2006 New York Code - Retirement; Separation From Service Without Fault Or Delinquency.

 
    §   13-150  Retirement;  separation  from  service  without  fault  or
  delinquency. a. A member  who  is  removed  or  otherwise  involuntarily
  separated   from   city-service  for  any  cause  other  than  fault  or
  delinquency on his or her part after having completed  twenty  years  of
  allowable service, including not less than one-half year during the year
  immediately  preceding  such discontinuance, or who is so removed from a
  position in the competitive or  labor  class  of  the  classified  civil
  service  after  any  period  of  service,  shall  receive in lieu of the
  benefit provided in section 13-141 of this chapter, as  he  or  she  may
  elect:
    1. The  amount  of  his  or her accumulated deductions, if any; or, in
  lieu thereof,
    2. An annuity of equivalent actuarial value to his or her  accumulated
  deductions,  if  any, and, in addition, a pension which is the actuarial
  equivalent of the reserve-for-increased-take-home-pay to which he or she
  may then be entitled, if any, and,  in  addition,  a  pension  beginning
  immediately,  having  a value equal to the present value of the pension,
  at the beginning of his or her minimum age of  service  retirement  that
  would  be  payable  to  him or her at such age for the period of service
  creditable to him or her at the time of such removal or  separation.  If
  such  member  has  attained  age fifty and has completed twenty years of
  allowable service, including not less than one-half year during the year
  immediately preceding such discontinuance, he or she shall  be  paid  in
  addition  a  pension  equal  to fifty per cent of the difference between
  such pension and the pension to which he or she would be eligible had he
  attained the minimum age of service retirement.
    b. His or her membership in  the  retirement  system  shall  thereupon
  cease,  subject,  however,  to  the provisions of section 13-178 of this
  chapter.