NY Educ L § 535 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 535 - Career Retirement Plan.

§ 535. Career  retirement plan.   1. Any other provision of law to the   contrary notwithstanding, on  or  after  July  first,  nineteen  hundred   seventy  a  member may retire pursuant to the provisions of this section   when,a. he has credit for thirty-five or more years of total service, orb. he has attained age fifty-five or older and has received credit for   five or more years of full time New York state service, at least two  of   which  have  been  rendered since the date upon which he last joined the   retirement  system  and   since   June   thirtieth,   nineteen   hundred   sixty-seven, orc.  he  has attained age fifty-five or older and has credit for two or   more years of full  time  service  in  the  period  subsequent  to  June   thirtieth,  nineteen  hundred  sixty-seven and has rendered two years of   full time New York  state  service  in  the  period  subsequent  to  his   attainment  of  age fifty-three and subsequent to the date upon which he   last joined the retirement system by filing with the system a  statement   duly  attested, setting forth at what time not less than thirty days nor   more than ninety days subsequent to the execution and filing thereof  he   desires such retirement.In the case of persons who last became members on or after July first,   nineteen  hundred  seventy-three,  the  provisions of this section shall   apply only to those who retire prior to  July  first,  nineteen  hundred   seventy-four.2. A member who retires pursuant to the provisions of this section and   who  is  credited with at least twenty years of full time New York state   service  at  the  time  of  his  retirement,  shall  receive  a  pension   consisting of:a.  one and two-tenths per cent of his final average salary multiplied   by the number of years of his credited New York state  service  rendered   prior to July first, nineteen hundred fifty-nine, andb.  two  per cent of his final average salary multiplied by the number   of years of his credited New York state service rendered  subsequent  to   June thirtieth, nineteen hundred fifty-nine, andc.  one  per cent of his final average salary multiplied by the number   of years of out-of-state service to his credit, excluding, however,  any   such  service  credits  which  would  bring  his total years of credited   service above thirty-five years.3. In addition to the pension allowance provided in subdivision two of   this section, a member who is credited with at  least  twenty  years  of   full  time  New York state service and retires during the month of July,   nineteen hundred seventy, shall receive an added pension allowance equal   to twelve per cent of the pension allowance provided in paragraphs a and   b of subdivision two of this section. For persons retiring subsequent to   July, nineteen hundred seventy, the added pension  authorized  hereunder   shall be reduced at the rate of one-sixth of one per cent for each month   thereafter.4. A member who retires pursuant to the provisions of this section and   who  is credited with less than twenty years of full time New York state   service at the time of his retirement shall receive a pension  which  is   computed  by  multiplying  the  pension  calculated  in  accordance with   subdivision two of this section by  five  per  cent  for  each  year  of   credited  full  time  state  service,  but in no event shall the pension   payable pursuant to this subdivision be less than fifty per cent of  the   pension computed in accordance with subdivision two of this section.5. a. In lieu of the pension provided by subdivisions two and three of   this  section,  a  member who retires pursuant to the provisions of this   section on or after July first, nineteen hundred seventy-six and who  is    credited  with at least twenty years of full-time New York state service   at the time of his retirement, shall receive a pension consisting of:1.  one and eighty one-hundredths per cent of his final average salary   times the number of  years  of  his  credited  New  York  state  service   rendered prior to July first, nineteen hundred fifty-nine, and2.  two per cent of his final average salary times the number of years   of his credited New York  state  service  rendered  subsequent  to  June   thirtieth, nineteen hundred fifty-nine, and3.  one per cent of his final average salary times the number of years   of out-of-state service to his  credit,  excluding,  however,  any  such   service  credits  which  would bring his total years of credited service   above thirty-five years.b. In lieu of  the  pension  provided  by  subdivision  four  of  this   section,  a  member,  who  retires  pursuant  to  the provisions of this   section on or after July first, nineteen hundred seventy-six and who  is   credited with less than twenty years of full-time New York state service   at the time of his retirement, shall receive a pension which is computed   by  multiplying the pension calculated in accordance with paragraph a of   this subdivision by five per cent for each year  of  credited  full-time   New  York  state  service,  but  in  no  event shall the pension payable   pursuant to this subdivision be less than fifty per cent of the  pension   computed in accordance with paragraph a of this subdivision.6.  In  no event shall the pension provided pursuant to the provisions   of this section exceed seventy-five  per  cent  of  the  member's  final   average salary.7.  A  member  who  retires pursuant to the provisions of this section   shall receive the service retirement pension provided  by  this  section   and  such  pension  shall  be  in  lieu  of any other service retirement   pension and the pension for increased-take-home-pay otherwise authorized   under this article.8. In addition to the service  retirement  pension  provided  by  this   section,  the  member  shall  receive  an  annuity  which  shall  be the   actuarial equivalent of his accumulated contributions at the time of his   retirement.9. Nothing herein shall alter in any manner either the amount  of  the   death  benefit  specified in paragraph three of subdivision b of section   five hundred twelve of this article or the date upon which a  member  is   first eligible for the benefit described therein.10.  The benefits provided by this section shall be payable unless the   member would otherwise under the provisions of this article be  entitled   to  a  greater  benefit,  in  which  event  the greater benefit shall be   payable.11. Anything in this article to the contrary notwithstanding, a person   who becomes a member on or after July first, nineteen  hundred  seventy,   so  long  as  this section is in effect, shall be permitted to establish   his eligibility for retirement under sections  five  hundred  ten,  five   hundred  eleven-a  and five hundred thirty-three of this article, solely   for the purpose of entitling his estate  or  beneficiary  to  the  death   benefit  payable  under paragraph three of subdivision b of section five   hundred twelve of this article.12. Anything in this article to the contrary notwithstanding, a person   who becomes a member on or after July first, nineteen  hundred  seventy,   so  long  as  this  section is in effect, shall not be permitted to make   contributions pursuant to this article, except  for  purchase  of  prior   service credits or military service credits.13.  On  and  after  July  first, nineteen hundred seventy all members   shall be deemed to have made the elections permitted  under  subdivision   one  of  section  five  hundred  eleven-a and paragraph c of subdivision    three of section five hundred sixteen of this article, whether or not  a   formal  application  for  such  benefit  was submitted to the retirement   board, and  on  and  after  July  first,  nineteen  hundred  seventy  no   contribution  shall  be  required of any member under subdivision one of   section five hundred eleven-a, as well as subdivision one and  paragraph   c of subdivision three of section five hundred sixteen of this article.