§ 512-a. Deferred retirement. 1. Any member, who discontinues service\nother than by death or retirement, and who is credited with at least\nfifteen years of teaching service rendered in the state, by written\nnotice duly acknowledged and filed with the retirement board at any time\nbefore his membership would otherwise terminate pursuant to section five\nhundred three of this article, may elect, in lieu of the return of his\naccumulated contributions pursuant to section five hundred twelve of\nthis article, to continue membership with the privilege of applying for\nretirement pursuant to this section on or after the date he would first\nbe eligible for retirement had he remained in service but in no case\nprior to the date he attains age sixty. Any member, who discontinues\nservice other than by death or retirement on or after June thirtieth,\nnineteen hundred sixty-five and who is credited with at least ten years\nof teaching service rendered in the state, by written notice duly\nacknowledged and filed with the retirement board at any time before his\nmembership would otherwise terminate pursuant to section five hundred\nthree of this article, may elect, in lieu of the return of his\naccumulated contributions pursuant to section five hundred twelve of\nthis article, to continue membership with the privilege of applying for\nretirement pursuant to this section on or after the date he would first\nbe eligible for retirement had he remained in service but in no case\nprior to the date he attains age fifty-five; provided, that in the case\nof persons who last became members on or after July first, nineteen\nhundred seventy-three, the provisions of this paragraph shall apply only\nuntil July first, nineteen hundred seventy-four.\n 2. The retirement allowance for a member who has made the election\npursuant to subdivision one of this section shall consist of (a) an\nannuity which shall be the actuarial equivalent of such member's\naccumulated contributions at the time of retirement and (b) a pension of\none-one hundred fortieth (1/140) of final average salary multiplied by\nthe total number of years of credited service as of the date of\ndiscontinuing service.\n 3. Any member who discontinues service other than by death or\nretirement on or after June thirtieth, nineteen hundred seventy and who\nis credited with at least ten years of full time teaching service\nrendered in the state, at least two of which were rendered since the\ndate he last joined the retirement system and subsequent to June\nthirtieth, nineteen hundred sixty-seven, by written notice duly\nacknowledged and filed with the retirement board at any time before his\nmembership would otherwise terminate pursuant to section five hundred\nthree of this article, may elect, in lieu of the return of his\naccumulated contributions pursuant to section five hundred twelve of\nthis article, to continue membership with the privilege of applying for\nretirement pursuant to this subdivision on or after the date he attains\nage fifty-five. The pension for a member who has made the election\npursuant to this subdivision shall be computed in accordance with the\nprocedures set forth in subdivision four of section five hundred\nthirty-five of this article, unless the member has been credited with at\nleast twenty years of full time New York state service, in which event\nhis pension shall be computed in accordance with subdivisions two and\nthree of the aforementioned section. In no event, however, shall the\npension so computed exceed seventy-five per cent of the member's final\naverage salary. In addition to the pension provided by this subdivision,\nthe member shall receive an annuity which shall be the actuarial\nequivalent of his accumulated contributions at the time of his\nretirement. In the case of persons who last became members on or after\nJuly first, nineteen hundred seventy-three, the provisions of this\nsubdivision shall apply only to those who discontinue service ot
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.