N.Y. Education Law § 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.