NY Educ L § 533 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 533 - Non-Contributory Retirement Plan.

§ 533. Non-contributory  retirement  plan.   a. Any other provision of   law to the contrary notwithstanding, no  further  contributions  to  the   retirement system, as provided in sections five hundred eleven-a or five   hundred sixteen of this article, shall be required of any member.b.  Contributions  shall  be made to the pension accumulation fund, as   provided in section five hundred seventeen of this article,  at  a  rate   computed  by  the  actuary  and  approved by the retirement board, which   shall be computed to be sufficient to provide the  benefits  established   by this section.c.  Nothing  contained  in  this section shall impair the right of any   member to make contributions pursuant to sections five hundred  eleven-a   and  five  hundred  sixteen  of  this  article.  Any member may elect to   contribute pursuant to sections five hundred eleven-a and  five  hundred   sixteen  of  this article, by written notice duly acknowledged and filed   with the retirement board on or before June thirtieth, nineteen  hundred   sixty-nine  or  within one year after he last became a member, whichever   is later. Where a member makes an election to  contribute,  as  provided   herein,  he  shall  contribute  to  the  retirement  system as otherwise   provided in this article. One year or  more  after  the  filing  of  the   notice  of  the  election  to  contribute,  the member may withdraw such   election and elect not to contribute.d. 1. On and after July first, nineteen hundred sixty-eight  a  member   shall  be  eligible  for service retirement when he meets the conditions   set forth in sections five hundred ten or five hundred eleven-a of  this   article,  by  the  filing  of  a  statement with the retirement board as   required by subdivision one of section five hundred ten of this article.   For the purposes of this section, all members shall be  deemed  to  have   made  the  election  for  special  service retirement under section five   hundred eleven-a of this article.2. A member who retires on  or  after  July  first,  nineteen  hundred   sixty-eight,  under  the  provisions  of  this  section, shall receive a   service retirement pension  which  shall  be  in  lieu  of  the  service   retirement pension and the pension-for-increased-take-home-pay otherwise   authorized  under this article, subject to any adjustments made pursuant   to subdivision g of this  section.  Such  pension,  for  the  period  of   credited  state  service  rendered prior to July first, nineteen hundred   fifty-nine, and for all credited out-of-state service, shall be computed   as provided in section five hundred ten of this article.  Such  pension,   for  the  period  of  credited  state service rendered on and after July   first, nineteen hundred  fifty-nine,  shall  be  one-fiftieth  of  final   average  salary  for each year of such service rendered during the first   twenty-five years of the member's total service,  plus  one-sixtieth  of   final  average salary for each year of such service rendered during that   portion of the member's total service which is in excess of  twenty-five   years  but  not  in  excess of thirty-five years, plus one-seventieth of   final average salary for each year of such service rendered during  that   portion  of  the  member's  total  state  service  which is in excess of   thirty-five years.3. In addition to the retirement allowance provided in  paragraph  two   of  this subdivision, a member who has at least twenty years of credited   state service and retires during the month  of  July,  nineteen  hundred   sixty-eight,  shall  receive an added pension allowance equal to sixteen   per cent of the pension otherwise provided in this article. For  persons   retiring  subsequent  to  July,  nineteen hundred sixty-eight, the added   pension authorized hereunder shall be reduced at the rate  of  one-sixth   of one per cent for each month thereafter.4.  The  additional  pension  provided under this section shall not be   included in computing  any  pension  reserve  payable  pursuant  to  the    provisions  of  paragraph three of subdivision b of section five hundred   twelve of this article.e.  In  addition  to  the pension hereinabove provided, a member shall   receive an annuity which  shall  be  the  actuarial  equivalent  of  his   accumulated  contributions  at the time of his retirement, in accordance   with section five hundred sixteen of this article.f. The benefits hereinabove  provided  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.g.  If  at  the  time  of  retirement  any  portion  of the employer's   contribution has  been  committed  by  election  of  the  member  toward   purchase  of  a variable annuity, the retirement board shall deduct from   the member's pension allowance as otherwise computed under this section,   an amount equal to the actuarial equivalent of the amounts so committed,   plus regular and additional interest thereon to the date of retirement.