Subchapter 2 - HUNTER COLLEGE RETIREMENT SYSTEM OF THE CITY OF NEW YORK

Section 13-615

Section 13-615

  §  13-615  Merger  of  system  with  teachers'  retirement  system and
provisions relative thereto. Notwithstanding anything to the contrary in
this code, on the first day of July nineteen hundred  thirty-eight,  the
administration  of  the funds of the Hunter college retirement system as
provided for  in  this  code  shall  be  transferred  to  the  teachers'
retirement  board  of the teachers' retirement system of the city of New
York as provided for in chapter four of this title,  and  all  cash  and
securities,  and  other  assets  held  by  the Hunter college retirement
system shall be transferred and merged  with  the  assets  held  by  the
teachers' retirement system of the city of New York, the reserves in the
annuity  savings  fund, the annuity reserve fund, the contingent reserve
fund, the pension reserve fund number one, and the pension reserve  fund
number two being credited to the corresponding funds of the same name of
the  teachers' retirement system. All appropriations made for the Hunter
college retirement system shall be transferred  to  the  credit  of  the
teachers'  retirement  system.  The  equities in the funds of the Hunter
college retirement system, which are held by the members of such  system
as  of  the  thirtieth day of June, nineteen hundred thirty-eight, shall
not in anywise be impaired by such transfer and the funds so transferred
shall continue to be held in trust in the  teachers'  retirement  system
for  the payment of the benefits to such members for which they were set
aside. On the first day of  July,  nineteen  hundred  thirty-eight,  all
contributors  of  the  Hunter college retirement system shall become and
shall thereafter be contributors of the teachers' retirement system  and
members  of  the  teachers'  retirement  association  as  constituted by
section 13-503 of this title. The present-teachers of the Hunter college
retirement system shall become and shall thereafter be  present-teachers
of  the  teachers' retirement system, and the new-entrants of the Hunter
college  retirement  system  shall  become  and  shall   thereafter   be
new-entrants of the teachers' retirement system, with all the rights and
privileges  of  their  respective classifications as provided in chapter
four of this title, with the same  force  and  effect  as  if  they  had
originally  been  contributors  of  the  teachers' retirement system and
members of the teachers' retirement association. All those who  now  are
present-teachers  of the Hunter college retirement system, upon becoming
contributors of the teachers'  retirement  system  and  members  of  the
teachers'  retirement  association  as  provided in this section, shall,
notwithstanding anything to the contrary in chapter four of this  title,
continue  to  have  all  the  rights  and  privileges to which they were
entitled under the provisions of law in existence at  the  time  of  the
merger.  All  those  who  were  entitled  to prior service credit in the
Hunter college retirement system with prior service certificates  issued
to  them  before  the  first day of July, nineteen hundred thirty-eight,
shall be entitled to such prior service as  was  granted  in  the  prior
service  certificates  issued  by  the  Hunter college retirement board,
without increase or decrease,  and  all  such  certificates  are  hereby
validated  and confirmed, to the same extent and with the same effect as
if issued pursuant to express authority of law. All beneficiaries of the
Hunter college retirement system  as  of  the  thirtieth  day  of  June,
nineteen   hundred   thirty-eight,   shall  continue  to  receive  their
retirement allowances thereafter in the same manner, amount,  and  form,
from  the corresponding fund or funds of the teachers' retirement system
as that from which their benefits were  paid  from  the  Hunter  college
retirement system.
  The  purpose  of  this  act is to unify and simplify the retirement of
members of the educational institutions of New York city, and after  the
respective  reports  of  the  teachers'  retirement board and the Hunter
college retirement board for the period including the thirtieth  day  of

June,  nineteen  hundred  thirty-eight,  which  reports  shall include a
complete statement as to the merger, no special reports shall thereafter
be required concerning the membership of the Hunter  college  retirement
system  transferred  to  the  teachers'  retirement  system.  After  the
thirtieth day of June, nineteen hundred thirty-eight, the Hunter college
retirement board shall cease to function, and all  the  duties  of  such
board shall thereafter be performed by the teachers' retirement board.