§ 612 — Vesting

New York § 612

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 15: Coordinated Retirement Plan

Text

§ 612. Vesting. a. Except as provided in subdivision a-1 of this\nsection, a member who has five or more years of credited service, upon\ntermination of employment, other than a member who is entitled to a\ndeferred vested benefit pursuant to any other provision of this article,\nshall be entitled to a deferred vested benefit at normal retirement age\ncomputed in accordance with the provisions of section six hundred four\nof this article. Except as provided in subdivision a-1 of this section,\na member of a teachers' retirement system or the New York state and\nlocal employees' retirement system who has five or more years of\ncredited service, upon termination of employment shall be entitled to a\ndeferred vested benefit prior to normal retirement age, but no earlier\nthan age fifty-five, computed in accordance with the provisions of\nsubdivision i of section six hundred three of this article as amended by\nsection eight of part B of chapter five hundred four of the laws of two\nthousand nine. Anything to the contrary notwithstanding, a member of a\npublic retirement system of the state who first became a member of such\nsystem on or after April first, two thousand twelve must have at least\nfive years of credited service in order to qualify for a deferred vested\nbenefit under this section; such member shall not be entitled to such\nbenefit prior to the member's attainment of age sixty-three; and such\ndeferred vested benefit shall be computed pursuant to subdivision b-1 of\nsection six hundred four of this article.\n a-1. Notwithstanding the provisions of subdivision a of this section\nor any other provision of law to the contrary, (i) a member of the New\nYork city teachers' retirement system who holds a position represented\nby the recognized teacher organization for collective bargaining\npurposes, who became subject to the provisions of this article after the\neffective date of this subdivision, and who has five or more years of\ncredited service, or (ii) a member of the New York city board of\neducation retirement system who holds a position represented by the\nrecognized teacher organization for collective bargaining purposes, who\nbecame subject to the provisions of this article after the effective\ndate of this subdivision, and who has five or more years of credited\nservice, other than such a member of either of such retirement systems\nwho is entitled to a deferred vested benefit pursuant to any other\nprovision of this article, shall, upon termination of employment, be\nentitled to a deferred vested benefit at normal retirement age computed\nin accordance with the provisions of section six hundred four of this\narticle. Notwithstanding the provisions of subdivision a of this\nsection or any other provision of law to the contrary, a member of the\nNew York city teachers' retirement system who holds a position\nrepresented by the recognized teacher organization for collective\nbargaining purposes, who became subject to the provisions of this\narticle after the effective date of this subdivision, and who has five\nor more years of credited service, shall, upon termination of\nemployment, be entitled to a deferred vested benefit prior to normal\nretirement age, but no earlier than age fifty-five, computed in\naccordance with the provisions of subdivision i of section six hundred\nthree of this article, provided, however, that any such member of either\nof such retirement systems who is a New York city revised plan member\nshall be required to have at least five years of credited service in\norder to be eligible for a deferred vested benefit, such member shall\nnot be entitled to payability of such benefit prior to attainment of age\nsixty-three and such deferred vested benefit shall be computed pursuant\nto subdivision b-1 of section six hundred four of this article.\n b. In no event shall the vested retirement allowance payable without\noptional modification be less than the actuarial equivalent of the total\nwhich results from the member's contributions accumulated with interest\nat five percent per annum compounded annually to the date of retirement.\n