N.Y. Retirement & Social Security Law § 75: Allowance on superannuation retirement

§ 75. Allowance on superannuation retirement. a. Except as otherwise

provided by subdivision b, c or d of this section, upon retirement for

superannuation or for any other cause after attainment of age sixty, a

member shall receive a retirement allowance which shall consist of:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

2. A pension which is the actuarial equivalent of the

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

any, and

3. A pension of one-one hundred fortieth of his final average salary,

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

credit, plus

4. A pension which equals 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. This part shall be

granted only if the member has credit for one or more years of service

as a member. This requirement of one or more years of service as a

member shall be subject to waiver as provided in subdivision e of

section forty-one of this article.

b. Upon retirement for superannuation after attainment of age

fifty-five and before attainment of age sixty or for any other cause

after attainment of age sixty, of a member who is contributing to the

retirement system pursuant to section seventy-two of this article on the

basis of retirement at age fifty-five, he shall receive a retirement

allowance which shall consist of:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

2. A pension which is the actuarial equivalent of the

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

any, and

3. A pension for the number of years for which he has member service

credit, plus

4. A pension for the number of years for which he has prior service

credit and credit for service in war after world war I. This part shall

be granted only if the member has credit for one or more years of

service as a member. This requirement of one or more years of service as

a member shall be subject to waiver as provided in subdivision e of

section forty-one of this article.

Each such pension specified in paragraphs three and four of this

subdivision b shall be the actuarial equivalent, at the time of such

member's retirement, of the pension to which he would have been entitled

for such service, had he attained age sixty and not elected to

contribute on the basis of retirement at age fifty-five.

c. Upon retirement for superannuation on or after attainment of age

fifty-five or for any other cause after attainment of age sixty, of a

member who is contributing to the retirement system on the basis of

retirement at age fifty-five pursuant to section seventy-one of this

article, he shall receive a retirement allowance which shall consist of:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

2. A pension which is the actuarial equivalent of the

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

any, and

3. A pension which shall consist of:

(a) A pension of one-one hundred twentieth of final average salary

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

for service rendered prior to the attainment of age fifty-five, and

(b) A pension of one-one hundred fortieth of final average salary

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

for service rendered after the attainment of age fifty-five, and

(c) A pension of one-sixtieth of 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 for service rendered prior to the

attainment of age fifty-five, and

(d) A pension of one-seventieth of 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 for service rendered after the

attainment of age fifty-five.

Subparagraphs (c) and (d) of this paragraph three shall be available

only if the member has credit for one or more years of service as a

member. This requirement of one or more years of service as a member

shall be subject to waiver as provided in subdivision e of section

forty-one of this article.

d. Upon retirement for superannuation on or after attainment of age

fifty-five or for any other cause after attainment of age sixty, of a

member who is contributing to the retirement system on the basis of

retirement at age fifty-five pursuant to section seventy-one-a of this

article, he shall receive a retirement allowance which shall consist of:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

2. A pension which is the actuarial equivalent of the

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

any, and

3. A pension which shall consist of:

(a) A pension of one-one hundred twentieth of final average salary

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

credit, and

(b) A pension of one-sixtieth of 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.

Subparagraph (b) of this paragraph three shall be available only if

the member has credit for one or more years of service as a member. This

requirement of one or more years of service as a member shall be subject

to waiver as provided in subdivision e of section forty-one of this

article.