New York Laws
Title 12 - Miscellaneous Provisions; Saving and Construction Clauses
109-A - Abandonment of Amounts Payable to Beneficiaries; Payment to the Pension Accumulation Fund.

§ 109-a. Abandonment of amounts payable to beneficiaries; payment to
the pension accumulation fund. a. After at least one year has elapsed
since a benefit has become payable to the beneficiary or estate of a
retiree or member and such beneficiary or estate has failed to apply for
and receive such benefit, the comptroller shall send a statement to the
executor or administrator of the estate or to the designated beneficiary
at his last known address setting forth the benefit payable and giving
notice to such person or persons that unless demand for payment of such
benefit is made prior to a date at least eighteen months from the date
the notice is given, said benefit will be deemed abandoned and will be
transferred to the pension accumulation fund.

b. After the expiration of at least one year from the date the notice
is given, the comptroller shall publish in the state bulletin a list
setting forth the names of estates or beneficiaries having an unclaimed
amount in the retirement system. At the expiration of six months from
the date of publication of such list the amounts so listed unless
previously paid to claimant shall be deemed abandoned and shall be
placed in the pension accumulation fund to be used for the purpose of
said fund.

c. Any amounts so deemed abandoned and transferred to the pension
accumulation fund may be claimed by the executor or administrator of the
estate or beneficiaries designated to receive such amount, by filing a
claim with the comptroller on such form and in such manner as be
prescribed by the comptroller. In the event such claim is properly made
the comptroller shall pay over to the estate or to the person or persons
making such claim the amount without interest. The payment shall be made
from the pension accumulation fund.