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 Jun. 8, 2024).

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

Accessed:
Jun. 8, 2024

Last modified:
Sep. 22, 2014

§ 514’s source at nysenate​.gov

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