N.Y. Retirement & Social Security Law Section 504
Service retirement benefits

  • general members

a.

The service retirement benefit for general members at normal retirement age with twenty or more years of credited service shall be a pension equal to one-fiftieth of final average salary times years of credited service, not in excess of thirty years, less fifty percent of the primary social security retirement benefit as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article. The service retirement benefit for general members at normal retirement age with twenty or more years of service who first become members of the New York state and local employees’ retirement system on or after April first, two thousand twelve at normal retirement age shall be a pension equal to the sum of thirty-five per centum and one-fiftieth of final average salary for each year of service in excess of twenty, but not in excess of thirty, times final average salary times years of credited service.

b.

The service retirement benefit for general members at normal retirement age with less than twenty years of credited service shall be a pension equal to one-sixtieth of final average salary times years of credited service, less fifty percent of the primary social security retirement benefit as provided in section five hundred eleven.

c.

The early service retirement benefit for general members, except for general members whose early retirement benefit is specified in subdivision d of this section, shall be the service retirement benefit specified in subdivision a or b of this section, as the case may be, without social security offset, reduced by one-fifteenth for each of the first two years by which early retirement precedes age sixty-two, plus a further reduction of:

(1)

one-thirtieth; or

(2)

one-twentieth for members who first join the New York state and local employees’ retirement system on or after January first, two thousand ten, for each year by which early retirement precedes age sixty, provided however, that for members who first become members of the New York state and local employees’ retirement system on or after the effective date of the chapter of the laws of two thousand twelve which amended this subdivision, the early service retirement benefit for general members, except for general members whose early retirement benefit is specified in subdivision d of this section, shall be the service retirement benefit specified in subdivision a or b of this section, as the case may be, without social security offset, reduced by six and one-half per centum for each year by which early retirement precedes age sixty-three. At age sixty-two, the benefit shall be reduced by fifty percent of the primary social security retirement benefit, as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article.

d.

The early service retirement benefit for general members in the uniformed correction force of the New York city department of correction, who are not entitled to an early service retirement benefit 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 for general members 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, shall be a pension equal to one-fiftieth of final average salary times years of credited service at the completion of twenty-five years of service, but not in excess of fifty percent of final average salary, provided, however, that the provisions of this section shall not apply to a New York city uniformed correction/sanitation revised plan member.

e.

The early service retirement benefit for 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 who are in titles 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 and who have made an election pursuant to the provisions of article 17 (Survivors Benefits)article seventeen of this chapter, shall be a pension equal to one-fiftieth of final average salary times years of credited service at the completion of twenty-five years of service, but not in excess of fifty percent of final average salary.

Source: Section 504 — Service retirement benefits; general members, https://www.­nysenate.­gov/legislation/laws/RSS/504 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

500
Application
501
Definitions
502
Eligibility for service retirement benefits
503
Eligibility for normal and early service retirement benefits
504
Service retirement benefits
504‑A
Twenty-year retirement program for New York city correction members below the rank of captain
504‑B
Twenty-year retirement program for New York city correction members of the rank of captain or above
504‑C
Supplemental retirement allowance
504‑D
Twenty-year retirement program for New York city correction members
505
Service retirement benefits
506
Ordinary disability benefits
507
Accidental disability benefits
507‑A
Disability retirement
507‑B
Performance of duty disability retirement
507‑C
Performance of duty disability retirement
507‑D
Disability benefits
507‑E
Uniformed court officers and peace officers
507‑F
Accidental disability retirement
507‑G
Payment of both pensions for accident and other benefits prohibited
507‑H
Retirement for disability incurred in performance of duty
507‑I
Disability benefits
508
Death benefits
508‑A
Death benefit for vested members who die prior to retirement
508‑B
Death benefit for deputy sheriffs employed by Nassau county
508‑B*2
Death benefits for correction officers employed by Nassau county
508‑B*3
Death benefits for correction officers employed by Suffolk county
508‑B*4
Death benefits for deputy sheriffs employed by Suffolk county
508‑C
Death benefits for fire marshals employed by Nassau county
509
Accidental death benefits
509‑A
COVID-19 benefit
510
Escalation of benefits
511
Coordination with social security benefits
512
Final average salary
513
Credit for service
514
Options
515
Optional retirement program
516
Vesting
517
Member contributions
517‑A
Termination of membership
517‑B
Loans to members of a teachers’ retirement system
517‑C
Loans to members of certain retirement systems
518
Election of coverage under article
519
Effect of other laws
520
Duration

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 504’s source at nysenate​.gov

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