N.Y. Retirement & Social Security Law § 376: Vested retirement allowance

§ 376. Vested retirement allowance. a. A member who discontinues

service other than by death or retirement:

1. who has credit for at least five years of total service, or

2. who has credit for at least five years of total service, including

a minimum of five years of member service during which the member

contributed to the system and/or participated in an

increased-take-home-pay or non-contributory plan, and who does not

withdraw his or her accumulated contributions, shall be entitled to make

application pursuant to section three hundred seventy of this article

for a vested retirement allowance to be effective on or after the first

day of the month following his or her attainment of sixty years of age,

or sixty-three years of age for a member who first becomes a member of

the New York state and local police and fire retirement system on or

after April first, two thousand twelve. The retirement allowance

provided by this section shall vest automatically upon such

discontinuance of service by such member.

3. In the case of such a member who discontinues service other than by

death or retirement after March thirty-first, nineteen hundred

sixty-six, who had been contributing toward and/or participating in an

increased-take-home-pay or non-contributory plan for retirement on a

basis other than retirement at age sixty for five years preceding his or

her discontinuance of service, he or she shall be entitled to make

application for a vested retirement allowance to be effective on or

after the first day of the month following his or her attainment of

fifty-five years of age, or sixty-three years of age for a member who

first becomes a member of the New York state and local police and fire

retirement system on or after April first, two thousand twelve.

b. The vested retirement allowance shall be computed and paid in

accordance with the provisions of the plan of which the member had been

a participant provided, however, that if the service fraction used to

compute the retirement allowance or the pension provides a benefit

greater than that which would have been provided had the service

fraction one-sixtieth been used to compute the benefit, the service

fraction one-sixtieth shall be used to compute the vested retirement

allowance unless such plan shall specify another fraction to be used to

compute the vested retirement allowance. The vested retirement allowance

shall not be paid before the member attains age fifty-five, or

sixty-three years of age for a member who first becomes a member of the

New York state and local police and fire retirement system on or after

April first, two thousand twelve.

c. In the event of the death of such member prior to the effective

date of his retirement his accumulated contributions shall be paid to

his beneficiary or estate in accordance with section three hundred

fifty-one of this article.

d. A member may withdraw his accumulated contributions at any time

subject to the limitations contained in section three hundred fifty-one

of this article. The withdrawal of a member's accumulated contributions

shall terminate his right to a vested retirement allowance.