§ 512-A — Deferred retirement

§ 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 other than\nby death or retirement prior to July first, nineteen hundred\nseventy-four.\n 4. Any person who is a member on or after June thirtieth, nineteen\nhundred ninety-eight and who discontinues service other than by death or\nretirement and who is credited with five years or more of full-time\nteaching service rendered in the state, at least two of which were\nrendered since the date he or she last joined the retirement system, by\nwritten notice duly acknowledged and filed with the retirement board at\nany time before his or her membership would otherwise terminate pursuant\nto section five hundred three of this article, may elect, in lieu of the\nreturn of his or her accumulated contributions pursuant to section five\nhundred twelve of this article, to continue membership with the\nprivilege of applying for retirement pursuant to this subdivision on or\nafter the date he or she attains age fifty-five. The pension for a\nmember who has made the election pursuant to this subdivision shall be\ncomputed in accordance with the procedures set forth in paragraph b of\nsubdivision five of section five hundred thirty-five of this article,\nunless the member has been credited with at least twenty years of\nfull-time New York state service, in which event his or her pension\nshall be computed in accordance with paragraph a of subdivision five of\nthe aforementioned section. In no event, however, shall the pension so\ncomputed exceed three-quarters of the member's final average salary. In\naddition to the pension provided by this subdivision, the member shall\nreceive an annuity which shall be the actuarial equivalent of his or her\naccumulated contributions at the time of his or her retirement.\n 5. Such member, when applying for retirement, may exercise the options\npursuant to section five hundred thirteen of this article.\n 6. Interest on the contributions of such member after his membership\notherwise would have been terminated pursuant to section five hundred\nthree of this article shall be credited at the rate fixed for\ncontributions by new entrants at the time of discontinuation of service.\n 7. If such member should die before the effective date of retirement,\nhis accumulated contributions shall be paid to his estate or beneficiary\nin accordance with the provisions of paragraph one of subdivision b of\nsection five hundred twelve of this article.\n 8. In the event that such member returns to service, such election\nshall be considered to be withdrawn as of the date upon which he returns\nto service and membership in the retirement system will continue\npursuant to subdivision three of section five hundred three of this\narticle.\n 9. Any other provision of law to the contrary notwithstanding, any\nmember who fails to file the election pursuant to subdivisions one or\nthree of this section and whose membership would otherwise cease\npursuant to subdivision three of section five hundred three of this\narticle, shall be deemed to have filed such election the day before his\nmembership shall have ceased.\n 10. Notwithstanding any provision of this section to the contrary, a\nperson who has elected to continue membership pursuant to the provisions\nof this section, and who is qualified to transfer pursuant to the\nprovisions of section five hundred twenty-two of this chapter or section\nforty-three of the retirement and social security law, shall be deemed\neligible to transfer, pursuant to such sections of law.\n 11. Any other provision of law to the contrary notwithstanding, any\nformer member who met all the eligibility requirements of subdivision\none or three of this section, but failed to file the election required\nby such subdivisions, as a result of which his membership in the system\nwas terminated because his service amounted to less than five years in a\nperiod of ten consecutive years, shall be deemed to have filed such\nelection the day before membership ceased, provided such former member\nfiles an application with the system requesting that his membership be\nreinstated pursuant to this subdivision and deposits the accumulated\ncontributions withdrawn from the system with regular interest; provided\nhowever that no such application shall be valid if (i) the service which\nwould be credited thereunder is credited in any public retirement system\nin the United States, or (ii) a benefit is being received from any\npublic retirement system based upon such credit.\n 12. Notwithstanding any other provision of this section a person who\nhas elected to continue membership pursuant to the provisions of this\nsection may withdraw from membership in the system in accordance with\nthe provisions of this article.\n