If you have at least 5 years of credited service and you cease to teachin a New York State public school, you have vested rights. Vesting enablesyou to receive a retirement benefit at age55 or later. Your benefit willbe calculated the same as above. If you are credited with at least five years of service and are not eligiblefor a normal retirement benefit but are eligible for a primary Social Securitydisability benefit, you may be eligible for an ordinary disability benefitfrom the Retirement System. If you become disabledas the natural and proximate result of an accidenton the job, not causedby your own willful negligence, and you are noteligible for a normal serviceretirement benefit but are eligible for primarySocial Security disabilitybenefits, you may be eligible for an accidentalbenefit from the RetirementSystem.
Employers also contribute to theRetirement System on behalf ofmembers.
These two sources together withinvestment income provide the moneyto pay retirement benefits. If they stop teaching in a New York State public school, theycan apply for a refund of their contributions, with interest, at age 62if credited with less than 10 years of service. Upon death, where an individualhas not retired or where a death benefit is not payable, the contributionsshall be refunded to the designated beneficiary. If you have at least 5 years of credited service and cease to teach ina New York State public school, you have vested rights. Vesting enablesyou to receive a retirement benefit at age 62.