2023 New York Laws › RSS - Retirement and Social Security › Article 8 - New York State and Local Police and Fire Retirement System › Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally › 375 - Allowance on Superannuation Retirement.

§  375. Allowance on superannuation retirement. a. Except as otherwise
provided by subdivisions b, c or d of this section, upon retirement  for
superannuation  or  for any other cause after attainment of age sixty, a
member shall receive a retirement allowance which shall consist of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
accumulated contributions at the time of his retirement and
2.   A   pension   which   is   the   actuarial   equivalent   of  the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, and
3. A pension of one-one hundred fortieth of his final average  salary,
multiplied  by  the  number  of  years  for  which he has member service
credit, plus
4. A pension which equals one-seventieth of his final  average  salary
multiplied  by the number of years for which he has prior service credit
and credit for service in war after world war  I.  This  part  shall  be
granted  only  if the member has credit for one or more years of service
as a member. This requirement of one or  more  years  of  service  as  a
member  shall  be  subject  to  waiver  as  provided in subdivision e of
section three hundred forty-one of this article.
b.  Upon  retirement  for  superannuation  after  attainment  of   age
fifty-five  and  before  attainment  of age sixty or for any other cause
after attainment of age sixty, of a member who is  contributing  to  the
retirement  system pursuant to section three hundred seventy-two of this
article on the basis of retirement at age fifty-five, he shall receive a
retirement allowance which shall consist of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
accumulated contributions at the time of his retirement, and
2.   A   pension   which   is   the   actuarial   equivalent   of  the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, and
3. A pension for the number of years for which he has  member  service
credit, plus
4.  A  pension  for the number of years for which he has prior service
credit and credit for service in war after world war I. This part  shall
be  granted  only  if  the  member  has  credit for one or more years of
service as a member. This requirement of one or more years of service as
a member shall be subject to waiver as  provided  in  subdivision  e  of
section three hundred forty-one of this article.
Each  such  pension  specified  in  paragraphs  three  and  four of this
subdivision b shall be the actuarial equivalent, at  the  time  of  such
member's retirement, of the pension to which he would have been entitled
for  such  service,  had  he  attained  age  sixty  and  not  elected to
contribute on the basis of retirement at age fifty-five.
c. Upon retirement for superannuation on or after  attainment  of  age
fifty-five  or  for  any other cause after attainment of age sixty, of a
member who is contributing to the police and fire retirement  system  on
the  basis  of  retirement  at  age fifty-five pursuant to section three
hundred  seventy-one  of  this  article,  he  or  she  shall  receive  a
retirement allowance which shall consist of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
accumulated contributions at the time of his retirement, and
2.  A   pension   which   is   the   actuarial   equivalent   of   the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, and
3. A pension which shall consist of:
(a)  A  pension  of  one-one hundred twentieth of final average salary
multiplied by the number of years for which he has member service credit
for service rendered prior to the attainment of age fifty-five, and
(b) A pension of one-one hundred  fortieth  of  final  average  salary
multiplied by the number of years for which he has member service credit
for service rendered after the attainment of age fifty-five, and
(c)  A  pension  of one-sixtieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war after world war I  for  service  rendered  prior  to  the
attainment of age fifty-five, and
(d)  A pension of one-seventieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war  after  world  war  I  for  service  rendered  after  the
attainment of age fifty-five.
Subparagraphs  (c)  and  (d)  of this paragraph three shall be available
only if the member has credit for one or more  years  of  service  as  a
member.  This  requirement  of  one or more years of service as a member
shall be subject to waiver as provided in subdivision e of section three
hundred forty-one of this article.
d. Upon retirement for superannuation on or after  attainment  of  age
fifty-five  or  for  any other cause after attainment of age sixty, of a
member who is contributing to the police and fire retirement  system  on
the  basis  of  retirement  at  age fifty-five pursuant to section three
hundred seventy-one-a of  this  article,  he  or  she  shall  receive  a
retirement allowance which shall consist of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
accumulated contributions at the time of his retirement, and
2.  A   pension   which   is   the   actuarial   equivalent   of   the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, and
3. A pension which shall consist of:
(a)  A  pension  of  one-one hundred twentieth of final average salary
multiplied by the number of  years  for  which  he  has  member  service
credit, and
(b)  A  pension  of one-sixtieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war after world war I.
Subparagraph (b) of this paragraph three shall be available only if  the
member  has  credit  for  one or more years of service as a member. This
requirement of one or more years of service as a member shall be subject
to waiver  as  provided  in  subdivision  e  of  section  three  hundred
forty-one of this article.