N.Y. Education Law Section 514
Benefits to participants in old retirement fund

All annuities of annuitants on the rolls of the retirement fund on the thirty-first day of July, nineteen hundred twenty-one, shall be paid thereafter from the pension accumulation fund created by this article. The amount of the annuity of any annuitant on the rolls of such retirement fund, at such time, who retired on a full annuity shall be not less than one-half of his final average salary, and not less than four hundred dollars per annum; nor shall the allowance of any annuitant on such roll retired from disability be less than a proportionate amount of such minima based on the annuitant’s years of service.

Source: Section 514 — Benefits to participants in old retirement fund, https://www.­nysenate.­gov/legislation/laws/EDN/514 (updated Sep. 22, 2014; accessed Nov. 15, 2025).

501
Definitions 502
Retirement system 503
Membership of system 504
Retirement board 505
Election of the active teacher members of the board 505–A
Election of retired teacher member of board 506
Board meetings 507
Officers of board 508
Investment of funds 508–A
New York state teachers’ retirement system MWBE asset management and financial institution strategy 509
Statements of teachers’ service 510
Superannuation retirement 511
Disability retirement 511–A
Special service retirement 512
Withdrawal and death benefits 512–A
Deferred retirement 512–B
Loans 513
Optional allowances 514
Benefits to participants in old retirement fund 515
Funds enumerated 516
Annuity savings fund 517
Annuity reserve fund 518
Pension reserve fund 518–A
Supplemental retirement allowance fund 519
Expense fund 520
Duties of employer 521
Collection of contributions 522
Transfer of contributions between retirement systems 523
State supervision 524
Exemption from taxation and execution 525
Protection against fraud 526
Merger of local teachers’ retirement and pension systems with the state system 527
Notwithstanding any other provision of law to the contrary the retirement board shall determine the annuity payable as of the date of ret... 528
Pensions-providing-for-increased-take-home-pay 529
Pensions providing for increased take home pay for certain teachers 530
Pensions-providing-for-increased-take-home-pay-for-teachers 531
Abandonment of unclaimed contributions or other benefits 532
Supplemental retirement allowance 532–A
Cost-of-living adjustment 533
Non-contributory retirement plan 535
Career retirement plan 536
Deductions from benefits of certain retired members 537
Lump sum payment of de minimis service retirement benefit 538
Excess benefit plan 539
Certain actions by retiring members
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Verified:
Nov. 15, 2025

Last modified:
Sep. 22, 2014

§ 514. Benefits to participants in old retirement fund's source at nysenate​.gov

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