§ 373 — Discontinued service after twenty years

§ 373. Discontinued service after twenty years. a. Persons who last\nbecame members of the New York state and local employees' retirement\nsystem before April eighth, nineteen hundred forty-three and became\nmembers of the police and fire retirement system on or after April\nfirst, nineteen hundred sixty-seven, and who as members of state system\nbecame members of this system:\n 1. Are discontinued from service while a member, through no fault or\ndelinquency on his part, may elect to receive his accumulated\ncontributions or a retirement allowance pursuant to the provisions of\nparagraph two, three, four or five of this subdivision a, as the case\nmay be, if:\n (a) He shall have completed twenty years of total service, and\n (b) During the six months immediately preceding such discontinuance,\nhe shall have been in paid service continuously, regularly and without\ninterruption.\n 2. A retirement allowance granted pursuant to the provisions of this\nsubdivision a shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of;\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus\n (2) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension, beginning at age sixty of\none-one hundred fortieth of his final average salary multiplied by the\nnumber of years for which he has member service credit.\n 3. If, in addition, the member has attained age forty-five, the\nretirement allowance granted pursuant to this subdivision a shall\nconsist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of:\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus fifty per centum of the difference\nbetween such pension and the pension that would be allowable to him for\nsuch service if he were age sixty, plus\n (2) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-one hundred fortieth of his final average salary multiplied by the\nnumber of years for which he has member service credit, plus fifty per\ncentum of the difference between such pension and the pension that would\nbe allowable to him for such service if he were age sixty.\n 4. If the member is age forty-five, and in addition, has been, at any\ntime, continuously employed for twenty years or more, the retirement\nallowance granted pursuant to this subdivision a shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall consist of:\n (1) A pension which is the actuarial equivalent, at his age at the\ntime of such discontinuance, of a pension beginning at age sixty of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus the difference between such pension\nand the pension that would be allowable to him for such service if he\nwere age sixty, plus\n (2) A pension which is the actuarial equivalent at his age at the time\nof such discontinuance of a pension beginning at age sixty of one-one\nhundred fortieth of his final average salary multiplied by the number of\nyears for which he has member service credit plus the difference between\nsuch pension and the pension that would be allowable to him for such\nservice if he were age sixty.\n 5. If the member shall have attained age fifty and has been, at any\ntime, continuously employed for twenty-five years or more the retirement\nallowance granted pursuant to this subdivision a shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which together with the annuity,\nshall equal the retirement allowance which would be payable had the\nmember reached age sixty at the time of discontinuance from such\nservice.\n 6. Time during which a member was:\n (a) Absent on leave without pay after January first, nineteen hundred\ntwenty-one, or\n (b) On a preferred eligible list pursuant to section eighty-one of the\ncivil service law or former section thirty-one of such law and after\nsuch date, or\n (c) Rendering paid or unpaid services to the state or to a\nparticipating employer prior to May twentieth, nineteen hundred\nfifty-five, for not to exceed four months immediately prior to which and\nimmediately subsequent to which he was in an employment on the basis of\nwhich he contributed to the retirement system, shall not constitute an\ninterruption of continuous employment. Such time, however, shall not be\ncounted or included in determining the length of his total service.\n b. Persons who last became members of the New York state and local\nemployees' retirement system on or after April eighth, nineteen hundred\nforty-three and who became members of the police and fire retirement\nsystem on or after April first, nineteen hundred sixty-seven or persons\nwho became members of the latter system on or after April first,\nnineteen hundred sixty-seven, and who:\n 1. Are discontinued from service while a member, through no fault or\ndelinquency on his part, may elect to receive his accumulated\ncontributions or a retirement allowance pursuant to the provisions of\nparagraph two of this subdivision b if:\n (a) He shall have completed twenty years of total service, and\n (b) During the six months immediately preceding such discontinuance,\nhe shall have been in paid service continuously, regularly and without\ninterruption.\n 2. A retirement allowance granted pursuant to the provisions of this\nsubdivision b shall consist of:\n (a) An annuity of equivalent actuarial value to the member's\naccumulated contributions, and\n (b) A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may be entitled, if any,\nand\n (c) A pension, to begin immediately, which shall be composed of one or\nmore of the following parts:\n (1) One which is the actuarial equivalent, at his age at the time of\nsuch discontinuance, of a pension, beginning at age sixty, of\none-seventieth of his final average salary multiplied by the number of\nyears for which he has prior service credit and credit for service in\nwar after world war I, if any, plus\n (2) One which is the actuarial equivalent, at his age at the time of\nsuch discontinuance, of one-one hundred fortieth of his final average\nsalary multiplied by the number of years for which he has member service\ncredit, plus\n (3) If the member shall have attained age fifty, one which equals\nfifty per centum of the difference between the pension payable to him\npursuant to items one and two of this subparagraph (c) and the pension\nthat would be allowable to him were he age sixty.\n 3. Application shall be made for a discontinued service retirement\nallowance pursuant to this subdivision b in the same manner and subject\nto the same conditions which govern applications and elections for\nsuperannuation retirement allowances.\n