N.Y. Education Law § 511-a: Special service retirement

§ 511-a. Special service retirement. 1. Retirement upon a special

service retirement allowance shall be made under the following

conditions: Any member, by written notice duly acknowledged and filed

with the retirement board before the first day of July, nineteen hundred

sixty-seven, or within two years after he last became a member,

whichever is later, may elect to contribute pursuant to this section on

the basis of retirement at an age within five years of the age when he

would be eligible for superannuation retirement as provided under

subdivision one of section five hundred ten, but not before age

fifty-five. After such election the rate of deduction from the earnable

compensation of the contributor shall be six and one-half per centum if

his normal rate as provided under section five hundred sixteen is four

per centum, and shall be eight per centum if such normal rate is five

per centum. Where a member elects to contribute pursuant to this

section, contributions at such higher rate shall be made from the first

day of July, nineteen hundred sixty-seven, or from the first of the

month following the expiration of thirty days subsequent to the filing

of his election, whichever is later. If, at the time of retirement, the

member's accumulated contributions are insufficient to provide an

annuity equal to the pension provided under paragraph b of subdivision

four of this section, he shall have the privilege of paying into the

retirement system by a single payment the amount required in addition to

his accumulated contributions to provide an annuity equal to said

pension.

2. One year or more after the filing thereof, a member may withdraw

his election to contribute pursuant to this section on the basis of

special service retirement. Such withdrawal shall be by written notice

duly acknowledged and filed with the retirement board. Such member

thereafter shall contribute on the basis of his rate of normal

contribution. Such member, upon application at any time prior to

retirement and with the approval of the retirement board, shall be

entitled to a refund of the amount of his contributions and regular

interest thereon, which is in excess of the amount of the accumulated

contributions which he would then have to his credit had he been

contributing on the basis of his rate of normal contribution.

3. Any member electing to contribute towards a special service

retirement allowance under the provisions of this section, who has

attained age fifty-five or over while in service, shall be eligible to

retire at any time within five years before the date he would be

eligible for superannuation retirement as provided under subdivision one

of section five hundred ten, 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.

4. Upon special service retirement, a member shall receive a special

service 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 of his final average salary or if his

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

one-hundredth of his final average salary multiplied by the number of

years of total service, and

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

one-hundred fortieth of his final average salary multiplied by the

number of years of total service certified on his prior service

certificate, and

d. 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 multiplied

by the number of years 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.