2010 New York Code
RSS - Retirement & Social Security
Article 15 - (600 - 617) COORDINATED RETIREMENT PLAN
612 - Vesting.

§  612.  Vesting.  a.  Except  as  provided in subdivision a-1 of this
  section, a member who has five or more years of credited service, or ten
  or more years of credited service for a member who first joined the  New
  York  state and local employees' retirement system or the New York state
  teachers' retirement system on or after January first, two thousand ten,
  upon termination of employment, other than a member who is entitled to a
  deferred vested benefit pursuant to any other provision of this article,
  shall be entitled to a deferred vested benefit at normal retirement  age
  computed  in  accordance with the provisions of section six hundred four
  of this article. Except as provided in subdivision a-1 of this  section,
  a  member  of  a  teachers'  retirement system or the New York state and
  local employees' retirement  system  who  has  five  or  more  years  of
  credited  service, or ten or more years of credited service for a member
  who first becomes a member of the New York state  and  local  employees'
  retirement  system  or the New York state teachers' retirement system on
  or after January first, two thousand ten, upon termination of employment
  shall  be  entitled  to  a  deferred  vested  benefit  prior  to  normal
  retirement  age,  but  no  earlier  than  age  fifty-five,  computed  in
  accordance with the provisions of subdivision i of section  six  hundred
  three of this article.
    a-1.  Notwithstanding  the provisions of subdivision a of this section
  or any other provision of law to the contrary, (i) a member of  the  New
  York  city  teachers' retirement system who holds a position represented
  by  the  recognized  teacher  organization  for  collective   bargaining
  purposes, who became subject to the provisions of this article after the
  effective  date  of  this  subdivision, and who has ten or more years of
  credited service, or (ii) a  member  of  the  New  York  city  board  of
  education  retirement  system  who  holds  a position represented by the
  recognized teacher organization for collective bargaining purposes,  who
  became  subject  to  the  provisions of this article after the effective
  date of this subdivision, and who has ten  or  more  years  of  credited
  service,  other  than such a member of either of such retirement systems
  who is entitled to a deferred  vested  benefit  pursuant  to  any  other
  provision  of  this  article,  shall, upon termination of employment, be
  entitled to a deferred vested benefit at normal retirement age  computed
  in  accordance  with  the provisions of section six hundred four of this
  article.   Notwithstanding the  provisions  of  subdivision  a  of  this
  section  or  any other provision of law to the contrary, a member of the
  New  York  city  teachers'  retirement  system  who  holds  a   position
  represented  by  the  recognized  teacher  organization  for  collective
  bargaining purposes, who  became  subject  to  the  provisions  of  this
  article after the effective date of this subdivision, and who has ten or
  more  years  of credited service, shall, upon termination of employment,
  be entitled to a deferred vested benefit prior to normal retirement age,
  but no earlier than age fifty-five,  computed  in  accordance  with  the
  provisions  of  subdivision  i  of  section  six  hundred  three of this
  article.
    b. In no event shall the vested retirement allowance  payable  without
  optional modification be less than the actuarial equivalent of the total
  which  results from the member's contributions accumulated with interest
  at five percent per annum compounded annually to the date of retirement.