N.Y. Education Law § 510: Superannuation retirement

§ 510. Superannuation retirement. 1. Retirement upon a superannuation

allowance shall be made under the following conditions:

a. A member who has completed twenty-five years of total credited

service and who has attained the age of sixty years or over while in

service, or any member who has completed thirty-five years of total

credited service shall be retired, if he files with the retirement board

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.

b. Any member who has attained age seventy may be retired at his own

request or at the request of his employer if he or his employer files

with the retirement board a statement duly attested setting forth at

what time subsequent to the execution and filing thereof retirement is

desired, and if throughout the year immediately preceding the filing of

such statement he shall have been in service as a teacher in this state.

The retirement board shall retire said member as of the date so

specified or as of such other time within thirty days thereafter as the

retirement board may find advisable.

2. Upon superannuation retirement a member shall receive a

superannuation retirement allowance which shall consist of:

a. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

b. A pension of one quarter (1/4) of his final average salary or if

his total service is less than twenty-five years, a pension of one

one-hundredth (1/100) of his final average salary multiplied by the

number of years of total service, and

c. A further pension of one one-hundred fortieth (1/140) of his final

average salary multiplied by the number of years of total state service

in excess of thirty-five years, and

d. If the member be a present teacher, a further pension of one

one-hundred fortieth (1/140) of his final average salary multiplied by

the number of years of total service certified on his prior service

certificate, and

e. If the member has contributed pursuant to paragraph c of

subdivision three of section five hundred sixteen, a further pension of

one one-hundred twentieth (1/120) of his final average salary for each

year of total service in excess of twenty-five years but not in excess

of thirty-five years, nor in excess of the number of years for which

credit is allowed under paragraph d of subdivision three of section five

hundred sixteen, and

f. A further pension, of such amount as shall be required to bring the

total retirement allowance of members with twenty-five or more years of

state service up to four hundred dollars per annum, and

g. The provision of paragraph (c) of subdivision two of this section

shall apply only to members retiring on and after the date on which

paragraph (c) of subdivision two of this section becomes operative.