(a) After at least twenty-five years have elapsed since a vested member, or ten years have elapsed since a nonvested member, of the teachers' retirement system ceased to be a teacher for any cause other than death or retirement or two years have elapsed from the date any other person became entitled to a benefit pursuant to this chapter, the Teachers' Retirement Board shall send a statement to such member or such person at the last-known address of the person setting forth the amount of the accumulated contributions or other benefits standing to the credit of such person. The statement shall give notice to such person that unless payment is demanded of said amount prior to a date at least ninety days from the date the notice is given, the amount will be deemed abandoned and no further interest shall be credited to said amount.

(b) Any accumulated contributions or other benefits so deemed abandoned may be claimed by the person entitled to the accumulated contributions or other benefits, or in the event of his death, by his estate or by such person or persons as he shall have nominated to receive such accumulated contributions, by filing a claim with the retirement board in such form and in such manner as may be prescribed by the retirement board, seeking the return of such abandoned accumulated contributions or other benefits. In the event such claim is properly made the retirement board shall pay over to the person or persons or estate making such claim the amount of such accumulated contributions or other benefits.

(P.A. 83-305, S. 1, 2; P.A. 97-301, S. 5, 10; P.A. 16-91, S. 2.)

History: P.A. 97-301 amended Subsec. (a) to change date for sending statement to person entitled to benefit from five to two years following date of entitlement, effective September 1, 1997; P.A. 16-91 amended Subsecs. (a) and (b) by deleting references to pension reserve account, further amended Subsec. (a) by replacing “member” with “vested member”, adding provision re nonvested member and adding “no further interest shall be credited to said amount” and further amended Subsec. (b) by deleting “without interest”, effective July 1, 2016.