New York Education Code § 535

Career retirement plan
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§ 535. Career retirement plan.  1. Any other provision of law to the\ncontrary notwithstanding, on or after July first, nineteen hundred\nseventy a member may retire pursuant to the provisions of this section\nwhen,\n  a. he has credit for thirty-five or more years of total service, or\n  b. he has attained age fifty-five or older and has received credit for\nfive or more years of full time New York state service, at least two of\nwhich have been rendered since the date upon which he last joined the\nretirement system and since June thirtieth, nineteen hundred\nsixty-seven, or\n  c. he has attained age fifty-five or older and has credit for two or\nmore years of full time service in the period subsequent to June\nthirtieth, nineteen hundred sixty-seven and has rendered two years of\nfull time New York state service in the period subsequent to his\nattainment of age fifty-three and subsequent to the date upon which he\nlast joined the retirement system by filing with the system a statement\nduly attested, setting forth at what time not less than thirty days nor\nmore than ninety days subsequent to the execution and filing thereof he\ndesires such retirement.\n  In the case of persons who last became members on or after July first,\nnineteen hundred seventy-three, the provisions of this section shall\napply only to those who retire prior to July first, nineteen hundred\nseventy-four.\n  2. A member who retires pursuant to the provisions of this section and\nwho is credited with at least twenty years of full time New York state\nservice at the time of his retirement, shall receive a pension\nconsisting of:\n  a. one and two-tenths per cent of his final average salary multiplied\nby the number of years of his credited New York state service rendered\nprior to July first, nineteen hundred fifty-nine, and\n  b. two per cent of his final average salary multiplied by the number\nof years of his credited New York state service rendered subsequent to\nJune thirtieth, nineteen hundred fifty-nine, and\n  c. one per cent of his final average salary multiplied by the number\nof years of out-of-state service to his credit, excluding, however, any\nsuch service credits which would bring his total years of credited\nservice above thirty-five years.\n  3. In addition to the pension allowance provided in subdivision two of\nthis section, a member who is credited with at least twenty years of\nfull time New York state service and retires during the month of July,\nnineteen hundred seventy, shall receive an added pension allowance equal\nto twelve per cent of the pension allowance provided in paragraphs a and\nb of subdivision two of this section. For persons retiring subsequent to\nJuly, nineteen hundred seventy, the added pension authorized hereunder\nshall be reduced at the rate of one-sixth of one per cent for each month\nthereafter.\n  4. A member who retires pursuant to the provisions of this section and\nwho is credited with less than twenty years of full time New York state\nservice at the time of his retirement shall receive a pension which is\ncomputed by multiplying the pension calculated in accordance with\nsubdivision two of this section by five per cent for each year of\ncredited full time state service, but in no event shall the pension\npayable pursuant to this subdivision be less than fifty per cent of the\npension computed in accordance with subdivision two of this section.\n  5. a. In lieu of the pension provided by subdivisions two and three of\nthis section, a member who retires pursuant to the provisions of this\nsection on or after July first, nineteen hundred seventy-six and who is\ncredited with at least twenty years of full-time New York state service\nat the time of his retirement, shall receive a pension consisting of:\n  1. one and eighty one-hundredths per cent of his final average salary\ntimes the number of years of his credited New York state service\nrendered prior to July first, nineteen hundred fifty-nine, and\n

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