N.Y. Retirement & Social Security Law § 73: Discontinued service after twenty years

§ 73. Discontinued service after twenty years. a. Persons who last

became members before April eighth, nineteen hundred forty-three.

1. A person who last became a member before April eighth, nineteen

hundred forty-three, and who is discontinued from service while a

member, through no fault or delinquency on his part, may elect to

receive his accumulated contributions or a retirement allowance pursuant

to the provisions of paragraph two, three, four or five of this

subdivision a, as the case may be, if:

(a) He shall have completed twenty years of total service, and

(b) During the six months immediately preceding such discontinuance,

he shall have been in paid service continuously, regularly and without

interruption.

The provisions of subparagraph (b) of this paragraph one shall not apply

to legislative employees or laborers who have served as such for at

least parts of each of the two years immediately preceding such

discontinuance.

2. A retirement allowance granted pursuant to the provisions of this

subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's

accumulated contributions, and

(b) A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may be entitled, if any,

and

(c) A pension, to begin immediately, which shall consist of:

(1) A pension which is the actuarial equivalent, at his age at the

time of such discontinuance, of a pension beginning at age sixty of

one-seventieth of his final average salary multiplied by the number of

years for which he has prior service credit and credit for service in

war after world war I, if any, plus

(2) A pension which is the actuarial equivalent, at his age at the

time of such discontinuance, of a pension, beginning at age sixty of

one-one hundred fortieth of his final average salary multiplied by the

number of years for which he has member service credit.

3. If, in addition, the member has attained age forty-five, the

retirement allowance granted pursuant to this subdivision a shall

consist of:

(a) An annuity of equivalent actuarial value to the member's

accumulated contributions, and

(b) A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may be entitled, if any,

and

(c) A pension, to begin immediately, which shall consist of:

(1) A pension which is the actuarial equivalent, at his age at the

time of such discontinuance, of a pension beginning at age sixty of

one-seventieth of his final average salary multiplied by the number of

years for which he has prior service credit and credit for service in

war after world war I, if any, plus fifty per centum of the difference

between such pension and the pension that would be allowable to him for

such service if he were age sixty, plus

(2) A pension which is the actuarial equivalent, at his age at the

time of such discontinuance, of a pension beginning at age sixty of

one-one hundred fortieth of his final average salary multiplied by the

number of years for which he has member service credit, plus fifty per

centum of the difference between such pension and the pension that would

be allowable to him for such service if he were age sixty.

4. If the member is age forty-five, and in addition, has been at any

time, continuously employed for twenty years or more, the retirement

allowance granted pursuant to this subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's

accumulated contributions, and

(b) A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may be entitled, if any,

and

(c) A pension, to begin immediately, which shall consist of:

(1) A pension which is the actuarial equivalent, at his age at the

time of such discontinuance, of a pension beginning at age sixty of

one-seventieth of his final average salary multiplied by the number of

years for which he has prior service credit and credit for service in

war after world war I, if any, plus the difference between such pension

and the pension that would be allowable to him for such service if he

were age sixty, plus

(2) A pension which is the actuarial equivalent at his age at the time

of such discontinuance of a pension beginning at age sixty of one-one

hundred fortieth of his final average salary multiplied by the number of

years for which he has member service credit plus the difference between

such pension and the pension that would be allowable to him for such

service if he were age sixty.

5. If the member shall have attained age fifty and has been, at any

time, continuously employed for twenty-five years or more the retirement

allowance granted pursuant to this subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's

accumulated contributions, and

(b) A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may be entitled, if any,

and

(c) A pension, to begin immediately, which together with the annuity,

shall equal the retirement allowance which would be payable had the

member reached age sixty at the time of discontinuance from such

service.

6. Time during which a member was:

(a) Absent on leave without pay after January first, nineteen

twenty-one, or

(b) On a preferred eligible list pursuant to section eighty-one of the

civil service law or former section thirty-one of such law and after

such date, or

(c) Rendering paid or unpaid services to the state or to a

participating employer prior to May twentieth, nineteen hundred

fifty-five, for not to exceed four months immediately prior to which and

immediately subsequent to which he was in an employment on the basis of

which he contributed to the retirement system,

shall not constitute an interruption of continuous employment. Such

time, however, shall not be counted or included in determining the

length of his total service.

b. Persons who last became members on or after April eighth, nineteen

hundred forty-three.

1. A person who last became a member on or after April eighth,

nineteen hundred forty-three, and who is discontinued from service while

a member, through no fault or delinquency on his part, may elect to

receive his accumulated contributions or a retirement allowance pursuant

to the provisions of paragraph two of this subdivision b if:

(a) He shall have completed twenty years of total service, and

(b) During the six months immediately preceding such discontinuance,

he shall have been in paid service continuously, regularly and without

interruption.

The provisions of subparagraph (b) of this paragraph one shall not apply

to legislative employees or laborers who have served as such for at

least parts of each of the two years immediately preceding such

discontinuance.

2. A retirement allowance granted pursuant to the provisions of this

subdivision b shall consist of:

(a) An annuity of equivalent actuarial value to the member's

accumulated contributions, and

(b) A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may be entitled, if any,

and

(c) A pension, to begin immediately, which shall be composed of one or

more of the following parts:

(1) One which is the actuarial equivalent, at his age at the time of

such discontinuance, of a pension, beginning at age sixty, of

one-seventieth of his final average salary multiplied by the number of

years for which he has prior service credit and credit for service in

war after world war I, if any, plus

(2) One which is the actuarial equivalent, at his age at the time of

such discontinuance, of one-one hundred fortieth of his final average

salary multiplied by the number of years for which he has member service

credit, plus

(3) If the member shall have attained age fifty, one which equals

fifty per centum of the difference between the pension payable to him

pursuant to items one and two of this subparagraph (c) and the pension

that would be allowable to him were he age sixty.

3. Application shall be made for a discontinued service retirement

allowance pursuant to this subdivision b in the same manner and subject

to the same conditions which govern applications and elections for

superannuation retirement allowances.