NY Ret & SS L § 373 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 373 - Discontinued Service After Twenty Years.

§  373.  Discontinued  service after twenty years. a. Persons who last became members of the New York state  and  local  employees'  retirement system  before  April  eighth,  nineteen  hundred forty-three and became members of the police and fire  retirement  system  on  or  after  April first,  nineteen hundred sixty-seven, and who as members of state system became members of this system:   1. Are discontinued from service while a member, through no  fault  or delinquency   on   his  part,  may  elect  to  receive  his  accumulated contributions or a retirement allowance pursuant to  the  provisions  of paragraph  two,  three,  four or five of this subdivision a, as the case may be, if:  (a) He shall have completed twenty years of total service, and  (b) During the six months immediately preceding  such  discontinuance, he  shall  have been in paid service continuously, regularly and without interruption.   2. A retirement allowance granted pursuant to the provisions  of  this subdivision a shall consist of:  (a)   An  annuity  of  equivalent  actuarial  value  to  the  member's accumulated contributions, and  (b)  A  pension   which   is   the   actuarial   equivalent   of   the reserve-for-increased-take-home-pay to which he may be entitled, if any, and  (c) A pension, to begin immediately, which shall consist of;  (1)  A  pension  which  is the actuarial equivalent, at his age at the time of such discontinuance, of a pension  beginning  at  age  sixty  of one-seventieth  of  his final average salary multiplied by the number of years for which he has prior service credit and credit  for  service  in war after world war I, if any, plus  (2)  A  pension  which  is the actuarial equivalent, at his age at the time of such discontinuance, of a pension, beginning  at  age  sixty  of one-one  hundred  fortieth of his final average salary multiplied by the number of years for which he has member service credit.   3. If, in addition,  the  member  has  attained  age  forty-five,  the retirement  allowance  granted  pursuant  to  this  subdivision  a shall consist of:  (a)  An  annuity  of  equivalent  actuarial  value  to  the   member's accumulated contributions, and  (b)   A   pension   which   is   the   actuarial   equivalent  of  the reserve-for-increased-take-home-pay to which he may be entitled, if any, and  (c) A pension, to begin immediately, which shall consist of:  (1) A pension which is the actuarial equivalent, at  his  age  at  the time  of  such  discontinuance,  of  a pension beginning at age sixty of one-seventieth of his final average salary multiplied by the  number  of years  for  which  he has prior service credit and credit for service in war after world war I, if any, plus fifty per centum of  the  difference between  such pension and the pension that would be allowable to him for such service if he were age sixty, plus  (2) A pension which is the actuarial equivalent, at  his  age  at  the time  of  such  discontinuance,  of  a pension beginning at age sixty of one-one hundred fortieth of his final average salary multiplied  by  the number  of  years for which he has member service credit, plus fifty per centum of the difference between such pension and the pension that would be allowable to him for such service if he were age sixty.   4. If the member is age forty-five, and in addition, has been, at  any time,  continuously  employed  for  twenty years or more, the retirement allowance granted pursuant to this subdivision a shall consist of:  (a)  An  annuity  of  equivalent  actuarial  value  to  the   member's accumulated contributions, and  (b)   A   pension   which   is   the   actuarial   equivalent  of  the reserve-for-increased-take-home-pay to which he may be entitled, if any, and  (c) A pension, to begin immediately, which shall consist of:  (1) A pension which is the actuarial equivalent, at  his  age  at  the time  of  such  discontinuance,  of  a pension beginning at age sixty of one-seventieth of his final average salary multiplied by the  number  of years  for  which  he has prior service credit and credit for service in war after world war I, if any, plus the difference between such  pension and  the  pension  that would be allowable to him for such service if he were age sixty, plus  (2) A pension which is the actuarial equivalent at his age at the time of such discontinuance of a pension beginning at age  sixty  of  one-one hundred fortieth of his final average salary multiplied by the number of years for which he has member service credit plus the difference between such  pension  and  the  pension that would be allowable to him for such service if he were age sixty.   5. If the member shall have attained age fifty and has  been,  at  any time, continuously employed for twenty-five years or more the retirement allowance granted pursuant to this subdivision a shall consist of:  (a)   An  annuity  of  equivalent  actuarial  value  to  the  member's accumulated contributions, and  (b)  A  pension   which   is   the   actuarial   equivalent   of   the reserve-for-increased-take-home-pay to which he may be entitled, if any, and  (c)  A pension, to begin immediately, which together with the annuity, shall equal the retirement allowance which  would  be  payable  had  the member  reached  age  sixty  at  the  time  of  discontinuance from such service.   6. Time during which a member was:  (a) Absent on leave without pay after January first, nineteen  hundred twenty-one, or  (b) On a preferred eligible list pursuant to section eighty-one of the civil  service  law  or  former section thirty-one of such law and after such date, or  (c)  Rendering  paid  or  unpaid  services  to  the  state  or  to   a participating   employer   prior  to  May  twentieth,  nineteen  hundred fifty-five, for not to exceed four months immediately prior to which and immediately subsequent to which he was in an employment on the basis  of which  he  contributed to the retirement system, shall not constitute an interruption of continuous employment. Such time, however, shall not  be counted or included in determining the length of his total service.   b.  Persons  who  last  became members of the New York state and local employees' retirement system on or after April eighth, nineteen  hundred forty-three  and  who  became  members of the police and fire retirement system on or after April first, nineteen hundred sixty-seven or  persons who  became  members  of  the  latter  system  on  or after April first, nineteen hundred sixty-seven, and who:   1. Are discontinued from service while a member, through no  fault  or delinquency   on   his  part,  may  elect  to  receive  his  accumulated contributions or a retirement allowance pursuant to  the  provisions  of paragraph two of this subdivision b if:  (a) He shall have completed twenty years of total service, and  (b)  During  the six months immediately preceding such discontinuance, he shall have been in paid service continuously, regularly  and  without interruption.    2.  A  retirement allowance granted pursuant to the provisions of this subdivision b shall consist of:  (a)   An  annuity  of  equivalent  actuarial  value  to  the  member's accumulated contributions, and  (b)  A  pension   which   is   the   actuarial   equivalent   of   the reserve-for-increased-take-home-pay to which he may be entitled, if any, and  (c) A pension, to begin immediately, which shall be composed of one or more of the following parts:  (1)  One  which is the actuarial equivalent, at his age at the time of such  discontinuance,  of  a  pension,  beginning  at  age   sixty,   of one-seventieth  of  his final average salary multiplied by the number of years for which he has prior service credit and credit  for  service  in war after world war I, if any, plus  (2)  One  which is the actuarial equivalent, at his age at the time of such discontinuance, of one-one hundred fortieth of  his  final  average salary multiplied by the number of years for which he has member service credit, plus  (3)  If  the  member  shall  have attained age fifty, one which equals fifty per centum of the difference between the pension  payable  to  him pursuant  to  items one and two of this subparagraph (c) and the pension that would be allowable to him were he age sixty.   3. Application shall be made for  a  discontinued  service  retirement allowance  pursuant to this subdivision b in the same manner and subject to the same conditions  which  govern  applications  and  elections  for superannuation retirement allowances.