NY Ret & SS L § 516 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 516 - Vesting.

§  516.  Vesting.  a.  A member who has five or more years of credited   service or ten or more years of credited service for members  who  first   join  the  New  York  state and local employees' retirement system on or   after January first, two thousand ten  upon  termination  of  employment   shall be entitled to a deferred vested benefit as provided herein.b.  The deferred vested benefit of general members, except for general   members  in  the  uniformed  correction  force  of  the  New  York  city   department  of  correction  or uniformed personnel in institutions under   the  jurisdiction  of  the  department  of  corrections  and   community   supervision  as  defined in subdivision i of section eighty-nine of this   chapter, with twenty or more  years  of  credited  service  shall  be  a   pension  commencing  at  normal  retirement age equal to one-fiftieth of   final average salary times years of credited service, not in  excess  of   thirty  years,  less  fifty  percent  of  the  primary  social  security   retirement benefit, as provided in section five hundred eleven  of  this   article.  The  deferred  vested  benefit  of general members, except for   general members in the uniformed correction force of the New  York  city   department  of  correction  or uniformed personnel in institutions under   the  jurisdiction  of  the  department  of  corrections  and   community   supervision  as  defined in subdivision i of section eighty-nine of this   chapter, with less than twenty years of  credited  service  shall  be  a   pension  commencing  at  normal  retirement age equal to one-sixtieth of   final average salary times years of credited service, less fifty percent   of the primary  social  security  retirement  benefit,  as  provided  in   section  five  hundred  eleven  of  this  article.  Such deferred vested   benefit may be paid in the form of an early service retirement  benefit,   or  may  be  postponed until after normal retirement age, in which event   the benefit will be subject to reduction or escalation  as  provided  in   subdivision c of section five hundred four of this article.c.  The  deferred vested benefit of police/fire members, New York city   police/fire   revised   plan   members,   New   York   city    uniformed   correction/sanitation  revised plan members or investigator revised plan   members shall be a pension commencing at early retirement age  equal  to   two  and  one-tenths  percent  of  final  average  salary times years of   credited service, less fifty percent  of  the  primary  social  security   retirement  benefit  commencing at age sixty-two, as provided in section   five hundred eleven of this article. A police/fire member,  a  New  York   city  police/fire  revised  plan  member,  a  New  York  city  uniformed   correction/sanitation revised plan member or investigator  revised  plan   member  may  elect  to  receive  his  vested benefit commencing at early   retirement age or age fifty-five. If the vested benefit commences before   early retirement age, the benefit shall be reduced by one-fifteenth  for   each  year,  if any, that the member's early retirement age is in excess   of age sixty, and by one-thirtieth for each additional year by which the   vested benefit commences prior to early retirement age. If  such  vested   benefit is deferred until after such member's normal retirement age, the   benefit  shall  be computed and subject to annual escalation in the same   manner  as  provided  for  an  early  retirement  benefit  pursuant   to   subdivision c of section five hundred five of this article.d.  The  deferred  vested  benefit of general members in the uniformed   correction force of the New York city department of correction, who  are   not entitled to a deferred vested benefit under subdivision d of section   five  hundred  four-a  of this article or under subdivision d of section   five hundred four-b of this article or under subdivision  d  of  section   five  hundred  four-d  of  this  article,  or  of general members in the   uniformed personnel  in  institutions  under  the  jurisdiction  of  the   department  of  corrections  and  community  supervision,  as defined in   subdivision i of section eighty-nine of this  chapter,  with  twenty  or    more  years  of credited service shall be a pension commencing at normal   retirement age equal to one-fiftieth of final average salary times years   of credited service, not in excess of thirty years, or for  members  who   first  become  members  of  the  New  York  state  and  local employees'   retirement system on or  after  April  first,  two  thousand  twelve,  a   pension  equal  to the sum of thirty-five per centum and one-fiftieth of   final average salary for each year of service in excess of  twenty,  but   not  in  excess  of  thirty,  times  final average salary times years of   credited service. The deferred vested benefit of general members in  the   uniformed   correction   force  of  the  New  York  city  department  of   correction, who are not entitled to  a  deferred  vested  benefit  under   subdivision  d  of  section five hundred four-a of this article or under   subdivision d of section five hundred four-b of this  article  or  under   subdivision  d  of  section  five  hundred four-d of this article, or of   general  members  in  the  uniformed  personnel  in  institutions  under   jurisdiction of the department of corrections and community supervision,   as defined in subdivision i of section eighty-nine of this chapter, with   less than twenty years of credited service shall be a pension commencing   at  normal  retirement age equal to one-sixtieth of final average salary   times years of credited service. Such deferred  vested  benefit  may  be   paid  in  the  form  of  an  early service retirement benefit, or may be   postponed until after normal retirement age, in which event the  benefit   will  be subject to reduction or escalation as provided in subdivision c   of section five hundred four of this article.e. In no event shall the vested retirement allowance  payable  without   optional modification be less than the actuarial equivalent of the total   which  results from the member's contributions accumulated with interest   at five percent per annum compounded annually to the date of retirement.