§ 1100 — Lump sum option at retirement

§ 1100. Lump sum option at retirement. Certain eligible members of the\nNew York state and local police and fire retirement system, and\nsheriffs, undersheriffs, deputy sheriffs and correction officers, who\nare employed in a county which makes an election pursuant to this\nsection, may elect an optional form of retirement pursuant to the terms\nof this article that provides for a partial lump sum at retirement with\na reduced service retirement allowance as hereinafter provided:\n 1. To be eligible, a member must retire with a service retirement\nbenefit under a plan that allows retirement at twenty or twenty-five\nyears of service, regardless of age. In addition, the member must have\nbeen eligible to retire with a service retirement benefit for at least\none year prior to the actual date of retirement.\n 2. An eligible member may elect to receive a lump sum and a smaller\nannual retirement allowance. Such lump sum shall not be eligible for any\ncost-of-living adjustments paid pursuant to section three hundred\nseventy-eight-a of this chapter.\n a. Any member who files for retirement after being eligible to retire\nfor one year may elect to receive a five percent lump sum payment of the\nactuarial equivalent of his or her retirement allowance at the time of\nretirement.\n b. Any member who files for retirement after being eligible to retire\nfor two years may elect to receive a ten percent lump sum payment of the\nactuarial equivalent of his or her retirement allowance at the time of\nretirement.\n c. Any member who files for retirement after being eligible to retire\nfor three years may elect to receive a fifteen percent lump sum payment\nof the actuarial equivalent of his or her retirement allowance at the\ntime of retirement.\n d. Any member who files for retirement after being eligible to retire\nfor four years may elect to receive a twenty percent lump sum payment of\nthe actuarial equivalent of his or her retirement allowance at the time\nof retirement.\n e. Any member who files for retirement after being eligible to retire\nfor five years may elect to receive a twenty-five percent lump sum\npayment of the actuarial equivalent of his or her retirement allowance\nat the time of retirement.\n 3. The smaller annual retirement allowance remaining after receipt of\nthe lump sum shall be determined by the actuary using mortality tables\nand interest rates determined for this purpose and in effect on the date\nof retirement.\n 4. Any lump sum paid pursuant to this article is subject to\nwithholding as required by the internal revenue service and such lump\nsum may be rolled over as otherwise permitted by the internal revenue\ncode.\n 5. The comptroller shall promulgate rules and regulations to implement\nthe provisions of this article.\n