N.Y. Retirement & Social Security Law § 442: Minimum age for retirement

§ 442. Minimum age for retirement. a. The minimum retirement age for

any member of a retirement system who is subject to the provisions of

this article, other than a member permitted to retire upon completion of

twenty or twenty-five years of service pursuant to section four hundred

forty-five of this article, or a member who is eligible to retire

pursuant to subdivision c of section four hundred forty-five-d of this

article or subdivision c of section four hundred forty-five-i of this

article, and exclusive of retirement for disability, shall be sixty-two;

however, such a member may retire prior to attainment of age sixty-two

in which event the amount of his retirement benefit otherwise computed

without optional modification from funds based on other than his own

contributions and exclusive of his pension-for-increased-take-home-pay,

shall be reduced in accordance with the following schedule:

1. For each of the first twenty-four full months that retirement

predates age sixty-two, one-half of one percentum per month; and

2. For each full month that retirement predates age sixty, one-quarter

of one percentum per month, but in no event shall retirement be

permitted prior to attainment of age fifty-five.

b. Notwithstanding the provisions of subdivision a of this section:

1. A member who is a peace officer employed by the unified court

system or a member of a teacher's retirement system or a member of the

New York state and local employees' retirement system may retire without

reduction of his retirement benefit upon his attainment of at least

fifty-five years of age and completion of thirty or more years of

service; and

2. A member of the optional twenty year retirement plan for sheriffs,

undersheriffs, and regular deputy sheriffs in counties which have

elected to provide same having a mandatory retirement age on July first,

nineteen hundred seventy-three, earlier than age sixty-two may retire

without reduction of his retirement benefit upon attainment of the

mandatory retirement age; however, if such a member retires prior to

attainment of the mandatory retirement age, the amount of his retirement

benefit otherwise computed without optional modification from funds

based on other than his own contributions and exclusive of his

pension-for-increased-take-home-pay, shall be reduced by one-half of one

percentum per month for each full month by which his retirement predates

such mandatory retirement age.

3. Notwithstanding paragraph a of this subdivision or any other law to

the contrary a participating employer may elect to provide its employees

who are members of the optional twenty year retirement plan for police

and firefighters eligibility to retire at age fifty-five without

reduction and then such employees may elect to join under section three

hundred seventy-five-i or three hundred seventy-five-j of this chapter,

if either plan is provided by the employer, and retire without reduction

of their retirement benefits upon attaining the age of fifty-five.

4. A demand in collective bargaining negotiations for the additional

benefit provided by paragraph three of this subdivision shall not be

subject to the provisions of paragraph (b) or (c) of subdivision four of

section two hundred nine of the civil service law, nor shall such demand

be subject to any provision for interest arbitration contained in any

local law, resolution or ordinance adopted by any governmental entity

pursuant to subdivision one of section two hundred twelve of the civil

service law.