N.Y. Retirement & Social Security Law § 505: Service retirement benefits; police/fire members, New York city uniformed correction/sanitation revised plan members and investigator rev...

§ 505. Service retirement benefits; police/fire members, New York city

uniformed correction/sanitation revised plan members and investigator

revised plan members. a. The normal service retirement benefit for

police/fire members, New York city uniformed correction/sanitation

revised plan members and investigator revised plan members at normal

retirement age shall be a pension equal to fifty percent of final

average salary, less fifty percent of the primary social security

retirement benefit commencing at age sixty-two, as provided in section

five hundred eleven of this article.

b. The early service retirement benefit for police/fire members, New

York city uniformed correction/sanitation revised plan members and

investigator revised plan members shall be a pension equal to two and

one-tenths percent of final average salary times years of credited

service at the completion of twenty years of service or upon attainment

of age sixty-two, increased by one-third of one percent of final average

salary for each month of service in excess of twenty years, but not in

excess of fifty percent of final average salary, less fifty percent of

the primary social security retirement benefit commencing at age

sixty-two as provided in section five hundred eleven of this article,

provided, however, that New York city police/fire revised plan members,

New York city uniformed correction/sanitation revised plan members and

investigator revised plan members shall not be eligible to retire for

service prior to the attainment of twenty years of credited service.

c. A police/fire member, a New York city uniformed

correction/sanitation revised plan member or an investigator revised

plan member who retires with twenty-two years of credited service or

less may become eligible for annual escalation of the service retirement

benefit if he elects to have the payment of his benefit commence on the

date he would have completed twenty-two years and one month or more of

service. In such event, the service retirement benefit shall equal two

percent of final average salary for each year of credited service, less

fifty percent of the primary social security retirement benefit

commencing at age sixty-two as provided in section five hundred eleven

of this article.

d. Notwithstanding anything to the contrary in any other law,

police/fire members of the New York city police pension fund shall be

eligible for a normal service retirement benefit in lieu of an early

service retirement benefit upon completing twenty years of service

pursuant to subdivision d of section five hundred three of this article.

e. Notwithstanding anything to the contrary in any other law, New York

city uniformed correction/sanitation revised plan members shall be

eligible for a normal service retirement benefit in lieu of an early

service retirement benefit upon completing twenty years of service

pursuant to subdivision d of section five hundred three of this article.