2010 New York Code
RSS - Retirement & Social Security
Article 14 - (500 - 520) COORDINATED-ESCALATOR RETIREMENT PLAN
504 - Service retirement benefits; general members.

§  504.  Service  retirement benefits; general members. a. The service
  retirement benefit for general members at  normal  retirement  age  with
  twenty  or  more  years  of credited service shall be a pension equal to
  one-fiftieth of final average salary times years  of  credited  service,
  not  in excess of thirty years, less fifty percent of the primary social
  security retirement benefit as provided in section five hundred eleven.
    b. The service  retirement  benefit  for  general  members  at  normal
  retirement  age with less than twenty years of credited service shall be
  a pension equal to one-sixtieth of final average salary times  years  of
  credited  service,  less  fifty  percent  of the primary social security
  retirement benefit as provided in section five hundred eleven.
    c. The early service retirement benefit for  general  members,  except
  for  general  members  whose  early  retirement  benefit is specified in
  subdivision d of this section, shall be the service  retirement  benefit
  specified  in  subdivision  a  or b of this section, as the case may be,
  without social security offset, reduced by one-fifteenth for each of the
  first two years by which early retirement precedes age sixty-two, plus a
  further reduction  of:  (1)  one-thirtieth;  or  (2)  one-twentieth  for
  members  who  first  join  the  New  York  state  and  local  employees'
  retirement system on or after January first, two thousand ten, for  each
  year by which early retirement precedes age sixty. At age sixty-two, the
  benefit shall be reduced by fifty percent of the primary social security
  retirement  benefit,  as provided in section five hundred eleven of this
  article.
    d. The early service retirement benefit for  general  members  in  the
  uniformed   correction   force  of  the  New  York  city  department  of
  correction, who are not entitled to an early service retirement  benefit
  pursuant to subdivision c of section five hundred four-a of this article
  or  subdivision  c  of  section  five  hundred four-b of this article or
  subdivision c of section five hundred four-d of  this  article,  or  for
  general  members  in  the  uniformed personnel in institutions under the
  jurisdiction of the department of correctional services, as  defined  in
  subdivision i of section eighty-nine of this chapter, shall be a pension
  equal  to  one-fiftieth  of final average salary times years of credited
  service at the completion of twenty-five years of service,  but  not  in
  excess of fifty percent of final average salary.
    ** e.  The early service retirement benefit for uniformed personnel in
  institutions under the jurisdiction of the  department  of  correctional
  services,  as  defined  in  subdivision i of section eighty-nine of this
  chapter, or who are in  titles  defined  in  subdivision  i  of  section
  eighty-nine  of  this  chapter and who have made an election pursuant to
  the provisions of article seventeen of this chapter, shall be a  pension
  equal  to  one-fiftieth  of final average salary times years of credited
  service at the completion of twenty-five years of service,  but  not  in
  excess of fifty percent of final average salary.
    ** NB  Subdivision  e  repealed by ch. 174/89 § 3. Kept alive by § 376
  N.Y.S. Statutes.