§ 505 — Service retirement benefits; police/fire members, New York city uniformed correction/sanitation revised plan members and investigator rev...

§ 505. Service retirement benefits; police/fire members, New York city\nuniformed correction/sanitation revised plan members and investigator\nrevised plan members. a. The normal service retirement benefit for\npolice/fire members, New York city uniformed correction/sanitation\nrevised plan members and investigator revised plan members at normal\nretirement age shall be a pension equal to fifty percent of final\naverage salary, less fifty percent of the primary social security\nretirement benefit commencing at age sixty-two, as provided in section\nfive hundred eleven of this article.\n b. The early service retirement benefit for police/fire members, New\nYork city uniformed correction/sanitation revised plan members and\ninvestigator revised plan members shall be a pension equal to two and\none-tenths percent of final average salary times years of credited\nservice at the completion of twenty years of service or upon attainment\nof age sixty-two, increased by one-third of one percent of final average\nsalary for each month of service in excess of twenty years, but not in\nexcess of fifty percent of final average salary, less fifty percent of\nthe primary social security retirement benefit commencing at age\nsixty-two as provided in section five hundred eleven of this article,\nprovided, however, that New York city police/fire revised plan members,\nNew York city uniformed correction/sanitation revised plan members and\ninvestigator revised plan members shall not be eligible to retire for\nservice prior to the attainment of twenty years of credited service.\n c. A police/fire member, a New York city uniformed\ncorrection/sanitation revised plan member or an investigator revised\nplan member who retires with twenty-two years of credited service or\nless may become eligible for annual escalation of the service retirement\nbenefit if he elects to have the payment of his benefit commence on the\ndate he would have completed twenty-two years and one month or more of\nservice. In such event, the service retirement benefit shall equal two\npercent of final average salary for each year of credited service, less\nfifty percent of the primary social security retirement benefit\ncommencing at age sixty-two as provided in section five hundred eleven\nof this article.\n d. Notwithstanding anything to the contrary in any other law,\npolice/fire members of the New York city police pension fund shall be\neligible for a normal service retirement benefit in lieu of an early\nservice retirement benefit upon completing twenty years of service\npursuant to subdivision d of section five hundred three of this article.\n