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 Apr. 20, 2024).
