NY Ret & SS L § 504 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 504 - Service Retirement Benefits; General Members.

§  504.  Service  retirement benefits; general members. a. The service   retirement benefit for general members at  normal  retirement  age  with   twenty  or  more  years  of credited service shall be a pension equal to   one-fiftieth of final average salary times years  of  credited  service,   not  in excess of thirty years, less fifty percent of the primary social   security retirement benefit as provided in section five  hundred  eleven   of  this  article. The service retirement benefit for general members at   normal retirement age with twenty or more years  of  service  who  first   become  members  of  the  New York state and local employees' retirement   system on or after April first, two thousand twelve at normal retirement   age shall be a pension equal to the sum of thirty-five  per  centum  and   one-fiftieth  of final average salary for each year of service in excess   of twenty, but not in excess of thirty, times final average salary times   years of credited service.b. The service  retirement  benefit  for  general  members  at  normal   retirement  age with less than twenty years of credited service shall be   a pension equal to one-sixtieth of final average salary times  years  of   credited  service,  less  fifty  percent  of the primary social security   retirement benefit as provided in section five hundred eleven.c. The early service retirement benefit for  general  members,  except   for  general  members  whose  early  retirement  benefit is specified in   subdivision d of this section, shall be the service  retirement  benefit   specified  in  subdivision  a  or b of this section, as the case may be,   without social security offset, reduced by one-fifteenth for each of the   first two years by which early retirement precedes age sixty-two, plus a   further reduction  of:  (1)  one-thirtieth;  or  (2)  one-twentieth  for   members  who  first  join  the  New  York  state  and  local  employees'   retirement system on or after January first, two thousand ten, for  each   year  by  which  early  retirement precedes age sixty, provided however,   that for members who first become members of  the  New  York  state  and   local employees' retirement system on or after the effective date of the   chapter   of  the  laws  of  two  thousand  twelve  which  amended  this   subdivision, the early service retirement benefit for  general  members,   except  for  general members whose early retirement benefit is specified   in subdivision d of  this  section,  shall  be  the  service  retirement   benefit specified in subdivision a or b of this section, as the case may   be,  without  social  security  offset,  reduced by six and one-half per   centum for each year by which early retirement precedes age sixty-three.   At age sixty-two, the benefit shall be reduced by fifty percent  of  the   primary  social security retirement benefit, as provided in section five   hundred eleven of this article.d. The early service retirement benefit for  general  members  in  the   uniformed   correction   force  of  the  New  York  city  department  of   correction, who are not entitled to an early service retirement  benefit   pursuant to subdivision c of section five hundred four-a of this article   or  subdivision  c  of  section  five  hundred four-b of this article or   subdivision c of section five hundred four-d of  this  article,  or  for   general  members  in  the  uniformed personnel in institutions under the   jurisdiction of the department of corrections and community supervision,   as defined in subdivision i of  section  eighty-nine  of  this  chapter,   shall  be  a pension equal to one-fiftieth of final average salary times   years of credited service at the  completion  of  twenty-five  years  of   service,  but  not  in  excess of fifty percent of final average salary,   provided, however, that the provisions of this section shall  not  apply   to a New York city uniformed correction/sanitation revised plan member.e.  The  early  service  retirement benefit for uniformed personnel in   institutions under the jurisdiction of the department of corrections and   community  supervision,  as  defined  in  subdivision   i   of   section    eighty-nine of this chapter, or who are in titles defined in subdivision   i  of  section eighty-nine of this chapter and who have made an election   pursuant to the provisions of article seventeen of this  chapter,  shall   be  a  pension equal to one-fiftieth of final average salary times years   of credited service at the completion of twenty-five years  of  service,   but not in excess of fifty percent of final average salary.