§ 516 — Vesting

New York § 516

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 14: Coordinated-escalator Retirement Plan

Text

§ 516. Vesting. a. A member who has five or more years of credited\nservice upon termination of employment shall be entitled to a deferred\nvested benefit as provided herein.\n b. The deferred vested benefit of general members, except for general\nmembers in the uniformed correction force of the New York city\ndepartment of correction or uniformed personnel in institutions under\nthe jurisdiction of the department of corrections and community\nsupervision as defined in subdivision i of section eighty-nine of this\nchapter, with twenty or more years of credited service shall be a\npension commencing at normal retirement age equal to one-fiftieth of\nfinal average salary times years of credited service, not in excess of\nthirty years, less fifty percent of the primary social security\nretirement benefit, as provided in section five hundred eleven of this\narticle. The deferred vested benefit of general members, except for\ngeneral members in the uniformed correction force of the New York city\ndepartment of correction or uniformed personnel in institutions under\nthe jurisdiction of the department of corrections and community\nsupervision as defined in subdivision i of section eighty-nine of this\nchapter, with less than twenty years of credited service shall be a\npension commencing at normal retirement age equal to one-sixtieth of\nfinal average salary times years of credited service, less fifty percent\nof the primary social security retirement benefit, as provided in\nsection five hundred eleven of this article. Such deferred vested\nbenefit may be paid in the form of an early service retirement benefit,\nor may be postponed until after normal retirement age, in which event\nthe benefit will be subject to reduction or escalation as provided in\nsubdivision c of section five hundred four of this article.\n c. The deferred vested benefit of police/fire members, New York city\npolice/fire revised plan members, New York city uniformed\ncorrection/sanitation revised plan members or investigator revised plan\nmembers shall be a pension commencing at early retirement age equal to\ntwo and one-tenths percent of final average salary times years of\ncredited service, less fifty percent of the primary social security\nretirement benefit commencing at age sixty-two, as provided in section\nfive hundred eleven of this article. A police/fire member, a New York\ncity police/fire revised plan member, a New York city uniformed\ncorrection/sanitation revised plan member or investigator revised plan\nmember may elect to receive his vested benefit commencing at early\nretirement age or age fifty-five. If the vested benefit commences before\nearly retirement age, the benefit shall be reduced by one-fifteenth for\neach year, if any, that the member's early retirement age is in excess\nof age sixty, and by one-thirtieth for each additional year by which the\nvested benefit commences prior to early retirement age. If such vested\nbenefit is deferred until after such member's normal retirement age, the\nbenefit shall be computed and subject to annual escalation in the same\nmanner as provided for an early retirement benefit pursuant to\nsubdivision c of section five hundred five of this article.\n d. The deferred vested benefit of general members in the uniformed\ncorrection force of the New York city department of correction, who are\nnot entitled to a deferred vested benefit under subdivision d of section\nfive hundred four-a of this article or under subdivision d of section\nfive hundred four-b of this article or under subdivision d of section\nfive hundred four-d of this article, or of general members in the\nuniformed personnel in institutions under the jurisdiction of the\ndepartment of corrections and community supervision, as defined in\nsubdivision i of section eighty-nine of this chapter, with twenty or\nmore years of credited service shall be a pension commencing at normal\nretirement age equal to one-fiftieth of final average salary times years\nof credited service, not in excess of thirty years, or for members who\nfirst become members of the New York state and local employees'\nretirement system on or after April first, two thousand twelve, a\npension equal to the sum of thirty-five per centum and one-fiftieth of\nfinal average salary for each year of service in excess of twenty, but\nnot in excess of thirty, times final average salary times years of\ncredited service. The deferred vested benefit of general members in the\nuniformed correction force of the New York city department of\ncorrection, who are not entitled to a deferred vested benefit under\nsubdivision d of section five hundred four-a of this article or under\nsubdivision d of section five hundred four-b of this article or under\nsubdivision d of section five hundred four-d of this article, or of\ngeneral members in the uniformed personnel in institutions under\njurisdiction of the department of corrections and community supervision,\nas defined in subdivision i of section eighty-nine of this chapter, with\nless than twenty years of credited service shall be a pension commencing\nat normal retirement age equal to one-sixtieth of final average salary\ntimes years of credited service. Such deferred vested benefit may be\npaid in the form of an early service retirement benefit, or may be\npostponed until after normal retirement age, in which event the benefit\nwill be subject to reduction or escalation as provided in subdivision c\nof section five hundred four of this article.\n e. In no event shall the vested retirement allowance payable without\noptional modification be less than the actuarial equivalent of the total\nwhich results from the member's contributions accumulated with interest\nat five percent per annum compounded annually to the date of retirement.\n