N.Y. Retirement & Social Security Law § 516: Vesting

§ 516. Vesting. a. A member who has five or more years of credited

service upon termination of employment shall be entitled to a deferred

vested benefit as provided herein.

b. The deferred vested benefit of general members, except for general

members in the uniformed correction force of the New York city

department of correction or 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, with twenty or more years of credited service shall be a

pension commencing at normal retirement age 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 deferred vested benefit of general members, except for

general members in the uniformed correction force of the New York city

department of correction or 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, with less than twenty years of credited service shall be a

pension commencing at normal retirement age 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 of this article. Such deferred vested

benefit may be paid in the form of an early service retirement benefit,

or may be postponed until after normal retirement age, in which event

the benefit will be subject to reduction or escalation as provided in

subdivision c of section five hundred four of this article.

c. The deferred vested benefit of police/fire members, New York city

police/fire revised plan members, New York city uniformed

correction/sanitation revised plan members or investigator revised plan

members shall be a pension commencing at early retirement age equal to

two and one-tenths percent of final average salary times years 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. A police/fire member, a New York

city police/fire revised plan member, a New York city uniformed

correction/sanitation revised plan member or investigator revised plan

member may elect to receive his vested benefit commencing at early

retirement age or age fifty-five. If the vested benefit commences before

early retirement age, the benefit shall be reduced by one-fifteenth for

each year, if any, that the member's early retirement age is in excess

of age sixty, and by one-thirtieth for each additional year by which the

vested benefit commences prior to early retirement age. If such vested

benefit is deferred until after such member's normal retirement age, the

benefit shall be computed and subject to annual escalation in the same

manner as provided for an early retirement benefit pursuant to

subdivision c of section five hundred five of this article.

d. The deferred vested benefit of general members in the uniformed

correction force of the New York city department of correction, who are

not entitled to a deferred vested benefit under subdivision d of section

five hundred four-a of this article or under subdivision d of section

five hundred four-b of this article or under subdivision d of section

five hundred four-d of this article, or of 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, with twenty or

more years of credited service shall be a pension commencing at normal

retirement age equal to one-fiftieth of final average salary times years

of credited service, not in excess of thirty years, or for members who

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

retirement system on or after April first, two thousand twelve, 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. The deferred vested benefit of general members in the

uniformed correction force of the New York city department of

correction, who are not entitled to a deferred vested benefit under

subdivision d of section five hundred four-a of this article or under

subdivision d of section five hundred four-b of this article or under

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

general members in the uniformed personnel in institutions under

jurisdiction of the department of corrections and community supervision,

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

less than twenty years of credited service shall be a pension commencing

at normal retirement age equal to one-sixtieth of final average salary

times years of credited service. Such deferred vested benefit may be

paid in the form of an early service retirement benefit, or may be

postponed until after normal retirement age, in which event the benefit

will be subject to reduction or escalation as provided in subdivision c

of section five hundred four of this article.

e. In no event shall the vested retirement allowance payable without

optional modification be less than the actuarial equivalent of the total

which results from the member's contributions accumulated with interest

at five percent per annum compounded annually to the date of retirement.