NY Ret & SS L § 73 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 8 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 73 - Discontinued Service After Twenty Years.

§  73.  Discontinued  service  after twenty years. a. Persons who last became members before April eighth, nineteen hundred forty-three.   1. A person who last became a member  before  April  eighth,  nineteen hundred  forty-three,  and  who  is  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. The provisions of subparagraph (b) of this paragraph one shall not apply to legislative employees or laborers who have  served  as  such  for  at least  parts  of  each  of  the  two  years  immediately  preceding such discontinuance.   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 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 on or after April eighth, nineteen hundred forty-three.   1. A person who last  became  a  member  on  or  after  April  eighth, nineteen hundred forty-three, and who is 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. The provisions of subparagraph (b) of this paragraph one shall not apply to legislative employees or laborers who have  served  as  such  for  at  least  parts  of  each  of  the  two  years  immediately  preceding such discontinuance.   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.