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 Oct. 26, 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
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 505’s source at nysenate​.gov

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