N.Y. Education Law § 514: Benefits to participants in old retirement fund

§ 514. Benefits to participants in old retirement fund. All annuities

of annuitants on the rolls of the retirement fund on the thirty-first

day of July, nineteen hundred twenty-one, shall be paid thereafter from

the pension accumulation fund created by this article. The amount of

the annuity of any annuitant on the rolls of such retirement fund, at

such time, who retired on a full annuity shall be not less than one-half

of his final average salary, and not less than four hundred dollars per

annum; nor shall the allowance of any annuitant on such roll retired

from disability be less than a proportionate amount of such minima based

on the annuitant's years of service.