2013 New York Consolidated Laws
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
  of  this  article. The service retirement benefit for general members at
  normal retirement age with twenty or more years  of  service  who  first
  become  members  of  the  New York state and local employees' retirement
  system on or after April first, two thousand twelve at normal retirement
  age shall be a pension equal to the sum of thirty-five  per  centum  and
  one-fiftieth  of final average salary for each year of service in excess
  of twenty, but not in excess of thirty, times final average salary times
  years of credited service.
    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, provided however,
  that for members who first become members of  the  New  York  state  and
  local employees' retirement system on or after the effective date of the
  chapter   of  the  laws  of  two  thousand  twelve  which  amended  this
  subdivision, 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 six and one-half per
  centum for each year by which early retirement precedes age sixty-three.
  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 corrections and community supervision,
  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,
  provided, however, that the provisions of this section shall  not  apply
  to a New York city uniformed correction/sanitation revised plan member.
    e.  The  early  service  retirement benefit for uniformed personnel in
  institutions under the jurisdiction of the department of corrections and
  community  supervision,  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.