Part 5012 - Savings Accounts For Monies Due Certain Beneficiaries

Section 5012.1- Establishment of Accounts

When a benefit payable by the system accrues to a person who is under a legal disability, and no legal representative is duly appointed within six months of the date the benefit accrued, a savings account in the name of the beneficiary shall be established effective as of the date such six-month period lapsed.

(Statutory authority: Education Law, § 508 (13))