2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 11 - State Teachers' Retirement System for Public School Teachers › 535 - Career Retirement Plan.

§ 535. Career  retirement plan.   1. Any other provision of law to the
  contrary notwithstanding, on  or  after  July  first,  nineteen  hundred
  seventy  a  member may retire pursuant to the provisions of this section
  when,
a. he has credit for thirty-five or more years of total service, or
b. he has attained age fifty-five or older and has received credit for
  five or more years of full time New York state service, at least two  of
  which  have  been  rendered since the date upon which he last joined the
  retirement  system  and   since   June   thirtieth,   nineteen   hundred
  sixty-seven, or
c.  he  has attained age fifty-five or older and has credit for two or
  more years of full  time  service  in  the  period  subsequent  to  June
  thirtieth,  nineteen  hundred  sixty-seven and has rendered two years of
  full time New York  state  service  in  the  period  subsequent  to  his
  attainment  of  age fifty-three and subsequent to the date upon which he
  last joined the retirement system by filing with the system a  statement
  duly  attested, setting forth at what time not less than thirty days nor
  more than ninety days subsequent to the execution and filing thereof  he
  desires such retirement.
In the case of persons who last became members on or after July first,
  nineteen  hundred  seventy-three,  the  provisions of this section shall
  apply only to those who retire prior to  July  first,  nineteen  hundred
  seventy-four.
2. A member who retires pursuant to the provisions of this section and
  who  is  credited with at least twenty years of full time New York state
  service  at  the  time  of  his  retirement,  shall  receive  a  pension
  consisting of:
a.  one and two-tenths per cent of his final average salary multiplied
  by the number of years of his credited New York state  service  rendered
  prior to July first, nineteen hundred fifty-nine, and
b.  two  per cent of his final average salary multiplied by the number
  of years of his credited New York state service rendered  subsequent  to
  June thirtieth, nineteen hundred fifty-nine, and
c.  one  per cent of his final average salary multiplied by the number
  of years of out-of-state service to his credit, excluding, however,  any
  such  service  credits  which  would  bring  his total years of credited
  service above thirty-five years.
3. In addition to the pension allowance provided in subdivision two of
  this section, a member who is credited with at  least  twenty  years  of
  full  time  New York state service and retires during the month of July,
  nineteen hundred seventy, shall receive an added pension allowance equal
  to twelve per cent of the pension allowance provided in paragraphs a and
  b of subdivision two of this section. For persons retiring subsequent to
  July, nineteen hundred seventy, the added pension  authorized  hereunder
  shall be reduced at the rate of one-sixth of one per cent for each month
  thereafter.
4. A member who retires pursuant to the provisions of this section and
  who  is credited with less than twenty years of full time New York state
  service at the time of his retirement shall receive a pension  which  is
  computed  by  multiplying  the  pension  calculated  in  accordance with
  subdivision two of this section by  five  per  cent  for  each  year  of
  credited  full  time  state  service,  but in no event shall the pension
  payable pursuant to this subdivision be less than fifty per cent of  the
  pension computed in accordance with subdivision two of this section.
5. a. In lieu of the pension provided by subdivisions two and three of
  this  section,  a  member who retires pursuant to the provisions of this
  section on or after July first, nineteen hundred seventy-six and who  is

  credited  with at least twenty years of full-time New York state service
  at the time of his retirement, shall receive a pension consisting of:
1.  one and eighty one-hundredths per cent of his final average salary
  times the number of  years  of  his  credited  New  York  state  service
  rendered prior to July first, nineteen hundred fifty-nine, and
2.  two per cent of his final average salary times the number of years
  of his credited New York  state  service  rendered  subsequent  to  June
  thirtieth, nineteen hundred fifty-nine, and
3.  one per cent of his final average salary times the number of years
  of out-of-state service to his  credit,  excluding,  however,  any  such
  service  credits  which  would bring his total years of credited service
  above thirty-five years.
b. In lieu of  the  pension  provided  by  subdivision  four  of  this
  section,  a  member,  who  retires  pursuant  to  the provisions of this
  section on or after July first, nineteen hundred seventy-six and who  is
  credited with less than twenty years of full-time New York state service
  at the time of his retirement, shall receive a pension which is computed
  by  multiplying the pension calculated in accordance with paragraph a of
  this subdivision by five per cent for each year  of  credited  full-time
  New  York  state  service,  but  in  no  event shall the pension payable
  pursuant to this subdivision be less than fifty per cent of the  pension
  computed in accordance with paragraph a of this subdivision.
6.  In  no event shall the pension provided pursuant to the provisions
  of this section exceed seventy-five  per  cent  of  the  member's  final
  average salary.
7.  A  member  who  retires pursuant to the provisions of this section
  shall receive the service retirement pension provided  by  this  section
  and  such  pension  shall  be  in  lieu  of any other service retirement
  pension and the pension for increased-take-home-pay otherwise authorized
  under this article.
8. In addition to the service  retirement  pension  provided  by  this
  section,  the  member  shall  receive  an  annuity  which  shall  be the
  actuarial equivalent of his accumulated contributions at the time of his
  retirement.
9. Nothing herein shall alter in any manner either the amount  of  the
  death  benefit  specified in paragraph three of subdivision b of section
  five hundred twelve of this article or the date upon which a  member  is
  first eligible for the benefit described therein.
10.  The benefits provided by this section 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.
11. Anything in this article to the contrary notwithstanding, a person
  who becomes a member on or after July first, nineteen  hundred  seventy,
  so  long  as  this section is in effect, shall be permitted to establish
  his eligibility for retirement under sections  five  hundred  ten,  five
  hundred  eleven-a  and five hundred thirty-three of this article, solely
  for the purpose of entitling his estate  or  beneficiary  to  the  death
  benefit  payable  under paragraph three of subdivision b of section five
  hundred twelve of this article.
12. Anything in this article to the contrary notwithstanding, a person
  who becomes a member on or after July first, nineteen  hundred  seventy,
  so  long  as  this  section is in effect, shall not be permitted to make
  contributions pursuant to this article, except  for  purchase  of  prior
  service credits or military service credits.
13.  On  and  after  July  first, nineteen hundred seventy all members
  shall be deemed to have made the elections permitted  under  subdivision
  one  of  section  five  hundred  eleven-a and paragraph c of subdivision

  three of section five hundred sixteen of this article, whether or not  a
  formal  application  for  such  benefit  was submitted to the retirement
  board, and  on  and  after  July  first,  nineteen  hundred  seventy  no
  contribution  shall  be  required of any member under subdivision one of
  section five hundred eleven-a, as well as subdivision one and  paragraph
  c of subdivision three of section five hundred sixteen of this article.