N.Y. Retirement & Social Security Law § 612: Vesting

§ 612. Vesting. a. Except as provided in subdivision a-1 of this

section, a member who has five or more years of credited service, upon

termination of employment, other than a member who is entitled to a

deferred vested benefit pursuant to any other provision of this article,

shall be entitled to a deferred vested benefit at normal retirement age

computed in accordance with the provisions of section six hundred four

of this article. Except as provided in subdivision a-1 of this section,

a member of a teachers' retirement system or the New York state and

local employees' retirement system who has five or more years of

credited service, upon termination of employment shall be entitled to a

deferred vested benefit prior to normal retirement age, but no earlier

than age fifty-five, computed in accordance with the provisions of

subdivision i of section six hundred three of this article as amended by

section eight of part B of chapter five hundred four of the laws of two

thousand nine. Anything to the contrary notwithstanding, a member of a

public retirement system of the state who first became a member of such

system on or after April first, two thousand twelve must have at least

five years of credited service in order to qualify for a deferred vested

benefit under this section; such member shall not be entitled to such

benefit prior to the member's attainment of age sixty-three; and such

deferred vested benefit shall be computed pursuant to subdivision b-1 of

section six hundred four of this article.

a-1. Notwithstanding the provisions of subdivision a of this section

or any other provision of law to the contrary, (i) a member of the New

York city teachers' retirement system who holds a position represented

by the recognized teacher organization for collective bargaining

purposes, who became subject to the provisions of this article after the

effective date of this subdivision, and who has five or more years of

credited service, or (ii) a member of the New York city board of

education retirement system who holds a position represented by the

recognized teacher organization for collective bargaining purposes, who

became subject to the provisions of this article after the effective

date of this subdivision, and who has five or more years of credited

service, other than such a member of either of such retirement systems

who is entitled to a deferred vested benefit pursuant to any other

provision of this article, shall, upon termination of employment, be

entitled to a deferred vested benefit at normal retirement age computed

in accordance with the provisions of section six hundred four of this

article. Notwithstanding the provisions of subdivision a of this

section or any other provision of law to the contrary, a member of the

New York city teachers' retirement system who holds a position

represented by the recognized teacher organization for collective

bargaining purposes, who became subject to the provisions of this

article after the effective date of this subdivision, and who has five

or more years of credited service, shall, upon termination of

employment, be entitled to a deferred vested benefit prior to normal

retirement age, but no earlier than age fifty-five, computed in

accordance with the provisions of subdivision i of section six hundred

three of this article, provided, however, that any such member of either

of such retirement systems who is a New York city revised plan member

shall be required to have at least five years of credited service in

order to be eligible for a deferred vested benefit, such member shall

not be entitled to payability of such benefit prior to attainment of age

sixty-three and such deferred vested benefit shall be computed pursuant

to subdivision b-1 of section six hundred four of this article.

b. 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.