Education Law § 502 · Article 11. State Teachers' Retirement System For Public School Teachers
Retirement system
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
§ 502. Retirement system. 1. The "New York state teachers' retirement system" is hereby continued.
2. Such retirement system shall have the powers and privileges of a corporation, and under its corporate name, or in the name of its nominees, all of its business shall be transacted, all funds invested, all warrants for money drawn and payments made, and all cash and securities and other property shall be held.
3. In accordance with paragraph two of subsection a of section four hundred one of the Internal Revenue Code, it shall be impossible at any time prior to the satisfaction of the retirement system's liabilities to its members and their beneficiaries under law, for any part of the assets of the retirement system, or income thereon, to be (within any taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of the members of the retirement system or their beneficiaries.
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/EDN502
- Text hash
- sha256 ab3e3b4360d2941525cbc2b0f96a7c7dc19255ddbcac476ae132191f0613c920
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.