§ 375 — Allowance on superannuation retirement

New York § 375

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 9: General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 375. Allowance on superannuation retirement. a. Except as otherwise\nprovided by subdivisions b, c or d of this section, upon retirement for\nsuperannuation or for any other cause after attainment of age sixty, a\nmember shall receive a retirement allowance which shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement and\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, and\n 3. A pension of one-one hundred fortieth of his final average salary,\nmultiplied by the number of years for which he has member service\ncredit, plus\n 4. A pension which equals one-seventieth of his final average salary\nmultiplied by the number of years for which he has prior service credit\nand credit for service in war after world war I. This part shall be\ngranted only if the member has credit for one or more years of service\nas a member. This requirement of one or more years of service as a\nmember shall be subject to waiver as provided in subdivision e of\nsection three hundred forty-one of this article.\n b. Upon retirement for superannuation after attainment of age\nfifty-five and before attainment of age sixty or for any other cause\nafter attainment of age sixty, of a member who is contributing to the\nretirement system pursuant to section three hundred seventy-two of this\narticle on the basis of retirement at age fifty-five, he shall receive a\nretirement allowance which shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, and\n 3. A pension for the number of years for which he has member service\ncredit, plus\n 4. A pension for the number of years for which he has prior service\ncredit and credit for service in war after world war I. This part shall\nbe granted only if the member has credit for one or more years of\nservice as a member. This requirement of one or more years of service as\na member shall be subject to waiver as provided in subdivision e of\nsection three hundred forty-one of this article.\nEach such pension specified in paragraphs three and four of this\nsubdivision b shall be the actuarial equivalent, at the time of such\nmember's retirement, of the pension to which he would have been entitled\nfor such service, had he attained age sixty and not elected to\ncontribute on the basis of retirement at age fifty-five.\n c. Upon retirement for superannuation on or after attainment of age\nfifty-five or for any other cause after attainment of age sixty, of a\nmember who is contributing to the police and fire retirement system on\nthe basis of retirement at age fifty-five pursuant to section three\nhundred seventy-one of this article, he or she shall receive a\nretirement allowance which shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, and\n 3. A pension which shall consist of:\n (a) A pension of one-one hundred twentieth of final average salary\nmultiplied by the number of years for which he has member service credit\nfor service rendered prior to the attainment of age fifty-five, and\n (b) A pension of one-one hundred fortieth of final average salary\nmultiplied by the number of years for which he has member service credit\nfor service rendered after the attainment of age fifty-five, and\n (c) A pension of one-sixtieth of final average salary multiplied by\nthe number of years for which he has prior service credit and credit for\nservice in war after world war I for service rendered prior to the\nattainment of age fifty-five, and\n (d) A pension of one-seventieth of final average salary multiplied by\nthe number of years for which he has prior service credit and credit for\nservice in war after world war I for service rendered after the\nattainment of age fifty-five.\nSubparagraphs (c) and (d) of this paragraph three shall be available\nonly if the member has credit for one or more years of service as a\nmember. This requirement of one or more years of service as a member\nshall be subject to waiver as provided in subdivision e of section three\nhundred forty-one of this article.\n d. Upon retirement for superannuation on or after attainment of age\nfifty-five or for any other cause after attainment of age sixty, of a\nmember who is contributing to the police and fire retirement system on\nthe basis of retirement at age fifty-five pursuant to section three\nhundred seventy-one-a of this article, he or she shall receive a\nretirement allowance which shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, and\n 3. A pension which shall consist of:\n (a) A pension of one-one hundred twentieth of final average salary\nmultiplied by the number of years for which he has member service\ncredit, and\n (b) A pension of one-sixtieth of final average salary multiplied by\nthe number of years for which he has prior service credit and credit for\nservice in war after world war I.\nSubparagraph (b) of this paragraph three shall be available only if the\nmember has credit for one or more years of service as a member. This\nrequirement of one or more years of service as a member shall be subject\nto waiver as provided in subdivision e of section three hundred\nforty-one of this article.\n