NY Ret & SS L § 376 (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 376 - Vested Retirement Allowance.

§  376.  Vested  retirement  allowance.  a.  A member who discontinues   service other than by death or retirement:1. who has credit for at least five years of total service, or2. who has credit for at least five years of total service,  including   a  minimum  of  five  years  of  member  service during which the member   contributed    to    the    system    and/or    participated    in    an   increased-take-home-pay  or  non-contributory  plan,  and  who  does not   withdraw his or her accumulated contributions, shall be entitled to make   application pursuant to section three hundred seventy  of  this  article   for  a vested retirement allowance to be effective on or after the first   day of the month following his or her attainment of sixty years of  age,   or  sixty-three  years of age for a member who first becomes a member of   the New York state and local police and fire  retirement  system  on  or   after  April  first,  two  thousand  twelve.  The  retirement  allowance   provided  by  this  section   shall   vest   automatically   upon   such   discontinuance of service by such member.3. In the case of such a member who discontinues service other than by   death   or   retirement   after  March  thirty-first,  nineteen  hundred   sixty-six, who had been contributing toward and/or participating  in  an   increased-take-home-pay  or  non-contributory  plan  for retirement on a   basis other than retirement at age sixty for five years preceding his or   her discontinuance of service, he or  she  shall  be  entitled  to  make   application  for  a  vested  retirement  allowance to be effective on or   after the first day of the month following  his  or  her  attainment  of   fifty-five  years  of  age, or sixty-three years of age for a member who   first becomes a member of the New York state and local police  and  fire   retirement system on or after April first, two thousand twelve.b.  The  vested  retirement  allowance  shall  be computed and paid in   accordance with the provisions of the plan of which the member had  been   a  participant  provided,  however, that if the service fraction used to   compute the retirement allowance  or  the  pension  provides  a  benefit   greater  than  that  which  would  have  been  provided  had the service   fraction one-sixtieth been used to  compute  the  benefit,  the  service   fraction  one-sixtieth  shall  be  used to compute the vested retirement   allowance unless such plan shall specify another fraction to be used  to   compute the vested retirement allowance. The vested retirement allowance   shall  not  be  paid  before  the  member  attains  age  fifty-five,  or   sixty-three years of age for a member who first becomes a member of  the   New  York  state and local police and fire retirement system on or after   April first, two thousand twelve.c. In the event of the death of such member  prior  to  the  effective   date  of  his  retirement his accumulated contributions shall be paid to   his beneficiary or estate  in  accordance  with  section  three  hundred   fifty-one of this article.d.  A  member  may  withdraw his accumulated contributions at any time   subject to the limitations contained in section three hundred  fifty-one   of  this article. The withdrawal of a member's accumulated contributions   shall terminate his right to a vested retirement allowance.