§ 504 — Service retirement benefits; general members

New York § 504

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

Text

§ 504. Service retirement benefits; general members. a. The service\nretirement benefit for general members at normal retirement age with\ntwenty or more years of credited service shall be a pension equal to\none-fiftieth of final average salary times years of credited service,\nnot in excess of thirty years, less fifty percent of the primary social\nsecurity retirement benefit as provided in section five hundred eleven\nof this article. The service retirement benefit for general members at\nnormal retirement age with twenty or more years of service who first\nbecome members of the New York state and local employees' retirement\nsystem on or after April first, two thousand twelve at normal retirement\nage shall be a pension equal to the sum of thirty-five per centum and\none-fiftieth of final average salary for each year of service in excess\nof twenty, but not in excess of thirty, times final average salary times\nyears of credited service.\n b. The service retirement benefit for general members at normal\nretirement age with less than twenty years of credited service shall be\na pension equal to one-sixtieth of final average salary times years of\ncredited service, less fifty percent of the primary social security\nretirement benefit as provided in section five hundred eleven.\n c. The early service retirement benefit for general members, except\nfor general members whose early retirement benefit is specified in\nsubdivision d of this section, shall be the service retirement benefit\nspecified in subdivision a or b of this section, as the case may be,\nwithout social security offset, reduced by one-fifteenth for each of the\nfirst two years by which early retirement precedes age sixty-two, plus a\nfurther reduction of: (1) one-thirtieth; or (2) one-twentieth for\nmembers who first join the New York state and local employees'\nretirement system on or after January first, two thousand ten, for each\nyear by which early retirement precedes age sixty, provided however,\nthat for members who first become members of the New York state and\nlocal employees' retirement system on or after the effective date of the\nchapter of the laws of two thousand twelve which amended this\nsubdivision, the early service retirement benefit for general members,\nexcept for general members whose early retirement benefit is specified\nin subdivision d of this section, shall be the service retirement\nbenefit specified in subdivision a or b of this section, as the case may\nbe, without social security offset, reduced by six and one-half per\ncentum for each year by which early retirement precedes age sixty-three.\nAt age sixty-two, the benefit shall be reduced by fifty percent of the\nprimary social security retirement benefit, as provided in section five\nhundred eleven of this article.\n d. The early service retirement benefit for general members in the\nuniformed correction force of the New York city department of\ncorrection, who are not entitled to an early service retirement benefit\npursuant to subdivision c of section five hundred four-a of this article\nor subdivision c of section five hundred four-b of this article or\nsubdivision c of section five hundred four-d of this article, or for\ngeneral members in the uniformed personnel in institutions under the\njurisdiction of the department of corrections and community supervision,\nas defined in subdivision i of section eighty-nine of this chapter,\nshall be a pension equal to one-fiftieth of final average salary times\nyears of credited service at the completion of twenty-five years of\nservice, but not in excess of fifty percent of final average salary,\nprovided, however, that the provisions of this section shall not apply\nto a New York city uniformed correction/sanitation revised plan member.\n e. The early service retirement benefit for uniformed personnel in\ninstitutions under the jurisdiction of the department of corrections and\ncommunity supervision, as defined in subdivision i of section\neighty-nine of this chapter, or who are in titles defined in subdivision\ni of section eighty-nine of this chapter and who have made an election\npursuant to the provisions of article seventeen of this chapter, shall\nbe a pension equal to one-fiftieth of final average salary times years\nof credited service at the completion of twenty-five years of service,\nbut not in excess of fifty percent of final average salary.\n