Wilson v. Commissioner

Petitioner's decedent, a teacher employed by the board of education of New York City, contributed to the teachers' retirement fund by amounts deducted from his salary. He had a right, upon resignation or dismissal, or after retirement upon pension (to which right he was prior to death entitled because of term of service, but did not exercise), to withdraw the contributed funds and interest thereon, though he had named his wife as beneficiary to receive payment in case of his death prior to such retirement upon pension. Held, that the funds payable to the wife after death are not insurance,…