2006 New York Code - Retirement Allowances; For Service.

 
    §  13-255  Retirement  allowances;  for  service.  Upon retirement for
  service, a member shall  receive  a  retirement  allowance  which  shall
  consist of:
    1.  An  annuity  based  on  his or her required annuity savings at the
  termination of his or her required minimum period  of  service,  and  in
  addition,  a  pension  which when added to the annuity shall be equal to
  one-half of his or her annual  earnable  compensation  on  the  date  of
  retirement,  for  his  or her minimum period of service. For the purpose
  only of determining the pension portion of the retirement allowance  for
  minimum  service, the member's annuity shall be computed as it would be,
  (a)  if  it  were  not  reduced  by  the  actuarial  equivalent  of  any
  outstanding  loan,  (b)  if  it  were  not  increased  by  the actuarial
  equivalent of any additional contributions, (c) if it were  not  reduced
  by  reason  of  the  member's  election  to  decrease his or her annuity
  contributions in order to apply the amount of such reduction in  payment
  of  his  or  her  contributions  for  old-age  and  survivors  insurance
  coverage, (d) as it would be without any optional modification;
    2. For each additional  year  of  service  in  the  police  force,  or
  fraction  thereof,  beyond his or her required minimum service, a member
  shall  be  entitled  to,  in  addition  to  the  benefits  provided   in
  subdivision one of this section:
    (a)  a  pension  of one-sixtieth of his or her average annual earnings
  from his or her date of eligibility for retirement to the actual date of
  retirement; and
    (b) a pension-providing-for-increased-take-home-pay which shall be the
  actuarial equivalent of the reserve-for-increased-take-home-pay to which
  he or she may be entitled, if any, for all periods of  such  service  in
  the police force rendered both (1) after the completion of such required
  minimum   service   in   such   police  force  and  (2)  after  December
  thirty-first, nineteen hundred sixty-six.
    3. For each year, or fraction thereof, of service  credit  transferred
  from  the  New  York  city  employees'  retirement  system, a pension of
  fifty-five per cent of one-sixtieth of his or her final compensation  if
  such  service  credit  was  for service rendered prior to October first,
  nineteen hundred fifty-one, or seventy-five per cent of one-sixtieth  of
  his or her final compensation if such service was rendered subsequent to
  October first, nineteen hundred fifty-one.