person, through the use or attempted use of the power, rights, privileges or duties of his or her position as a public official. See N.Y. Retirement and Social Security Law 156
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Default: means an adjudication or other official determination of a court of competent jurisdiction or other public authority pursuant to which a conservator, receiver, or other legal custodian is appointed for an insured institution for the purpose of liquidation. See N.Y. Banking Law 420
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Defendant: shall mean a state or local officer against whom a forfeiture action is commenced. See N.Y. Retirement and Social Security Law 156
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• fiduciary-controlled entities: shall mean the common retirement fund, state teachers retirement fund, state insurance fund and state deferred compensation plan. See N.Y. Retirement and Social Security Law 176
• final salary: means the maximum salary or compensation which the retired person currently would be receiving in the position from which he was last retired if he had not retired. See N.Y. Retirement and Social Security Law 210
• 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.
• former employer: means the state or a political subdivision, public corporation, school district, board of cooperative educational services, county vocational education and extension board, or an agency or organization which contributes as a participating employer in a retirement system or pension plan administered by the state or any of its civil divisions, which directly paid the salary or compensation of a retired person at any time during the two years immediately preceding his retirement and who paid the salary on which the retiree's retirement allowance is based. See N.Y. Retirement and Social Security Law 210
• Fund: means the state savings and loan insurance fund created by section four hundred twenty-a of this article. See N.Y. Banking Law 420
• fund: as used in this article four-a, shall mean any public retirement system or pension fund which grants retirement or pension benefits to employees of the city of New York, employees of the state of New York, employees of any department or agency of the city of New York or the state of New York, and employees of any municipality or other participating employer participating in the New York state and local employees' retirement system or the New York state and local police and fire retirement system. See N.Y. Retirement and Social Security Law 176
• fund: shall mean any public retirement system or pension fund which grants retirement or pension benefits to employees of the city of New York, employees of the state of New York, employees of any department or agency of the city of New York or of the state of New York, employees of any municipality or other participating employer participating in the New York state and local employees' retirement system or the New York state and local police and fire retirement system, and employees of school districts participating in the New York state teachers' retirement system. See N.Y. Retirement and Social Security Law 185
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Head of the retirement system: shall mean the state comptroller, with respect to the New York state and local employees' retirement system and the New York state and local police and fire retirement system, and the retirement board of the other public retirement systems of the state. See N.Y. Retirement and Social Security Law 152
• hospital: means an institution or facility possessing a valid operating certificate issued pursuant to article twenty-eight of the public health law and authorized to employ physician assistants in accordance with rules and regulations of the public health and health planning council. See N.Y. Education Law 6540
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Insured account: means a savings account held by an insured member and which is insured under the provisions of this article. See N.Y. Banking Law 420
• insured member: means a savings and loan association whose application for membership in the fund has been accepted and approved; and which has made all payments required by this article; and whose membership has not been terminated. See N.Y. Banking Law 420
• insured mortgage: as used in this article four-a, shall mean any single bond and mortgage or note and mortgage constituting a first lien upon real estate (including leasehold estates), insured by the federal housing administrator or any of his successors in office and guaranteed by the United States under the provisions of the national housing act, as amended or supplemented. See N.Y. Retirement and Social Security Law 176
• Insured savings and loan association: means an association whose accounts are insured under this article. See N.Y. Banking Law 420
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• local retired employee: shall mean a person who shall have retired prior to July first, nineteen hundred sixty-one, and receives as a result of such retirement, a retirement allowance or pension from any retirement or pension system or plan of a municipality, which retirement allowance or pension, computed without optional modification, is or would be twelve hundred dollars per annum or less, and who, unless retired for disability,
  (a) is sixty years of age or over and
  (b)has had not less than fifteen years of allowable and credited service on which his retirement allowance or pension is based, provided, however, that

  (1) in the case of such a person meeting such requirements who attained age sixty-five before April first, nineteen hundred fifty-six, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to paragraph b of subdivision two of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if such person is then sixty-five years of age or beginning with the month thereafter during which he attains age sixty-five;

  (2) in the case of a female person meeting such requirements who attained age sixty-two before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to paragraph b of subdivision two of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if she is then sixty-two years of age or beginning with the month thereafter during which she attains age sixty-two;

  (3) in the case of a person retired for disability, either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to paragraph b of subdivision two of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if he is then fifty years of age or beginning with the month thereafter during which he attains age fifty. See N.Y. Retirement and Social Security Law 161
• local retired teacher: shall mean a person who shall have retired prior to July first, nineteen hundred sixty-one, and receives as a result of such retirement, a retirement allowance from any teachers' retirement system administered and operated by a municipality or a school district located therein, which retirement allowance, computed without optional modification, is or would be twelve hundred dollars per annum or less, or as hereinafter provided thirteen hundred and two or eighteen hundred dollars per annum or less, as the case may be, and who, unless retired for disability, has had not less than fifteen years of allowable and credited service on which his retirement allowance is based, provided, however, that
  (1) In the case of such a person meeting such requirements who attained age sixty-five before April first, nineteen hundred fifty-six, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to subdivision five of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if such person is then sixty-five years of age or beginning with the month thereafter during which he attains age sixty-five;
  (2) in the case of a female person meeting such requirements who attained age sixty-two before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to paragraph b of subdivision two of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if she is then sixty-two years of age or beginning with the month thereafter during which she attains age sixty-two;
  (3) in the case of a person retired for disability, either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum in the event a local law, ordinance or resolution is adopted pursuant to paragraph b of subdivision two of section one hundred sixty-three of this act, beginning with the month when such local law, ordinance or resolution shall become effective, if he is then fifty years of age or beginning with the month thereafter during which he attains age fifty;
  (4) in the case where a local law, ordinance or resolution authorizing additional supplemental pension payments pursuant to subdivision six of section one hundred sixty-three of this act is adopted effective on or after April first, nineteen hundred fifty-eight, such term shall for the purposes hereof refer to such a person entitled to receive a monthly supplemental pension in an amount which when added to his monthly retirement allowance or pension, computed without optional modification, shall be equal to one hundred fifty dollars. See N.Y. Retirement and Social Security Law 161
• Member: shall mean a member of any public retirement system of the state. See N.Y. Retirement and Social Security Law 152
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• municipality: shall mean a county, city, town or village. See N.Y. Retirement and Social Security Law 161
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Pension: shall mean the annual allowance for life, payable in monthly installments, derived from contributions made by a public official to the appropriate pension accumulation fund of a retirement system pursuant to applicable law. See N.Y. Retirement and Social Security Law 156
• Personal property: All property that is not real property.
• physician: means a practitioner of medicine licensed to practice medicine pursuant to article one hundred thirty-one of this chapter. See N.Y. Education Law 6540
• physician assistant: means a person who is licensed as a physician assistant pursuant to this article. See N.Y. Education Law 6540
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Public employee pension plan: shall mean any plan, fund, or program which was heretofore or is hereafter established or maintained, in whole or in part, by a public employer of the state, as the term public employer is defined in article fourteen of the civil service law, and administered by a public retirement system of the state, which provides retirement income to employees or their beneficiaries. See N.Y. Retirement and Social Security Law 152
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public official: shall mean any of the following individuals :
  (i) the governor, lieutenant governor, comptroller or attorney general;
  (ii) members of the state legislature;
  (iii) state officers and employees including:

  (A) heads of state departments and their deputies and assistants other than members of the board of regents of the university of the state of New York who receive no compensation or are compensated on a per diem basis;

  (B) officers and employees of statewide elected officials;

  (C) officers and employees of state departments, boards, bureaus, divisions, commissions, councils or other state agencies; and

  (D) members or directors of public authorities, other than multi-state authorities, public benefit corporations and commissions at least one of whose members is appointed by the governor, and employees of such authorities, corporations and commissions;
  (iv) judges, justices and employees of the unified court system;
  (v) officers and employees of the legislature; and
  (vi) paid municipal officers and employees including an officer or employee of a municipality, paid members of any administrative board, commission or other agency thereof and in the case of a county, shall be deemed to also include any officer or employee paid from county funds. See N.Y. Retirement and Social Security Law 156
• Public retirement system of the state: shall mean the New York state and local employees' retirement system, New York state and local police and fire retirement system, New York state teachers' retirement system, New York city employees' retirement system, New York city teachers' retirement system, New York city police pension fund, New York city fire department pension fund and the New York city board of education retirement system. See N.Y. Retirement and Social Security Law 152
• public service: means the service of the state or any political division thereof, including a special district, district corporation, school district, board of cooperative educational services or county vocational education and extension board, or the service of a public benefit corporation or public authority created by or pursuant to laws of the state of New York, or the service of any agency or organization which contributes as a participating employer in a retirement system or pension plan administered by the state or any of its political subdivisions. See N.Y. Retirement and Social Security Law 210
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Reserves: means the aggregate total of capital, advance premiums, assessments and retained earnings of the fund. See N.Y. Banking Law 420
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retired member: shall mean a person who is retired from and who is receiving a retirement allowance from a public retirement system of the state. See N.Y. Retirement and Social Security Law 152
• retired person: means a retired member of a retirement system or pension plan administered by the state or any of its political subdivisions who is receiving a retirement allowance for other than physical disability. See N.Y. Retirement and Social Security Law 210
• retirement allowance: means the total amount payable to a retired person, whether in the form of pension or annuity, or both, from a retirement system or systems or pension plan or plans administered by the state or any of its political subdivisions. See N.Y. Retirement and Social Security Law 210
• Retirement system: shall mean the New York state and local employees' retirement system, and the New York city employees' retirement system. See N.Y. Retirement and Social Security Law 156
• 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.
• state retired employee: shall mean a person who shall have retired prior to July first, nineteen hundred sixty-one, and receives as a result of such retirement, a retirement allowance or pension from any state administered and operated retirement or pension plan or system, which retirement allowance or pension, computed without optional modification, is or would be twelve hundred dollars per annum or less, and who, unless retired for disability,
  (a) is sixty years of age or over and
  (b)has had not less than fifteen years of allowable and credited service on which his retirement allowance or pension is based, provided, however, that

  (1) in the case of such a person meeting such requirements who attained age sixty-five before April first, nineteen hundred fifty-six, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum beginning with the month of April, nineteen hundred fifty-six, if he is then sixty-five years of age or beginning with the month thereafter during which he attains age sixty-five;

  (2) in the case of a female person meeting such requirements who attained age sixty-two before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum beginning with the month of April, nineteen hundred fifty-seven, if she is then sixty-two years of age or beginning with the month thereafter during which she attains age sixty-two;

  (3) in the case of a person retired for disability, either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred and two dollars per annum beginning with the month of April, nineteen hundred fifty-seven, if he is then fifty years of age or beginning with the month thereafter during which he attains age fifty. See N.Y. Retirement and Social Security Law 161
• state retired teacher: shall mean a person who shall have retired prior to July first, nineteen hundred sixty-one, and receives a retirement allowance from the New York state teachers' retirement system, which retirement allowance, computed without optional modification, including any modification due to additional contributions as authorized by subdivision three of section five hundred sixteen of the education law, is or would be twenty-four hundred dollars per annum or less and who, unless retired for disability, has been credited with not less than twenty-five years of service, at least fifteen of which shall have been service within the state. See N.Y. Retirement and Social Security Law 161
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Total accumulated plan benefits: shall mean an interest obtained by a member in that part of a public employee pension plan which arises from the member's continued service for a public employer based on service to date. See N.Y. Retirement and Social Security Law 152
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.