Terms Used In New York Laws > Estates, Powers and Trusts > Article 11-A > Part 4 > Subpart 1 - Receipts From Entities

• Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a contributor, and credited to his individual account in the annuity savings fund together with regular interest thereon. See N.Y. Education Law 501
• 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}
• 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.
• Decedent: A deceased person.
• Dependent: A person dependent for support upon another.
• Donor: The person who makes a gift.
• Employer: shall mean the state of New York, the city, the village, school district board or trustee, or other agency of and within the state by which a teacher is paid. See N.Y. Education Law 501
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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.
• Retirement allowance: shall mean the pension plus the annuity. See N.Y. Education Law 501
• Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
• Retirement system: shall mean the New York state teachers' retirement system provided for in section five hundred two of this article. See N.Y. Education Law 501
• Service: shall mean actual teaching or supervision by the teacher during regular school hours of the day, and shall mean governmental service in the state of New York in another capacity where the teacher was a member of the New York state employees retirement system, and where such service was credited to the teacher in the said New York state employees retirement system. See N.Y. Education Law 501
• Trustee: A person or institution holding and administering property in trust.