2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 612 - Vesting.

§  612.  Vesting.  a.  Except  as  provided in subdivision a-1 of this
  section, a member who has five or more years of credited  service,  upon
  termination  of  employment,  other  than  a member who is entitled to a
  deferred vested benefit pursuant to any other provision of this article,
  shall be entitled to a deferred vested benefit at normal retirement  age
  computed  in  accordance with the provisions of section six hundred four
  of this article. Except as provided in subdivision a-1 of this  section,
  a  member  of  a  teachers'  retirement system or the New York state and
  local employees' retirement  system  who  has  five  or  more  years  of
  credited  service, upon termination of employment shall be entitled to a
  deferred vested benefit prior to normal retirement age, but  no  earlier
  than  age  fifty-five,  computed  in  accordance  with the provisions of
  subdivision i of section six hundred three of this article as amended by
  section eight of part B of chapter five hundred four of the laws of  two
  thousand  nine.  Anything to the contrary notwithstanding, a member of a
  public retirement system of the state who first became a member of  such
  system  on  or after April first, two thousand twelve must have at least
  five years of credited service in order to qualify for a deferred vested
  benefit under this section; such member shall not be  entitled  to  such
  benefit  prior  to  the member's attainment of age sixty-three; and such
  deferred vested benefit shall be computed pursuant to subdivision b-1 of
  section six hundred four of this article.
a-1. Notwithstanding the provisions of subdivision a of  this  section
  or  any  other provision of law to the contrary, (i) a member of the New
  York city teachers' retirement system who holds a  position  represented
  by   the  recognized  teacher  organization  for  collective  bargaining
  purposes, who became subject to the provisions of this article after the
  effective date of this subdivision, and who has five or  more  years  of
  credited  service,  or  (ii)  a  member  of  the  New York city board of
  education retirement system who holds  a  position  represented  by  the
  recognized  teacher organization for collective bargaining purposes, who
  became subject to the provisions of this  article  after  the  effective
  date  of  this  subdivision,  and who has five or more years of credited
  service, other than such a member of either of such  retirement  systems
  who  is  entitled  to  a  deferred  vested benefit pursuant to any other
  provision of this article, shall, upon  termination  of  employment,  be
  entitled  to a deferred vested benefit at normal retirement age computed
  in accordance with the provisions of section six hundred  four  of  this
  article.    Notwithstanding  the  provisions  of  subdivision  a of this
  section or any other provision of law to the contrary, a member  of  the
  New   York  city  teachers'  retirement  system  who  holds  a  position
  represented  by  the  recognized  teacher  organization  for  collective
  bargaining  purposes,  who  became  subject  to  the  provisions of this
  article after the effective date of this subdivision, and who  has  five
  or   more   years  of  credited  service,  shall,  upon  termination  of
  employment, be entitled to a deferred vested  benefit  prior  to  normal
  retirement  age,  but  no  earlier  than  age  fifty-five,  computed  in
  accordance with the provisions of subdivision i of section  six  hundred
  three of this article, provided, however, that any such member of either
  of  such  retirement  systems who is a New York city revised plan member
  shall be required to have at least five years  of  credited  service  in
  order  to  be  eligible for a deferred vested benefit, such member shall
  not be entitled to payability of such benefit prior to attainment of age
  sixty-three and such deferred vested benefit shall be computed  pursuant
  to subdivision b-1 of section six hundred four of this article.
b.  In  no event shall the vested retirement allowance payable without
  optional modification be less than the actuarial equivalent of the total

  which results from the member's contributions accumulated with  interest
  at five percent per annum compounded annually to the date of retirement.