§ 535 — Career retirement plan

§ 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 2. two per cent of his final average salary times the number of years\nof his credited New York state service rendered subsequent to June\nthirtieth, nineteen hundred fifty-nine, and\n 3. one per cent of his final average salary times the number of years\nof out-of-state service to his credit, excluding, however, any such\nservice credits which would bring his total years of credited service\nabove thirty-five years.\n b. In lieu of the pension provided by subdivision four of this\nsection, 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 less than twenty years of full-time New York state service\nat the time of his retirement, shall receive a pension which is computed\nby multiplying the pension calculated in accordance with paragraph a of\nthis subdivision by five per cent for each year of credited full-time\nNew York state service, but in no event shall the pension payable\npursuant to this subdivision be less than fifty per cent of the pension\ncomputed in accordance with paragraph a of this subdivision.\n 6. In no event shall the pension provided pursuant to the provisions\nof this section exceed seventy-five per cent of the member's final\naverage salary.\n 7. A member who retires pursuant to the provisions of this section\nshall receive the service retirement pension provided by this section\nand such pension shall be in lieu of any other service retirement\npension and the pension for increased-take-home-pay otherwise authorized\nunder this article.\n 8. In addition to the service retirement pension provided by this\nsection, the member shall receive an annuity which shall be the\nactuarial equivalent of his accumulated contributions at the time of his\nretirement.\n 9. Nothing herein shall alter in any manner either the amount of the\ndeath benefit specified in paragraph three of subdivision b of section\nfive hundred twelve of this article or the date upon which a member is\nfirst eligible for the benefit described therein.\n 10. The benefits provided by this section shall be payable unless the\nmember would otherwise under the provisions of this article be entitled\nto a greater benefit, in which event the greater benefit shall be\npayable.\n 11. Anything in this article to the contrary notwithstanding, a person\nwho becomes a member on or after July first, nineteen hundred seventy,\nso long as this section is in effect, shall be permitted to establish\nhis eligibility for retirement under sections five hundred ten, five\nhundred eleven-a and five hundred thirty-three of this article, solely\nfor the purpose of entitling his estate or beneficiary to the death\nbenefit payable under paragraph three of subdivision b of section five\nhundred twelve of this article.\n 12. Anything in this article to the contrary notwithstanding, a person\nwho becomes a member on or after July first, nineteen hundred seventy,\nso long as this section is in effect, shall not be permitted to make\ncontributions pursuant to this article, except for purchase of prior\nservice credits or military service credits.\n 13. On and after July first, nineteen hundred seventy all members\nshall be deemed to have made the elections permitted under subdivision\none of section five hundred eleven-a and paragraph c of subdivision\nthree of section five hundred sixteen of this article, whether or not a\nformal application for such benefit was submitted to the retirement\nboard, and on and after July first, nineteen hundred seventy no\ncontribution shall be required of any member under subdivision one of\nsection five hundred eleven-a, as well as subdivision one and paragraph\nc of subdivision three of section five hundred sixteen of this article.\n