N.Y. Retirement & Social Security Law Section 447
Options


a.

A member of a retirement system who is subject to the provisions of this article shall at the time of retirement have two additional options available to him which shall be the actuarial equivalent of his retirement allowance without optional modification:

(1)

A “five-year certain option” under which payment is made to the pensioner for life but is guaranteed for a minimum of five years following retirement; and

(2)

A “ten-year certain option” under which payment is made to the pensioner for life but is guaranteed for a minimum of ten years following retirement.

b.

No retirement system shall make available to any member subject to the provisions of this article an option which provides for payment to a beneficiary or to an estate of the balance of the present value of the reserve attributable to employer contributions established at the time of retirement upon the death of the member in retirement.

c.

Notwithstanding any other provision of this article, an option selection previously filed by a member or retired member subject to the provisions of this section may be changed no later than thirty days following the date of payability of his or her retirement allowance. A retired member who has been retired for disability may change an option selection previously filed no later than (1) thirty days following the date on which such member’s application for disability retirement was approved by the retirement board or (2) thirty days following the date on which such retiree was retired for disability, whichever is later.

Source: Section 447 — Options, https://www.­nysenate.­gov/legislation/laws/RSS/447 (updated Sep. 22, 2014; accessed Jul. 20, 2024).

440
Application
441
Eligibility for retirement
442
Minimum age for retirement
443
Final average salary
444
Maximum retirement benefits
445
Service retirement benefit
445‑A
Optional twenty-year improved benefit retirement program for New York city correction members below the rank of captain
445‑B
Optional twenty-year improved benefit retirement program for New York city sanitation members
445‑C
Optional twenty-year improved benefit retirement program for New York city correction members of the rank of captain or above
445‑D
Optional age fifty-five improved benefit retirement program for certain New York city members
445‑D*2
Optional twenty-year/age fifty improved benefit retirement program for Triborough bridge and tunnel members
445‑E
Optional twenty-five year improved benefit retirement program for dispatcher members
445‑E*2
Optional twenty-five year improved benefit retirement program for EMT members
445‑F
Optional twenty-five year improved benefit retirement program for deputy sheriff members
445‑F*2
Optional twenty-five year/age fifty improved benefit retirement program for senior automotive service workers, automotive service workers...
445‑F*3
Optional twenty-five year improved benefit retirement program for special officer, parking control specialist, school safety agent, campu...
445‑G
Optional twenty-five year/age fifty improved benefit retirement program for automotive members
445‑H
Optional twenty-five year improved benefit retirement program for police communications members
445‑I
Optional age fifty-five retirement program for New York city teachers and certain other members
446
Credit for service
447
Options
448
Death benefits
448‑A
Death benefit for vested members who die prior to retirement
450
Definitions
451
Duration

Accessed:
Jul. 20, 2024

Last modified:
Sep. 22, 2014

§ 447’s source at nysenate​.gov

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