2006 New York Code - Retirement Allowances.

 
    § 13-554   Retirement allowances.  A contributor, on retirement, shall
  receive a retirement allowance which shall consist of:
    1. A pension calculated as follows:
    a. For retirement prior to July first, nineteen  hundred  seventy  for
  disability,  as  defined in subdivision seventeen-a of section 13-501 of
  this chapter, twenty per cent of  his  or  her  average  salary  and  an
  additional  one-fifth  of  one per cent of his or her average salary for
  each year of city service in excess of ten. In no event shall the  total
  pension for retirement prior to July first, nineteen hundred seventy for
  disability exceed twenty-five per cent of his or her average salary.
    b.  For  service  retirement,  or  for retirement prior to July first,
  nineteen hundred seventy for disability after he or she becomes eligible
  for service retirement, twenty-five per  cent  of  his  or  her  average
  salary.  If  a  contributor  has rendered less than twenty years of city
  service at the time his or her service retirement becomes effective, his
  or her pension allowance shall be based on one per cent of  his  or  her
  average salary for each year of city service.
    c.  If  the contributor retiring is a present-teacher, he or she shall
  receive, in addition to the pension prescribed in subdivision (a) or (b)
  a pension computed at the rate of one-one hundred fortieth of his or her
  average salary for each year of service rendered prior to the  sixteenth
  day  of  September,  nineteen  hundred  seventeen  as  certified to such
  present-teacher in his or her prior-service  certificate.  In  no  event
  shall the total pension exceed fifty per cent of his or her salary.
    d.  In  lieu  of any other pension provided for under this subdivision
  and based on the years of credited service  rendered  on  or  after  the
  sixteenth day of September, nineteen hundred seventeen, for all New York
  city  public  school  contributors and for all college contributors, one
  per centum of his or her average salary multiplied by the number of such
  years, provided, that by his or her written application,  duly  executed
  and  filed  with  the teachers' retirement board, on or before the first
  day of December, nineteen hundred sixty-six, or, after such date, before
  any deduction shall have been made from  his  or  her  compensation  for
  annuity  purposes,  the member shall have given his or her consent on an
  official application form, to the necessary deductions from his  or  her
  compensation  for  a like annuity, except such deduction shall not be in
  excess of fifteen per centum unless the member so elects.  At  any  time
  subsequent  to  one  year  after  having given such consent a member may
  withdraw such consent on an official withdrawal form, and thereafter any
  pension allowance for such member shall be calculated in the same manner
  as though such consent had  not  been  given.  The  provisions  of  this
  subdivision  shall not be construed to impair or take away any rights of
  any present-teacher for service rendered prior to the sixteenth  day  of
  September,  nineteen  hundred seventeen as certified in his or her prior
  service certificate, but in no event  shall  the  total  pension  exceed
  fifty per cent of his or her salary. In no event shall the provisions of
  this  subdivision  be  construed  so  as  to result in a smaller pension
  benefit than was provided  prior  to  the  enactment  of  chapter  eight
  hundred  thirty-seven  of  the  laws  of nineteen hundred fifty-one. The
  provisions of this paragraph shall not be construed to apply to  members
  who  purchased  prior  outside  service  credit  in  accordance with the
  provisions of paragraph three of subdivision a of section 13-505 of this
  chapter unless such a member elects one of the following: (1) to pay the
  difference between the cost of  the  prior  outside  service  credit  in
  accordance with the provisions of paragraph a or b of subdivision one of
  section  13-554  of  this  chapter  and  the cost for such prior outside
  service credit in accordance with the provisions of this  paragraph,  or
  (2)  such a member cancels his or her election for prior outside service


  credit and accepts a refund of his or her purchase price for such  prior
  outside  service  credit  and  shall have any such prior outside service
  credit canceled, or (3) elects a  recalculation  of  his  or  her  prior
  outside  service  credit  as  a result of which his or her prior outside
  credit service shall be reduced in proportion to the credit which his or
  her purchase price would  have  bought  under  the  provisions  of  this
  paragraph.  The  provisions  of  this  paragraph  shall  not deprive any
  contributor of any right to a reduced contribution to which  he  or  she
  may be entitled under the provisions of section 13-546 of this chapter.
    e. (1) a pension computed pursuant to the provisions of this paragraph
  e,  in lieu of any other pension provided for in paragraphs a, b or d of
  this     subdivision     one,     in      the      case      of      any
  age-fifty-five-increased-benefits pension plan contributor.
    (2)  Such  pension computed pursuant to this paragraph e shall consist
  of the following: (a) for the years  of  his  or  her  credited  service
  rendered  prior to July first, nineteen hundred seventy, a pension equal
  to the product obtained by multiplying the number of such years  by  one
  and two-tenths per centum of his or her average salary; and
    (b)  for  the years of his or her credited service rendered after June
  thirtieth, nineteen hundred seventy, a  pension  equal  to  the  product
  obtained  by multiplying the number of such years by one and fifty-three
  one-hundredths per centum of his or her average salary.
    f.  (1)  For  retirement  for  ordinary  disability,  as  defined   in
  subdivision  seventeen-b  of  section 13-501 of this chapter, a pension,
  subject to the provisions of  subparagraph  two  of  this  paragraph  f,
  computed as follows:
    (a)  for  the  years  of  his or her credited service rendered to July
  first, nineteen hundred seventy, a pension equal to the product obtained
  by multiplying the number of such years by one and two-tenths per centum
  of his or her average salary; and
    (b) for the years of his or her credited service rendered  after  June
  thirtieth,  nineteen  hundred  seventy,  a  pension equal to the product
  obtained by multiplying the number of such years by one and  fifty-three
  one-hundredths per centum of his or her average salary.
    (2)  The  pension provided for by subparagraph one of this paragraph f
  shall in no event be less than  it  would  have  been  if  it  had  been
  computed  in  accordance with the method of computation which would have
  been applicable if his or her retirement had instead been  a  retirement
  prior to July first, nineteen hundred seventy for disability, as defined
  in subdivision seventeen-a of section 13-501 of this chapter.
    g.  For  retirement for accident disability, as defined in subdivision
  seventeen-c  of  section  13-501  of  this   chapter,   a   pension   of
  three-fourths  of  his  or her average salary, as defined in subdivision
  eighteen of such section 13-501.  His  or  her  average  salary,  as  so
  defined,  shall  be used in computing such pension, whether or not he or
  she would be entitled to computation of any  other  benefit  under  this
  chapter  on  the  basis  of  average  salary  as  defined in subdivision
  eighteen-a or eighteen-b of such section 13-501.
    h. (1) Notwithstanding any other provision  of  this  chapter  to  the
  contrary,  in  any  case  where  a  contributor  is  retired pursuant to
  subdivision three  of  section  13-545  of  this  chapter  (relating  to
  retirement for superannuation) by reason of attainment of age seventy in
  the  school  year nineteen hundred sixty-nine--nineteen seventy, and the
  pension payable to him or her, if this paragraph h had not been enacted,
  would  be  otherwise  than  as  prescribed  in  this   paragraph,   such
  contributor,  irrespective  of the pension plan applicable to him or her
  at the time of this retirement, shall be entitled to receive, in lieu of
  any pension otherwise payable under the provisions of this chapter,  the


  pension  which  would have been payable to such contributor if he or she
  had been an age-fifty-five-increased-benefits pension  plan  contributor
  at  the  time  of his or her retirement; provided, however, that if such
  contributor,  had  he or she been a twenty-year pension plan contributor
  at the time of his or her retirement:
    (1) would have been eligible to retire as a twenty-year  pension  plan
  contributor; and
    (2)  would  have  been entitled to a retirement allowance beginning on
  the date of his or her retirement; and
    (3) would have been entitled to a pension larger than that to which he
  or  she  would  have  been  entitled  if  he  or   she   had   been   an
  age-fifty-five-increased-benefits  pension  plan contributor at the time
  of his or her retirement;
    the pension payable to such contributor pursuant to this  paragraph  h
  shall  be  the  pension which he or she would have received if he or she
  had retired as a twenty-year pension plan contributor.
    1-a.  A  pension  which   is   the   actuarial   equivalent   of   the
  reserve-for-increased-take-home-pay  to which he or she may be entitled,
  if any.
    2. An annuity, in addition to the pensions above provided which  shall
  be  the actuarial equivalent of his or her accumulated deductions at the
  time of his or her retirement. A contributor, in order to  increase  his
  or her annuity at the time of his or her retirement, may increase his or
  her  rate  of  contribution  by  such rate as he or she may choose up to
  fifty per centum or such greater percentum as the retirement  board  may
  allow  in  accordance with section 13-525 of this chapter in addition to
  the rate needed to provide his  or  her  part  of  half  pay  retirement
  allowance,  excluding  from  consideration any portion of the retirement
  allowance       which       may       be       provided       by       a
  pension-providing-for-increased-take-home-pay.  In  no  case  shall such
  annuity be less for each one hundred dollars of  accumulated  deductions
  of  a  present-teacher  at  the  time of retirement than is shown in the
  following schedule:
 
                             Annuity in case of   Annuity in case of
     Age at retirement         men teachers         women teachers
 
      48.............            $7.20                $6.52
      49.............             7.34                 6.64
      50.............             7.49                 6.77
      51.............             7.65                 6.90
      52.............             7.82                 7.04
      53.............             8.00                 7.19
      54.............             8.19                 7.35
      55.............             8.39                 7.52
      56.............             8.61                 7.70
      57.............             8.84                 7.89
      58.............             9.09                 8.10
      59.............             9.35                 8.31
      60.............             9.63                 8.54
      61.............             9.93                 8.79
      62.............            10.25                 9.05
      63.............            10.60                 9.33
      64.............            10.96                 9.63
      65.............            11.36                 9.95
      66.............            11.78                10.30
      67.............            12.24                10.67
      68.............            12.72                11.06


      69.............            13.25                11.48
      70.............            13.81                11.94