N.Y. Retirement & Social Security Law § 504: Service retirement benefits; general members

§ 504. Service retirement benefits; general members. a. The service

retirement benefit for general members at normal retirement age with

twenty or more years of credited service shall be a pension equal to

one-fiftieth of final average salary times years of credited service,

not in excess of thirty years, less fifty percent of the primary social

security retirement benefit as provided in section five hundred eleven

of this article. The service retirement benefit for general members at

normal retirement age with twenty or more years of service who first

become members of the New York state and local employees' retirement

system on or after April first, two thousand twelve at normal retirement

age shall be a pension equal to the sum of thirty-five per centum and

one-fiftieth of final average salary for each year of service in excess

of twenty, but not in excess of thirty, times final average salary times

years of credited service.

b. The service retirement benefit for general members at normal

retirement age with less than twenty years of credited service shall be

a pension equal to one-sixtieth of final average salary times years of

credited service, less fifty percent of the primary social security

retirement benefit as provided in section five hundred eleven.

c. The early service retirement benefit for general members, except

for general members whose early retirement benefit is specified in

subdivision d of this section, shall be the service retirement benefit

specified in subdivision a or b of this section, as the case may be,

without social security offset, reduced by one-fifteenth for each of the

first two years by which early retirement precedes age sixty-two, plus a

further reduction of: (1) one-thirtieth; or (2) one-twentieth for

members who first join the New York state and local employees'

retirement system on or after January first, two thousand ten, for each

year by which early retirement precedes age sixty, provided however,

that for members who first become members of the New York state and

local employees' retirement system on or after the effective date of the

chapter of the laws of two thousand twelve which amended this

subdivision, the early service retirement benefit for general members,

except for general members whose early retirement benefit is specified

in subdivision d of this section, shall be the service retirement

benefit specified in subdivision a or b of this section, as the case may

be, without social security offset, reduced by six and one-half per

centum for each year by which early retirement precedes age sixty-three.

At age sixty-two, the benefit shall be reduced by fifty percent of the

primary social security retirement benefit, as provided in section five

hundred eleven of this article.

d. The early service retirement benefit for general members in the

uniformed correction force of the New York city department of

correction, who are not entitled to an early service retirement benefit

pursuant to subdivision c of section five hundred four-a of this article

or subdivision c of section five hundred four-b of this article or

subdivision c of section five hundred four-d of this article, or for

general members in the uniformed personnel in institutions under the

jurisdiction of the department of corrections and community supervision,

as defined in subdivision i of section eighty-nine of this chapter,

shall be a pension equal to one-fiftieth of final average salary times

years of credited service at the completion of twenty-five years of

service, but not in excess of fifty percent of final average salary,

provided, however, that the provisions of this section shall not apply

to a New York city uniformed correction/sanitation revised plan member.

e. The early service retirement benefit for uniformed personnel in

institutions under the jurisdiction of the department of corrections and

community supervision, as defined in subdivision i of section

eighty-nine of this chapter, or who are in titles defined in subdivision

i of section eighty-nine of this chapter and who have made an election

pursuant to the provisions of article seventeen of this chapter, shall

be a pension equal to one-fiftieth of final average salary times years

of credited service at the completion of twenty-five years of service,

but not in excess of fifty percent of final average salary.