§ 373. Discontinued service after twenty years. a. Persons who last\nbecame members of the New York state and local employees' retirement\nsystem before April eighth, nineteen hundred forty-three and became\nmembers of the police and fire retirement system on or after April\nfirst, nineteen hundred sixty-seven, and who as members of state system\nbecame members of this system:\n 1. Are discontinued from service while a member, through no fault or\ndelinquency on his part, may elect to receive his accumulated\ncontributions or a retirement allowance pursuant to the provisions of\nparagraph two, three, four or five of this subdivision a, as the case\nmay be, if:\n (a) He shall have completed twenty years of total service, and\n (b) During the six months immediately preceding such discontinuance,\nhe shall have been in paid service continuously, regularly and without\ninterruption.\n 2. A retirement allowance granted pursuant to the provisions of this\nsubdivision a shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of;\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus\n (2) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension, beginning at age sixty of\none-one hundred fortieth of his final average salary multiplied by the\nnumber of years for which he has member service credit.\n 3. If, in addition, the member has attained age forty-five, the\nretirement allowance granted pursuant to this subdivision a shall\nconsist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of:\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus fifty per centum of the difference\nbetween such pension and the pension that would be allowable to him for\nsuch service if he were age sixty, plus\n (2) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-one hundred fortieth of his final average salary multiplied by the\nnumber of years for which he has member service credit, plus fifty per\ncentum of the difference between such pension and the pension that would\nbe allowable to him for such service if he were age sixty.\n 4. If the member is age forty-five, and in addition, has been, at any\ntime, continuously employed for twenty years or more, the retirement\nallowance granted pursuant to this subdivision a shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of:\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service
‹ 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.