NY Ret & SS L § 612 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 612 - Vesting.

§  612.  Vesting.  a.  Except  as  provided in subdivision a-1 of this   section, a member who has five or more years of credited service, or ten   or more years of credited service for a member who first joined the  New   York  state and local employees' retirement system or the New York state   teachers' retirement system on or after January first, two thousand ten,   upon termination of employment, other than a member who is entitled to a   deferred vested benefit pursuant to any other provision of this article,   shall be entitled to a deferred vested benefit at normal retirement  age   computed  in  accordance with the provisions of section six hundred four   of this article. Except as provided in subdivision a-1 of this  section,   a  member  of  a  teachers'  retirement system or the New York state and   local employees' retirement  system  who  has  five  or  more  years  of   credited  service, or ten or more years of credited service for a member   who first becomes a member of the New York state  and  local  employees'   retirement  system  or the New York state teachers' retirement system on   or after January first, two thousand ten, upon termination of employment   shall  be  entitled  to  a  deferred  vested  benefit  prior  to  normal   retirement  age,  but  no  earlier  than  age  fifty-five,  computed  in   accordance with the provisions of subdivision i of section  six  hundred   three  of  this article as amended by section eight of part B of chapter   five hundred four of the laws of two  thousand  nine.  Anything  to  the   contrary  notwithstanding, a member of a public retirement system of the   state who first became a member of such system on or after April  first,   two  thousand twelve must have at least ten years of credited service in   order to qualify for a deferred vested benefit under this section;  such   member  shall  not  be  entitled  to  such benefit prior to the member's   attainment of age sixty-three; and such deferred vested benefit shall be   computed pursuant to subdivision b-1 of section six hundred four of this   article.a-1. Notwithstanding the provisions of subdivision a of  this  section   or  any  other provision of law to the contrary, (i) a member of the New   York city teachers' retirement system who holds a  position  represented   by   the  recognized  teacher  organization  for  collective  bargaining   purposes, who became subject to the provisions of this article after the   effective date of this subdivision, and who has ten  or  more  years  of   credited  service,  or  (ii)  a  member  of  the  New York city board of   education retirement system who holds  a  position  represented  by  the   recognized  teacher organization for collective bargaining purposes, who   became subject to the provisions of this  article  after  the  effective   date  of  this  subdivision,  and  who has ten or more years of credited   service, other than such a member of either of such  retirement  systems   who  is  entitled  to  a  deferred  vested benefit pursuant to any other   provision of this article, shall, upon  termination  of  employment,  be   entitled  to a deferred vested benefit at normal retirement age computed   in accordance with the provisions of section six hundred  four  of  this   article.    Notwithstanding  the  provisions  of  subdivision  a of this   section or any other provision of law to the contrary, a member  of  the   New   York  city  teachers'  retirement  system  who  holds  a  position   represented  by  the  recognized  teacher  organization  for  collective   bargaining  purposes,  who  became  subject  to  the  provisions of this   article after the effective date of this subdivision, and who has ten or   more years of credited service, shall, upon termination  of  employment,   be entitled to a deferred vested benefit prior to normal retirement age,   but  no  earlier  than  age  fifty-five, computed in accordance with the   provisions of subdivision  i  of  section  six  hundred  three  of  this   article,  provided,  however,  that  any  such  member of either of such   retirement systems who is a New York city revised plan member  shall  be   required  to  have at least ten years of credited service in order to be    eligible for a  deferred  vested  benefit,  such  member  shall  not  be   entitled  to  payability  of  such  benefit  prior  to attainment of age   sixty-three and such deferred vested benefit shall be computed  pursuant   to subdivision b-1 of section six hundred four of this article.b.  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.