§ 376. Vested retirement allowance.
a.A member who discontinues\nservice other than by death or retirement:\n 1. who has credit for at least five years of total service, or\n 2. who has credit for at least five years of total service, including\na minimum of five years of member service during which the member\ncontributed to the system and/or participated in an\nincreased-take-home-pay or non-contributory plan, and who does not\nwithdraw his or her accumulated contributions, shall be entitled to make\napplication pursuant to section three hundred seventy of this article\nfor a vested retirement allowance to be effective on or after the first\nday of the month following his or her attainment of sixty years of age,\nor sixty-three years of age for a member who first becomes a member of
Free access — add to your briefcase to read the full text and ask questions with AI
§ 376. Vested retirement allowance. a. A member who discontinues\nservice other than by death or retirement:\n 1. who has credit for at least five years of total service, or\n 2. who has credit for at least five years of total service, including\na minimum of five years of member service during which the member\ncontributed to the system and/or participated in an\nincreased-take-home-pay or non-contributory plan, and who does not\nwithdraw his or her accumulated contributions, shall be entitled to make\napplication pursuant to section three hundred seventy of this article\nfor a vested retirement allowance to be effective on or after the first\nday of the month following his or her attainment of sixty years of age,\nor sixty-three years of age for a member who first becomes a member of\nthe New York state and local police and fire retirement system on or\nafter April first, two thousand twelve. The retirement allowance\nprovided by this section shall vest automatically upon such\ndiscontinuance of service by such member.\n 3. In the case of such a member who discontinues service other than by\ndeath or retirement after March thirty-first, nineteen hundred\nsixty-six, who had been contributing toward and/or participating in an\nincreased-take-home-pay or non-contributory plan for retirement on a\nbasis other than retirement at age sixty for five years preceding his or\nher discontinuance of service, he or she shall be entitled to make\napplication for a vested retirement allowance to be effective on or\nafter the first day of the month following his or her attainment of\nfifty-five years of age, or sixty-three years of age for a member who\nfirst becomes a member of the New York state and local police and fire\nretirement system on or after April first, two thousand twelve.\n b. The vested retirement allowance shall be computed and paid in\naccordance with the provisions of the plan of which the member had been\na participant provided, however, that if the service fraction used to\ncompute the retirement allowance or the pension provides a benefit\ngreater than that which would have been provided had the service\nfraction one-sixtieth been used to compute the benefit, the service\nfraction one-sixtieth shall be used to compute the vested retirement\nallowance unless such plan shall specify another fraction to be used to\ncompute the vested retirement allowance. The vested retirement allowance\nshall not be paid before the member attains age fifty-five, or\nsixty-three years of age for a member who first becomes a member of the\nNew York state and local police and fire retirement system on or after\nApril first, two thousand twelve.\n c. In the event of the death of such member prior to the effective\ndate of his retirement his accumulated contributions shall be paid to\nhis beneficiary or estate in accordance with section three hundred\nfifty-one of this article.\n d. A member may withdraw his accumulated contributions at any time\nsubject to the limitations contained in section three hundred fifty-one\nof this article. The withdrawal of a member's accumulated contributions\nshall terminate his right to a vested retirement allowance.\n