§ 442 — Minimum age for retirement

§ 442. Minimum age for retirement. a. The minimum retirement age for\nany member of a retirement system who is subject to the provisions of\nthis article, other than a member permitted to retire upon completion of\ntwenty or twenty-five years of service pursuant to section four hundred\nforty-five of this article, or a member who is eligible to retire\npursuant to subdivision c of section four hundred forty-five-d of this\narticle or subdivision c of section four hundred forty-five-i of this\narticle, and exclusive of retirement for disability, shall be sixty-two;\nhowever, such a member may retire prior to attainment of age sixty-two\nin which event the amount of his retirement benefit otherwise computed\nwithout optional modification from funds based on other than his own\ncontributions and exclusive of his pension-for-increased-take-home-pay,\nshall be reduced in accordance with the following schedule:\n 1. For each of the first twenty-four full months that retirement\npredates age sixty-two, one-half of one percentum per month; and\n 2. For each full month that retirement predates age sixty, one-quarter\nof one percentum per month, but in no event shall retirement be\npermitted prior to attainment of age fifty-five.\n b. Notwithstanding the provisions of subdivision a of this section:\n 1. A member who is a peace officer employed by the unified court\nsystem or a member of a teacher's retirement system or a member of the\nNew York state and local employees' retirement system may retire without\nreduction of his retirement benefit upon his attainment of at least\nfifty-five years of age and completion of thirty or more years of\nservice; and\n 2. A member of the optional twenty year retirement plan for sheriffs,\nundersheriffs, and regular deputy sheriffs in counties which have\nelected to provide same having a mandatory retirement age on July first,\nnineteen hundred seventy-three, earlier than age sixty-two may retire\nwithout reduction of his retirement benefit upon attainment of the\nmandatory retirement age; however, if such a member retires prior to\nattainment of the mandatory retirement age, the amount of his retirement\nbenefit otherwise computed without optional modification from funds\nbased on other than his own contributions and exclusive of his\npension-for-increased-take-home-pay, shall be reduced by one-half of one\npercentum per month for each full month by which his retirement predates\nsuch mandatory retirement age.\n 3. Notwithstanding paragraph a of this subdivision or any other law to\nthe contrary a participating employer may elect to provide its employees\nwho are members of the optional twenty year retirement plan for police\nand firefighters eligibility to retire at age fifty-five without\nreduction and then such employees may elect to join under section three\nhundred seventy-five-i or three hundred seventy-five-j of this chapter,\nif either plan is provided by the employer, and retire without reduction\nof their retirement benefits upon attaining the age of fifty-five.\n 4. A demand in collective bargaining negotiations for the additional\nbenefit provided by paragraph three of this subdivision shall not be\nsubject to the provisions of paragraph (b) or (c) of subdivision four of\nsection two hundred nine of the civil service law, nor shall such demand\nbe subject to any provision for interest arbitration contained in any\nlocal law, resolution or ordinance adopted by any governmental entity\npursuant to subdivision one of section two hundred twelve of the civil\nservice law.\n