Sec. 4.13. Years of service to mutual savings banks in computing allowable pensions

Maximum allowable pensions in retiring savings bank employees can under section 250 of the Banking Law be increased, up to a stated limit, “for each year of service” by such employee. The department was asked whether it would be permissible to include years spent by the employee in service to other institutions prior to his employment by the bank from which he is retiring.

The department responded that it would regard it as within the spirit as well as the letter of the law to permit inclusion of years of prior service to other New York savings banks, as well as to institutions owned in substantial entirety by one or more such banks during the entire period of the employee's prior service. The department was not asked to pass on, and reserved for future judgment on a case-by-case basis, the legal acceptability of including prior service to savings banks in other States, commercial banks, State or Federal savings and loan associations, entities not substantially wholly owned by New York savings banks, and entities presently so owned but served by the retiring employee before such ownership occurred.

DATED: October 25, 1973