2015 New York Laws
RSS - Retirement & Social Security
Article 15 - (Retirement & Social Security) 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 as amended by section eight of part B of chapter
  five hundred four of the laws of two  thousand  nine.  Anything  to  the
  contrary  notwithstanding, a member of a public retirement system of the
  state who first became a member of such system on or after April  first,
  two  thousand twelve must have at least ten years of credited service in
  order to qualify for a deferred vested benefit under this section;  such
  member  shall  not  be  entitled  to  such benefit prior to the member's
  attainment of age sixty-three; and such deferred vested benefit shall be
  computed pursuant to subdivision b-1 of section six hundred four 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,  provided,  however,  that  any  such  member of either of such
  retirement systems who is a New York city revised plan member  shall  be
  required  to  have at least ten years of credited service in order to be

  eligible for a  deferred  vested  benefit,  such  member  shall  not  be
  entitled  to  payability  of  such  benefit  prior  to attainment of age
  sixty-three and such deferred vested benefit shall be computed  pursuant
  to subdivision b-1 of section six hundred four 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.