N.Y. Retirement & Social Security Law Section 505
Service retirement benefits

  • police/fire members, New York city uniformed correction/sanitation revised plan members and investigator rev...

§ 505. Service retirement benefits; police/fire members, New York city uniformed correction/sanitation revised plan members and investigator revised plan members.

a.

The normal service retirement benefit for police/fire members, New York city uniformed correction/sanitation revised plan members and investigator revised plan members at normal retirement age shall be a pension equal to fifty percent of final average salary, less fifty percent of the primary social security retirement benefit commencing at age sixty-two, as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article.

b.

The early service retirement benefit for police/fire members, New York city uniformed correction/sanitation revised plan members and investigator revised plan members shall be a pension equal to two and one-tenths percent of final average salary times years of credited service at the completion of twenty years of service or upon attainment of age sixty-two, increased by one-third of one percent of final average salary for each month of service in excess of twenty years, but not in excess of fifty percent of final average salary, less fifty percent of the primary social security retirement benefit commencing at age sixty-two as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article, 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.

c.

A police/fire member, a New York city uniformed correction/sanitation revised plan member or an investigator revised plan member who retires with twenty-two years of credited service or less may become eligible for annual escalation of the service retirement benefit if he elects to have the payment of his benefit commence on the date he would have completed twenty-two years and one month or more of service. In such event, the service retirement benefit shall equal two percent of final average salary for each year of credited service, less fifty percent of the primary social security retirement benefit commencing at age sixty-two as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article.

Source: Section 505 — Service retirement benefits; police/fire members, New York city uniformed correction/sanitation revised plan members and investigator rev..., https://www.­nysenate.­gov/legislation/laws/RSS/505 (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

§ 505’s source at nysenate​.gov

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