2010 New York Code
RSS - Retirement & Social Security
Article 14 - (500 - 520) COORDINATED-ESCALATOR RETIREMENT PLAN
516 - Vesting.

§  516.  Vesting.  a.  A member who has five or more years of credited
  service or ten or more years of credited service for members  who  first
  join  the  New  York  state and local employees' retirement system on or
  after January first, two thousand ten  upon  termination  of  employment
  shall be entitled to a deferred vested benefit as provided herein.
    b.  The deferred vested benefit of general members, except for general
  members  in  the  uniformed  correction  force  of  the  New  York  city
  department  of  correction  or 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, with twenty or
  more years of credited service shall be a pension commencing  at  normal
  retirement age 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 of this article. The deferred vested benefit
  of  general  members,  except  for  general  members  in  the  uniformed
  correction force of the  New  York  city  department  of  correction  or
  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,  with less than twenty years of
  credited service shall be a pension commencing at normal retirement  age
  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 of this article.
  Such deferred vested benefit may be paid in the form of an early service
  retirement benefit, or may be postponed until  after  normal  retirement
  age,  in  which  event  the  benefit  will  be  subject  to reduction or
  escalation as provided in subdivision c of section five hundred four  of
  this article.
    c.  The  deferred  vested  benefit  of  police/fire members shall be a
  pension commencing at early retirement age equal to two  and  one-tenths
  percent  of  final  average salary times years of credited service, less
  fifty  percent  of  the  primary  social  security  retirement   benefit
  commencing at age sixty-two, as provided in section five hundred eleven.
  A  police/fire member may elect to receive his vested benefit commencing
  at early retirement  age  or  age  fifty-five.  If  the  vested  benefit
  commences  before  early retirement age, the benefit shall be reduced by
  one-fifteenth for each year, if any, that the member's early  retirement
  age  is in excess of age sixty, and by one-thirtieth for each additional
  year by which the vested benefit commences  prior  to  early  retirement
  age. If such vested benefit is deferred until after such member's normal
  retirement  age,  the  benefit  shall  be computed and subject to annual
  escalation in the same  manner  as  provided  for  an  early  retirement
  benefit  pursuant  to subdivision c of section five hundred five of this
  article.
    d. The deferred vested benefit of general  members  in  the  uniformed
  correction  force of the New York city department of correction, who are
  not entitled to a deferred vested benefit under subdivision d of section
  five hundred four-a of this article or under subdivision  d  of  section
  five  hundred  four-b  of this article or under subdivision d of section
  five hundred four-d of this  article,  or  of  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,  with  twenty  or more years of
  credited service shall be a pension commencing at normal retirement  age
  equal  to  one-fiftieth  of final average salary times years of credited
  service, not in excess of thirty years. The deferred vested  benefit  of
  general  members  in the uniformed correction force of the New York city

department of correction, who are not  entitled  to  a  deferred  vested
  benefit  under  subdivision  d  of  section  five hundred four-a of this
  article or under subdivision d of section five hundred  four-b  of  this
  article  or  under  subdivision d of section five hundred four-d of this
  article,  or  of  general  members  in  the   uniformed   personnel   in
  institutions  under  jurisdiction  of  the  department  of  correctional
  services, as defined in subdivision i of  section  eighty-nine  of  this
  chapter,  with  less  than  twenty  years of credited service shall be a
  pension commencing at normal retirement age  equal  to  one-sixtieth  of
  final  average  salary  times  years  of credited service. Such deferred
  vested benefit may be paid in the form of an  early  service  retirement
  benefit, or may be postponed until after normal retirement age, in which
  event the benefit will be subject to reduction or escalation as provided
  in subdivision c of section five hundred four of this article.