N.Y.
Retirement & Social Security Law Section 503
Eligibility for normal and early service retirement benefits
- age and service requirements
a.
The normal service retirement benefit specified in § 504 (Service retirement benefits)section five hundred four of this article shall be payable to general members, other than elective members, who have met the minimum service requirements upon retirement and attainment of age sixty-two, provided, however, a general member who is a peace officer employed by the unified court system or a member of a teachers’ retirement system may retire without reduction of his or her retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service. For members who become members of the New York state and local employees’ retirement system on or after April first, two thousand twelve, the normal service retirement benefits specified in § 504 (Service retirement benefits)section five hundred four of this article shall be payable to general members, other than elective members, who have met the minimum service requirements upon retirement and attainment of age sixty-three.b.
The normal service retirement benefit specified in section five hundred four shall be payable to elective-general members who have met the minimum service requirements upon retirement and attainment of whichever of the following ages is applicable:(i)
if the member was within ten years of the normal retirement age for the plan from which such member transferred at the time of transfer, the normal retirement age for such plan with respect to such member.(ii)
if the member was not within ten years of the normal retirement age of the plan from which such member transferred, at an age equal to the normal retirement age for such plan with respect to such member plus one year for each year such member was more than ten years from such normal retirement age at the time of transfer, provided that normal retirement age shall in no event be greater than five years more than the normal retirement age of the plan from which the member transferred or age sixty.c.
A general member shall be eligible for early service retirement at age fifty-five with five years of credited service. A general member in the uniformed correction force of the New York city department of correction, who is not eligible for early service retirement pursuant to subdivision c of § 504-A (Twenty-year retirement program for New York city correction members below the rank of captain)section five hundred four-a of this article or subdivision c of § 504-B (Twenty-year retirement program for New York city correction members of the rank of captain or above)section five hundred four-b of this article or subdivision c of § 504-D (Twenty-year retirement program for New York city correction members)section five hundred four-d of this article, or a general member in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community supervision, as defined in subdivision i of § 89 (Retirement of members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community su...)section eighty-nine of this chapter or serving in institutions who is also in a title defined in such subdivision and who has made an election pursuant to the provisions of article 17 (Survivors Benefits)article seventeen of this chapter, shall also be eligible for early service retirement after twenty-five years of credited service, provided, however, that the provisions of this subdivision and subdivision a of this section shall not apply to a New York city uniformed correction/sanitation revised plan member or an investigator revised plan member.d.
The normal service retirement benefit specified in § 505 (Service retirement benefits)section five hundred five of this article shall be paid to police/fire members, New York city uniformed correction/sanitation revised plan members and investigator revised plan members without regard to age upon retirement after twenty-two years of service. Early service retirement shall be permitted upon retirement after twenty years of credited service or attainment of age sixty-two, provided, however, that New York city police/fire revised plan members, New York city uniformed correction/sanitation revised plan members and investigator revised plan members shall not be eligible to retire for service prior to the attainment of twenty years of credited service.
Source:
Section 503 — Eligibility for normal and early service retirement benefits; age and service requirements, https://www.nysenate.gov/legislation/laws/RSS/503 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
