2013 New York Consolidated Laws
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  corrections  and   community
  supervision  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  corrections  and   community
  supervision  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, New York city
  police/fire   revised   plan   members,   New   York   city    uniformed
  correction/sanitation  revised plan members or investigator revised plan
  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 of this article. A police/fire member,  a  New  York
  city  police/fire  revised  plan  member,  a  New  York  city  uniformed
  correction/sanitation revised plan member or investigator  revised  plan
  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  corrections  and  community  supervision,  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, or for  members  who
  first  become  members  of  the  New  York  state  and  local employees'
  retirement system on or  after  April  first,  two  thousand  twelve,  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. 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 corrections and community supervision,
  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.
    e. 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.