NY Educ L § 512-A (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 512-A - Deferred Retirement.

§ 512-a.  Deferred retirement. 1. Any member, who discontinues service   other  than  by  death  or retirement, and who is credited with at least   fifteen years of teaching service rendered  in  the  state,  by  written   notice duly acknowledged and filed with the retirement board at any time   before his membership would otherwise terminate pursuant to section five   hundred  three  of this article, may elect, in lieu of the return of his   accumulated contributions pursuant to section  five  hundred  twelve  of   this  article, to continue membership with the privilege of applying for   retirement pursuant to this section on or after the date he would  first   be  eligible  for  retirement  had he remained in service but in no case   prior to the date he attains age sixty.  Any  member,  who  discontinues   service  other  than  by death or retirement on or after June thirtieth,   nineteen hundred sixty-five and who is credited with at least ten  years   of  teaching  service  rendered  in  the  state,  by written notice duly   acknowledged and filed with the retirement board at any time before  his   membership  would  otherwise  terminate pursuant to section five hundred   three of this  article,  may  elect,  in  lieu  of  the  return  of  his   accumulated  contributions  pursuant  to  section five hundred twelve of   this article, to continue membership with the privilege of applying  for   retirement  pursuant to this section on or after the date he would first   be eligible for retirement had he remained in service  but  in  no  case   prior  to the date he attains age fifty-five; provided, that in the case   of persons who last became members on  or  after  July  first,  nineteen   hundred seventy-three, the provisions of this paragraph shall apply only   until July first, nineteen hundred seventy-four.2.  The  retirement  allowance  for a member who has made the election   pursuant to subdivision one of this section  shall  consist  of  (a)  an   annuity  which  shall  be  the  actuarial  equivalent  of  such member's   accumulated contributions at the time of retirement and (b) a pension of   one-one hundred fortieth (1/140) of final average salary  multiplied  by   the  total  number  of  years  of  credited  service  as  of the date of   discontinuing service.3. Any  member  who  discontinues  service  other  than  by  death  or   retirement  on or after June thirtieth, nineteen hundred seventy and who   is credited with at least  ten  years  of  full  time  teaching  service   rendered  in  the  state,  at least two of which were rendered since the   date he last  joined  the  retirement  system  and  subsequent  to  June   thirtieth,   nineteen   hundred  sixty-seven,  by  written  notice  duly   acknowledged and filed with the retirement board at any time before  his   membership  would  otherwise  terminate pursuant to section five hundred   three of this  article,  may  elect,  in  lieu  of  the  return  of  his   accumulated  contributions  pursuant  to  section five hundred twelve of   this article, to continue membership with the privilege of applying  for   retirement  pursuant to this subdivision on or after the date he attains   age fifty-five. The pension for a  member  who  has  made  the  election   pursuant  to  this  subdivision shall be computed in accordance with the   procedures set  forth  in  subdivision  four  of  section  five  hundred   thirty-five of this article, unless the member has been credited with at   least  twenty  years of full time New York state service, in which event   his pension shall be computed in accordance with  subdivisions  two  and   three  of  the  aforementioned  section. In no event, however, shall the   pension so computed exceed seventy-five per cent of the  member's  final   average salary. In addition to the pension provided by this subdivision,   the  member  shall  receive  an  annuity  which  shall  be the actuarial   equivalent  of  his  accumulated  contributions  at  the  time  of   his   retirement.  In  the case of persons who last became members on or after   July first, nineteen  hundred  seventy-three,  the  provisions  of  this   subdivision shall apply only to those who discontinue service other than    by   death   or   retirement  prior  to  July  first,  nineteen  hundred   seventy-four.4.  Any  person  who  is a member on or after June thirtieth, nineteen   hundred ninety-eight and who discontinues service other than by death or   retirement and who is credited with five  years  or  more  of  full-time   teaching  service  rendered  in  the  state,  at least two of which were   rendered since the date he or she last joined the retirement system,  by   written  notice duly acknowledged and filed with the retirement board at   any time before his or her membership would otherwise terminate pursuant   to section five hundred three of this article, may elect, in lieu of the   return of his or her accumulated contributions pursuant to section  five   hundred  twelve  of  this  article,  to  continue  membership  with  the   privilege of applying for retirement pursuant to this subdivision on  or   after  the  date  he  or  she  attains age fifty-five. The pension for a   member who has made the election pursuant to this subdivision  shall  be   computed  in  accordance with the procedures set forth in paragraph b of   subdivision five of section five hundred thirty-five  of  this  article,   unless  the  member  has  been  credited  with  at least twenty years of   full-time New York state service, in which  event  his  or  her  pension   shall  be computed in accordance with paragraph a of subdivision five of   the aforementioned section. In no event, however, shall the  pension  so   computed  exceed three-quarters of the member's final average salary. In   addition to the pension provided by this subdivision, the  member  shall   receive an annuity which shall be the actuarial equivalent of his or her   accumulated contributions at the time of his or her retirement.5. Such member, when applying for retirement, may exercise the options   pursuant to section five hundred thirteen of this article.6.  Interest  on the contributions of such member after his membership   otherwise would have been terminated pursuant to  section  five  hundred   three  of  this  article  shall  be  credited  at  the  rate  fixed  for   contributions by new entrants at the time of discontinuation of service.7. If such member should die before the effective date of  retirement,   his accumulated contributions shall be paid to his estate or beneficiary   in  accordance  with the provisions of paragraph one of subdivision b of   section five hundred twelve of this article.8. In the event that such member returns  to  service,  such  election   shall be considered to be withdrawn as of the date upon which he returns   to  service  and  membership  in  the  retirement  system  will continue   pursuant to subdivision three of section  five  hundred  three  of  this   article.9.  Any  other  provision  of law to the contrary notwithstanding, any   member who fails to file the election pursuant to  subdivisions  one  or   three  of  this  section  and  whose  membership  would  otherwise cease   pursuant to subdivision three of section  five  hundred  three  of  this   article,  shall be deemed to have filed such election the day before his   membership shall have ceased.10. Notwithstanding any provision of this section to the  contrary,  a   person who has elected to continue membership pursuant to the provisions   of  this  section,  and  who  is  qualified  to transfer pursuant to the   provisions of section five hundred twenty-two of this chapter or section   forty-three of the retirement and social security law, shall  be  deemed   eligible to transfer, pursuant to such sections of law.11.  Any  other  provision of law to the contrary notwithstanding, any   former member who met all the eligibility  requirements  of  subdivision   one  or  three of this section, but failed to file the election required   by such subdivisions, as a result of which his membership in the  system   was terminated because his service amounted to less than five years in a   period  of  ten  consecutive  years,  shall be deemed to have filed such    election the day before membership ceased, provided such  former  member   files  an  application with the system requesting that his membership be   reinstated pursuant to this subdivision  and  deposits  the  accumulated   contributions  withdrawn from the system with regular interest; provided   however that no such application shall be valid if (i) the service which   would be credited thereunder is credited in any public retirement system   in the United States, or (ii) a  benefit  is  being  received  from  any   public retirement system based upon such credit.12.  Notwithstanding  any other provision of this section a person who   has elected to continue membership pursuant to the  provisions  of  this   section  may  withdraw  from membership in the system in accordance with   the provisions of this article.