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 › 373 - Discontinued Service After Twenty Years.

§  373.  Discontinued  service after twenty years. a. Persons who last
became members of the New York state  and  local  employees'  retirement
system  before  April  eighth,  nineteen  hundred forty-three and became
members of the police and fire  retirement  system  on  or  after  April
first,  nineteen hundred sixty-seven, and who as members of state system
became members of this system:
1. Are discontinued from service while a member, through no  fault  or
delinquency   on   his  part,  may  elect  to  receive  his  accumulated
contributions or a retirement allowance pursuant to  the  provisions  of
paragraph  two,  three,  four or five of this subdivision a, as the case
may be, if:
(a) He shall have completed twenty years of total service, and
(b) During the six months immediately preceding  such  discontinuance,
he  shall  have been in paid service continuously, regularly and without
interruption.
2. A retirement allowance granted pursuant to the provisions  of  this
subdivision a shall consist of:
(a)   An  annuity  of  equivalent  actuarial  value  to  the  member's
accumulated contributions, and
(b)  A  pension   which   is   the   actuarial   equivalent   of   the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and
(c) A pension, to begin immediately, which shall consist of;
(1)  A  pension  which  is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension  beginning  at  age  sixty  of
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, if any, plus
(2)  A  pension  which  is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension, beginning  at  age  sixty  of
one-one  hundred  fortieth of his final average salary multiplied by the
number of years for which he has member service credit.
3. If, in addition,  the  member  has  attained  age  forty-five,  the
retirement  allowance  granted  pursuant  to  this  subdivision  a shall
consist of:
(a)  An  annuity  of  equivalent  actuarial  value  to  the   member's
accumulated contributions, and
(b)   A   pension   which   is   the   actuarial   equivalent  of  the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and
(c) A pension, to begin immediately, which shall consist of:
(1) A pension which is the actuarial equivalent, at  his  age  at  the
time  of  such  discontinuance,  of  a pension beginning at age sixty of
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, if any, plus fifty per centum of  the  difference
between  such pension and the pension that would be allowable to him for
such service if he were age sixty, plus
(2) A pension which is the actuarial equivalent, at  his  age  at  the
time  of  such  discontinuance,  of  a pension beginning at age sixty of
one-one hundred fortieth of his final average salary multiplied  by  the
number  of  years for which he has member service credit, plus fifty per
centum of the difference between such pension and the pension that would
be allowable to him for such service if he were age sixty.
4. If the member is age forty-five, and in addition, has been, at  any
time,  continuously  employed  for  twenty years or more, the retirement
allowance granted pursuant to this subdivision a shall consist of:
(a)  An  annuity  of  equivalent  actuarial  value  to  the   member's
accumulated contributions, and
(b)   A   pension   which   is   the   actuarial   equivalent  of  the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and
(c) A pension, to begin immediately, which shall consist of:
(1) A pension which is the actuarial equivalent, at  his  age  at  the
time  of  such  discontinuance,  of  a pension beginning at age sixty of
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, if any, plus the difference between such  pension
and  the  pension  that would be allowable to him for such service if he
were age sixty, plus
(2) A pension which is the actuarial equivalent at his age at the time
of such discontinuance of a pension beginning at age  sixty  of  one-one
hundred fortieth of his final average salary multiplied by the number of
years for which he has member service credit plus the difference between
such  pension  and  the  pension that would be allowable to him for such
service if he were age sixty.
5. If the member shall have attained age fifty and has  been,  at  any
time, continuously employed for twenty-five years or more the retirement
allowance granted pursuant to this subdivision a shall consist of:
(a)   An  annuity  of  equivalent  actuarial  value  to  the  member's
accumulated contributions, and
(b)  A  pension   which   is   the   actuarial   equivalent   of   the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and
(c)  A pension, to begin immediately, which together with the annuity,
shall equal the retirement allowance which  would  be  payable  had  the
member  reached  age  sixty  at  the  time  of  discontinuance from such
service.
6. Time during which a member was:
(a) Absent on leave without pay after January first, nineteen  hundred
twenty-one, or
(b) On a preferred eligible list pursuant to section eighty-one of the
civil  service  law  or  former section thirty-one of such law and after
such date, or
(c)  Rendering  paid  or  unpaid  services  to  the  state  or  to   a
participating   employer   prior  to  May  twentieth,  nineteen  hundred
fifty-five, for not to exceed four months immediately prior to which and
immediately subsequent to which he was in an employment on the basis  of
which  he  contributed to the retirement system, shall not constitute an
interruption of continuous employment. Such time, however, shall not  be
counted or included in determining the length of his total service.
b.  Persons  who  last  became members of the New York state and local
employees' retirement system on or after April eighth, nineteen  hundred
forty-three  and  who  became  members of the police and fire retirement
system on or after April first, nineteen hundred sixty-seven or  persons
who  became  members  of  the  latter  system  on  or after April first,
nineteen hundred sixty-seven, and who:
1. Are discontinued from service while a member, through no  fault  or
delinquency   on   his  part,  may  elect  to  receive  his  accumulated
contributions or a retirement allowance pursuant to  the  provisions  of
paragraph two of this subdivision b if:
(a) He shall have completed twenty years of total service, and
(b)  During  the six months immediately preceding such discontinuance,
he shall have been in paid service continuously, regularly  and  without
interruption.
2.  A  retirement allowance granted pursuant to the provisions of this
subdivision b shall consist of:
(a)   An  annuity  of  equivalent  actuarial  value  to  the  member's
accumulated contributions, and
(b)  A  pension   which   is   the   actuarial   equivalent   of   the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and
(c) A pension, to begin immediately, which shall be composed of one or
more of the following parts:
(1)  One  which is the actuarial equivalent, at his age at the time of
such  discontinuance,  of  a  pension,  beginning  at  age   sixty,   of
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, if any, plus
(2)  One  which is the actuarial equivalent, at his age at the time of
such discontinuance, of one-one hundred fortieth of  his  final  average
salary multiplied by the number of years for which he has member service
credit, plus
(3)  If  the  member  shall  have attained age fifty, one which equals
fifty per centum of the difference between the pension  payable  to  him
pursuant  to  items one and two of this subparagraph (c) and the pension
that would be allowable to him were he age sixty.
3. Application shall be made for  a  discontinued  service  retirement
allowance  pursuant to this subdivision b in the same manner and subject
to the same conditions  which  govern  applications  and  elections  for
superannuation retirement allowances.