§ 6255. City not liable for payment of benefits. Neither the city nor the board shall be a party to any contract purchased in whole or in part with contributions made under the optional retirement program established and administered pursuant to this article. No retirement, death, or other benefits shall be payable by the city or by the board under such optional retirement program. Such benefits shall be paid to electing employees or their beneficiaries by the designated insurer or insurers in accordance with the terms of their contracts.

Terms Used In N.Y. Education Law 6255

  • board: means the board of higher education of the city of New York. See N.Y. Education Law 6250
  • city: shall mean the city of New York. See N.Y. Education Law 6250
  • Contract: A legal written agreement that becomes binding when signed.
  • insurer: shall mean a life insurance corporation, or other corporation subject to supervision by the department of financial services of the state of New York. See N.Y. Education Law 6250
  • optional retirement program: means the retirement program established pursuant to this article. See N.Y. Education Law 6250
  Previous section
Next section  
 Article 125-A Contents