N.Y. Retirement & Social Security Law Section 612
Vesting

a.

Except as provided in subdivision a-1 of this section, a member who has five or more years of credited service, upon termination of employment, other than a member who is entitled to a deferred vested benefit pursuant to any other provision of this article, shall be entitled to a deferred vested benefit at normal retirement age computed in accordance with the provisions of § 604 (Service retirement benefits)section six hundred four of this article. Except as provided in subdivision a-1 of this section, a member of a teachers’ retirement system or the New York state and local employees’ retirement system who has five or more years of credited service, upon termination of employment shall be entitled to a deferred vested benefit prior to normal retirement age, but no earlier than age fifty-five, computed in accordance with the provisions of subdivision i of § 603 (Eligibility for service retirement benefits)section six hundred three of this article as amended by section eight of part B of chapter five hundred four of the laws of two thousand nine. Anything to the contrary notwithstanding, a member of a public retirement system of the state who first became a member of such system on or after April first, two thousand twelve must have at least five years of credited service in order to qualify for a deferred vested benefit under this section; such member shall not be entitled to such benefit prior to the member’s attainment of age sixty-three; and such deferred vested benefit shall be computed pursuant to subdivision b-1 of § 604 (Service retirement benefits)section six hundred four of this article. a-1. Notwithstanding the provisions of subdivision a of this section or any other provision of law to the contrary, (i) a member of the New York city teachers’ retirement system who holds a position represented by the recognized teacher organization for collective bargaining purposes, who became subject to the provisions of this article after the effective date of this subdivision, and who has five or more years of credited service, or

(ii)

a member of the New York city board of education retirement system who holds a position represented by the recognized teacher organization for collective bargaining purposes, who became subject to the provisions of this article after the effective date of this subdivision, and who has five or more years of credited service, other than such a member of either of such retirement systems who is entitled to a deferred vested benefit pursuant to any other provision of this article, shall, upon termination of employment, be entitled to a deferred vested benefit at normal retirement age computed in accordance with the provisions of § 604 (Service retirement benefits)section six hundred four of this article. Notwithstanding the provisions of subdivision a of this section or any other provision of law to the contrary, a member of the New York city teachers’ retirement system who holds a position represented by the recognized teacher organization for collective bargaining purposes, who became subject to the provisions of this article after the effective date of this subdivision, and who has five or more years of credited service, shall, upon termination of employment, be entitled to a deferred vested benefit prior to normal retirement age, but no earlier than age fifty-five, computed in accordance with the provisions of subdivision i of § 603 (Eligibility for service retirement benefits)section six hundred three of this article, provided, however, that any such member of either of such retirement systems who is a New York city revised plan member shall be required to have at least five years of credited service in order to be eligible for a deferred vested benefit, such member shall not be entitled to payability of such benefit prior to attainment of age sixty-three and such deferred vested benefit shall be computed pursuant to subdivision b-1 of § 604 (Service retirement benefits)section six hundred four of this article.

b.

In no event shall the vested retirement allowance payable without optional modification be less than the actuarial equivalent of the total which results from the member’s contributions accumulated with interest at five percent per annum compounded annually to the date of retirement.

Source: Section 612 — Vesting, https://www.­nysenate.­gov/legislation/laws/RSS/612 (updated Apr. 22, 2022; accessed Apr. 13, 2024).

600
Application 601
Definitions 602
Eligibility for service retirement benefits 603
Eligibility for service retirement benefits 604
Service retirement benefits 604–A
Twenty-year retirement program for New York city sanitation members 604–B
Twenty-five-year and age fifty-five retirement program for New York city transit authority members 604–C
Supplemental retirement allowance 604–C*2
Optional twenty-five-year early retirement program for certain New York city members 604–C*3
Twenty-year retirement program for Triborough bridge and tunnel members 604–D
Age fifty-seven retirement program for certain New York city members 604–E
Twenty-five year retirement program for dispatcher members 604–E*2
Twenty-five year retirement program for EMT members 604–F
Twenty-five year retirement program for deputy sheriff members 604–F*2
Twenty-five year retirement program for special officer, parking control specialist, school safety agent, campus peace officer or New Yor... 604–G
Twenty-five year/age fifty retirement program for automotive members 604–H
Twenty-five year retirement program for police communications members 604–I
Age fifty-five retirement program for New York city teachers and certain other members 605
Disability retirement 605–A
Accidental disability retirement for uniformed court officers and peace officers employed in the unified court system 605–B
Accidental disability retirement for New York city uniformed sanitation members 605–B*2
Uniformed court officers and peace officers 605–C
Accidental disability retirement for deputy sheriffs employed by the city of New York 605–D
Accidental disability retirement for chief fire marshals, assistant fire marshals, division supervising fire marshals, supervising fire m... 605–E
Accidental disability retirement for ambulance medical technician supervisors, ambulance medical technician coordinators, ambulance medic... 605–F
Disability benefits 605–G
Accidental disability retirement for deputy sheriffs in Nassau county 605–G*2
Accidental disability retirement for deputy sheriffs in Suffolk county 606
Death benefits 606–A
Death benefit for vested members who die prior to retirement 606–B
Death benefit for deputy sheriffs employed by Nassau county 606–B*2
Death benefits for correction officers employed by Nassau county 606–B*3
Death benefits for correction officers employed by Suffolk county 606–B*4
Death benefits for deputy sheriffs employed by Suffolk county 606–C
Death benefits for correction officers employed by Westchester county 606–C*2
Death benefits for fire marshals employed by Nassau county 607
Accidental death benefits 607–A
Performance of duty disability retirement 607–B
Performance of duty disability retirement 607–C
Performance of duty disability benefit 607–D
Disability benefits 607–E
Accidental disability retirement 607–F
Payment of both pensions for accident and other benefits prohibited 607–G
Retirement for disability benefits incurred in the performance of duty 607–H
Disability benefits 607–I
COVID-19 benefit 607–J
Performance of duty, disability retirement for chief fire marshals, assistant chief fire marshals, division supervising fire marshals, su... 607–J*2
Performance of duty disability retirement benefits for certain first responders in Nassau county 607–J*3
Performance of duty disability retirement 607–K
Certain impairments of health 607–L
Performance of duty disability retirement 608
Final average salary 609
Credit for service 610
Options 611
Optional retirement program 612
Vesting 613
Member contributions 613–A
Loans to members of a teachers’ retirement system 613–B
Loans to members of certain retirement systems 614
Effect of other laws 615
Duration 616
Transfer of membership 617
Recalculation of benefits
Green check means up to date. Up to date

Accessed:
Apr. 13, 2024

Last modified:
Apr. 22, 2022

§ 612’s source at nysenate​.gov

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