N.Y. Retirement & Social Security Law Section 515
Optional retirement program

a.

Any optional retirement program authorized by state law which, on the day before the effective date of this article, would be available to an eligible employee subject to the provisions of article eleven in lieu of joining a public retirement system of the state, will continue to be available to eligible employees subject to this article during the period this article is in effect.

c.

Nothing herein contained shall be construed as permitting an employee who previously elected coverage under an optional retirement program to elect coverage under a public retirement system of the state.

Source: Section 515 — Optional retirement program, https://www.­nysenate.­gov/legislation/laws/RSS/515 (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
Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 515’s source at nysenate​.gov

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