Part 5007 - Refund of Members' Contributions

Section 5007.1 - Monies refunded

(a) A member's accumulated contributions shall consist of all his contributions in the annuity savings fund, together with credited interest.

(b) Monies refunded shall be paid from the annuity savings fund, except in the following instances where they are paid from the pension accumulation fund:

(1) Where the employer's share is paid by the member in order to purchase military service credit under section 243 of the Military Law and subdivision 10 of section 503 of the Education Law;

(2) Where the member's accumulated contributions have been deemed abandoned pursuant to section 531 of the Education Law.

(Statutory authority: Education Law, §§ 501 [subd. 9, 10], 508, 511-a [subd. 2], 512 [subd. a, b.1], 516 [subd. 6])